help needed please.... tks China letting citizens buy gold??

michael

i haveheard that mainland china is going to allow its citizens to buy gold????? and i think there is a website on this does someone know what the site it>??? where it is??? does anyone have any information on the above??

and can citizens who live in hongkong can theyu buy gold?

any thonughts comments on the above??

sounds interesting to me

thaznks!!!!!!!!

sincerely michael

will this cause gold and platinum and silver to anvance>?

will they like american eagles??

truthteller

I believe the mainland chinese have allowed their citizens to buy gold for some time, but it could only be in the form of jewelry, artwork, or some type of nonbullion related items. IF the chinese government allows bullion sales, look to see a market increase in gold.

TRUTH

asnooker

I'd like to know when this is suppose to happen. I'll be watching prices to see if there is an increased interest. Maybe that's what's been driving the market up already y/n?

Steve27

Some info here: Link.


Includes the statement:

" The central bank announced in April this year the abolition of China's long-term government monopoly of gold and the beginning to establish a gold market".

ara

I believe what's driving the gold market up more is the dollar weakness and that both the Chinese and Japanese have been buying gold to increase their reserves (while getting rid of some of their dollars). The demand from the citizens also helps but not as much as the government purchases. In Asian cultures, specially India and China, gold is considered the store of wealth (most are suspicious and wary of paper money that is subject to devaluation (or worse demonitization)). Gold purchase by Asians is mostly in terms of jewelry that they can wear to keep it close and with them all the time.

michael

thanks everyone for the great information!!

steve27!!!!!!!

sincerely michael

CLASSICS

the regular working man or woman, makes around 40 cents an hour, 600 to 800 dollars a year if they are one of the lucky ones..i doubt very much they will be buying any gold to cause any type of increase. i beleive its the dollars weakness which is causing this up and down movement. remember they are still digging this stuff out of the ground, and a lot of people will will never know working behind the scenes, who knows, who is buying and selling , and making the price go up or down.