By AFX News
Wednesday, December 15, 2004
http://www.fxstreet.com/nou/noticies/afx/noticia.asp? [1]
pv_noticia=1103076985-9e32d306-02461
BEIJING -- China is seeing a gold-buying surge as a
hedge against the weakening dollar and negative real
interest rates, the South China Morning Post
reported, citing figures from the China Gold Society
and analysts
The Hong Kong-based newspaper said the gold buying
has prompted a booming trade not only in bars, coins,
and jewellery but also "paper gold," in which the
investor does not take possession of the metal but
trades it like other financial instruments.
Trading on the Shanghai Gold Exchange in the first
10 months of the year reached 515,447.1 kg, a rise
of 45.35 pct over the same period last year, the
paper said
In addition, Shanghai buyers snapped up all
commemorative gold coins to mark the year of the
rooster as soon as they came on the market last
month.
The price of gold reached more than $450 per
ounce this month, its highest level in 16 years and
up from $254 in 2001
"The weakness of the US dollar is the main reason
for the rise in gold," Xu Ming, a gold specialist
with the Bank of China, was quoted as saying.
"A weak dollar is the long-term policy choice of the
US government and governments are in the process
of reducing their dollar assets. The European
Central Bank will not intervene in the market. All
this is putting pressure on the dollar."
The paper said gold is one of a limited number of
investment options for Chinese, who hold more than
one trillion yuan in simple bank deposits.
This year thousands have reduced or closed their US
dollar savings accounts in favour of yuan-denominated
accounts because they expect a revaluation of their
currency.
The trading of paper gold is officially available only
to residents of Shanghai with a current account with the
Bank of China, which started offering the service in
November last year.
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http://www.GoldReview.com/ [11]
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http://www.DailyReckoning.com [13]
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http://www.silver-investor.com [15]
http://www.thebulliondesk.com/ [16]
http://www.sharelynx.com/ [17]
http://www.mininglife.com/ [18]
http://www.financialsense.com [19]
http://www.goldensextant.com [20]
http://www.goldismoney.info/index.html [21]
http://www.howestreet.com [22]
http://www.depression2.tv [23]
http://www.moneyfiles.org/ [24]
http://www.howestreet.com [22]
http://www.minersmanual.com/minernews.html [25]
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html [26]
http://www.goldcolony.com [27]
http://www.miningstocks.com [28]
http://www.mineralstox.com [29]
http://www.freemarketnews.com [30]
http://www.SilverSeek.com [32]
http://www.investmentrarities.com [33]
http://www.kuik.com/KH/KH.html [34]
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm [35]
(In Spanish)
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(In English)
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http://www.goldinsider.com/ [41]
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http://www.investmentindicators.com/ [44]
Eagle Ranch discussion site:
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Ted Butler silver commentary archive:
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----------------------------------------------------
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----------------------------------------------------
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