“In China, where gold has long been a national obsession, a mid-April record crash in global gold prices has been seen as an unprecedented buying opportunity. According to reports in China, Chinese have purchased 300 tons of gold worth more than $16 billion since the crash. Photos of crowds packing jewelry shops and emptying their shelves are now regular features in the news media. China’s voracious appetite for gold is long-standing. At Chinese jewelry stores, the spot price for gold is always prominently displayed. Calculators and scales are never out of a customer’s reach.”
http://www.bloomberg.com/news/2013-05-08/chinese-women-aren-t-taking-buffett-s-advice-on-gold.html
Related posts:
Bovard: Destroying, suppressing evidence is FBI standard procedure
Good News from Russia
3D printing: the new, bottom-up industrial revolution
Errant Code? It’s Not Just a Bug
Ron Paul: Iraq Collapse Shows Bankruptcy of Interventionism
Fusion center director: We don’t spy on Americans, just anti-government Americans
Wall Street: The Next Fed Chief Should Keep the Presses Running
Illegal Drugs: The great experiment
Bill Bonner: Trust is falling
Negative mortgage rates in Denmark; $3.6 trillion of negative yield debt
Kerry’s “Munich Moment” and Other Historical Fallacies
Your Money Isn't Safe In Any U.S. Financial Institution
The Brutality of “Border Security”
All Tyranny is Local
American Cops Don't Belong in Canada