Borrowing gold
Source: Bloomberg News |
October 20, 2011, Thursday
|
Print Edition
Print Edition
ZIJIN Mining Group, China's biggest gold producer by market value, said it plans to borrow bullion from banks to sell in the market as the company is betting prices will rise.
"We're borrowing gold from banks," Zheng Yuqiang, Zijin's company secretary, said by phone yesterday. "This is completely new in China, and banks will choose companies with a good record of repaying debt. We will be borrowing from the Industrial and Commercial Bank of China for a start."
Gold has risen 21 percent in the past year as Europe's sovereign-debt crisis and falling global equities spurred demand for the precious metal. Zijin expects prices to rise in the short term, Zheng said.
"We're borrowing gold from banks," Zheng Yuqiang, Zijin's company secretary, said by phone yesterday. "This is completely new in China, and banks will choose companies with a good record of repaying debt. We will be borrowing from the Industrial and Commercial Bank of China for a start."
Gold has risen 21 percent in the past year as Europe's sovereign-debt crisis and falling global equities spurred demand for the precious metal. Zijin expects prices to rise in the short term, Zheng said.
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