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'Rabbit' gold bars hopping towards buyers
By Zhang Fengming |
October 27, 2010, Wednesday
|
Online Edition
Online Edition
CONSUMERS can buy the "Year of the Rabbit" investment-grade gold bars when they hit the counters next month and the record high prices may not deter them.
Dealers today began taking orders for the bars. China Gold Coin Co, the nationwide wholesaler of the bullion has started selling the gold bars, weighing 50 grams to 1,000 grams, to dealers, who will then sell them to investors in December.
China Gold Coin, the first to sell investment-grade bullions in China, kicked off the retail investment gold extravaganza in the country.
The "Year of the Rabbit" bars will retail at approximately 328 yuan (US$49) a gram, 16 percent more than the price of the "Year of the Tiger," extending the growth trend of the past few years. According to the Chinese lunar calendar, 2011 is the year of the rabbit.
Gold prices hit a record US$1,337.60 an ounce on October 14. The surge reflected a slump in the US dollar as investors are concerned of a double-dip recession and currency depreciation as the Federal Reserve signaled more quantitative easing policy to bolster a faltering economy.
Dealers today began taking orders for the bars. China Gold Coin Co, the nationwide wholesaler of the bullion has started selling the gold bars, weighing 50 grams to 1,000 grams, to dealers, who will then sell them to investors in December.
China Gold Coin, the first to sell investment-grade bullions in China, kicked off the retail investment gold extravaganza in the country.
The "Year of the Rabbit" bars will retail at approximately 328 yuan (US$49) a gram, 16 percent more than the price of the "Year of the Tiger," extending the growth trend of the past few years. According to the Chinese lunar calendar, 2011 is the year of the rabbit.
Gold prices hit a record US$1,337.60 an ounce on October 14. The surge reflected a slump in the US dollar as investors are concerned of a double-dip recession and currency depreciation as the Federal Reserve signaled more quantitative easing policy to bolster a faltering economy.
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