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Yamana Gold, Inc. Message Board

  • datbehardwork datbehardwork Mar 7, 2013 10:02 PM Flag

    Gold bar sales in China jump twofold during Spring Festival

    Physical demand up, and paper gold price down Now there is a manipulative smoking gun.

    Gold bar sales in China jump twofold during Spring Festival
    Spring festival in China saw a marked increase in buying of gold and silver, with specialty stores reporting significant rise in sales
    Author: Shivom Seth
    Posted: Thursday , 07 Mar 2013

    Though the world’s second largest economy China grew at its slowest pace in 13 years in 2012, the Spring Festival celebrations by the Asian country showed that citizens were eager to leave it all behind and embark on a massive shopping spree.

    As compared to last year, sales of gold bars for investment purposes reported a twofold increase. The decline in gold price on the international market was one of the main factors that triggered brisk sales of gold bars.

    Retail sales at outlets monitored by the Ministry of Commerce increased 14.7% during the February 9 to February 15 period this year, as compared to the year ago festival period. Around $86 billion (539 billion yuan) worth of sales took place this year, according to the government.

    Sales of gold, silver and jewellery pieces at the monitored establishments increased 38.1%. Though the Ministry did not identify bullion sales in value terms, it said the gold, silver and jewellery market reached a high consumption peak during the period.

    In Shanghai particularly, there was brisk buying with sales going up by 10.2%. Good weather encouraged people to go out and spend. Another factor that added to increased sales during the time was Valentine’s Day. Ensuring that shoppers didn’t miss out, many department stores decided to extend their seasonal sales right up to the sixth day of the new year.

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    • If I lived in China, I would sell all of my real estate and buy gold with the proceeds. The real estate bubble there is beyond ripe for a bust cycle...

      Sentiment: Strong Buy

    • Have you noticed that the western banksters are doing all they can to disadvantage the rest of us under their control? PM prices always seem to drop in the UK and NY and bottom out at the open here. Then the price is driven up till about mid-session to be taken down sharply at that point leaving a lot of “bagholders” at higher prices. Then it starts all over again in about a 3-day cycle. This certainly indicates that western banksters are handing over PMs to Asia.

      But not to worry. Maybe it’s all tungsten with a gold coating. Anyway it’s pretty stupid to accept delivery without first checking it, which can be done on the spot with the right equipment. Also the seller should be physically there during the check. If not verified the seller should be charged, taken to court, and if found guilty receive the death penalty. That would put an end to that. One less #$%$. Maybe they could borrow Ann Barnhardt’s pink peacemaker for the cause. But maybe the Chinese are just as much a bunch of weenies when it comes to handing out appropriate penalties as they are in the west.

      As far as Valentine’s Day in your post, apparently it has different dates in other countries.

      • 1 Reply to hapiwondrer
      • In a world run by croouks, apparently croouk has become a bad word (for those of you who have opted to exclude bad language when you view message boards). Note that when it comes to the executive suites there would be dead silence for such exclusions in those environs. Or maybe the word from on high is that the suggested penalty for such croouks should suffer deletion.

5.62+0.04(+0.72%)Oct 24 4:01 PMEDT

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