Gold Rush Atmosphere Fuels Chinese Gold Market
20 percent of Chinese said they were willing to spend 10 to 30 percent of the estimated $2 trillion in their savings accounts on gold investment
Santa Monica, CA (PRWEB) March 17, 2007 -- As much as 300 billion yuan (US$36.15 billion) in private money is estimated to flow into the gold market, creating demand for about 3,000 tons of gold.
A market demand for 300 to 500 tons of gold will be created by individual traders, reports top gold investment advisor Kevin DeMeritt of Lear Financial, the parent company of Gold Central, one of the top gold coin companies in the U.S. states.
Gold has always had a special place in the hearts of Chinese people. It represents wealth and good fortune but now the rush to buy gold coins and gold jewelry is reaching fever pitch in major cities across the country.
Other than tradition, a combination of other factors, including the depreciation of the US dollar, and the surge in prices of a wide range of commodities, has also fueled the latest rush to buy gold bullion and gold coins.
In Guangzhou, capital of South China's Guangdong Province, retail sales of gold coins and gold products had reached 7.82 tons since February, even though the volatility of Shanghai's stock market was enough to trigger a global share sell-off last week, it does not seem to have discouraged Chinese investors.
It is very easy to set up a gold trading account. All that is required is a bank account. At the height of the market, as many as 90,000 new accounts are being opened every day across China.
People of all ages are crowded around terminals, banging away on keypads, one transaction after another. The traders, many of them elderly, shell peanuts or get on with their knitting in between trades.
In Beijing, a special gold ornament named "lucky balls" has attracted much attention in recent days.
Local media reported that the biggest gold store in the capital, Beijing Caishikou Department Store, every day sells thousands of such one-gram small balls, which could either be worn on the wrist or around the neck.
The Chinese believe gold brings people good luck and is also a good investment.
To learn more about investing in gold coins, and gold bullion through Gold Central, call 310-656-3272 or visit www.goldcentral.com.
About Gold Central
Gold Central, a division of the precious metals asset firm Lear Financial, Inc., is dedicated to providing Web investors with all the pertinent information and tools needed to securely purchase, sell and trade gold online. GoldCentral.com offers a diverse suite of intelligent investment resources including real-time pricing, regular e-mail alerts, newsletters, and a live staff available to answer real-world questions. Gold Central not only enables investors to stay current on the latest developments in the gold market, but also gives investors the flexibility to move gold as expeditiously as conventional paper investments.
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