China relaxed ownership of Gold ?

beep

I was asked this question today and didn't have a good answer. Now that the average joe in China has been able to buy gold recently I'm wondering.
"Who bought the panda bullion?"

Did the Chinese gvmt. not allow anybody to own gold and if so how did they control this? I realize the Panda is a very nice looking coin and sold worldwide. I have a few silver Panda's myself because they look so damn cool.

Brian

spoon

Unfortunately I haven't been following China as well as I probably should.. I have no clue on any aspect of this, but am interested.

Consider this a

gxseries

If I am not wrong, the style of communist countries usually have a pattern of "giving" such coins as gifts to high ranking officers, and some are sold as highly private sales and connections. The rest are usually sold to tourists and overseas. That's what happened to the ex-Soviet Union although I am not too sure how China does it.

theboz11

Those Pandas were meant for export and China is slowly buying them back. China encourages wealth holdings in gold, and I believe it is the only way that females can hold wealth. They have realized the fragility of FIAT currency and are playing it fast and loose. The recent climb in gold prices are primarily from China and India's demand for gold jewelery. BUY GOLD.

The Chinese now are operating almost entirely as a capitalist economy under a Communist Government, unlike the Soviet Union which met it's down fall with a Socialist Government controlled economy under Communism. It will be interesing to see if China can keep this going .