Friday, October 31, 2014   




Feverish mainland rush for bullion

Wednesday, April 17, 2013

Mainlanders continued to snap up gold bars yesterday, prompting some sellers to run out of stock.

In Guangzhou, a Mrs Huang and her husband spent around 6 million yuan (HK$7.5 million) to buy 20 kilograms of bullion bars on Monday, Yangcheng Evening News reported.

Gold bars were also fast sellers in Shanghai, Shenzhen, Kunming and Fujian with reports of that many shops having run out of small bars sized 10 and 20 grams.

Even fishmongers and pork sellers in Guangzhou rushed to buy up 10g and 20g bars, the paper reported.

Gold sales over the weekend were equal to what some Guangzhou shopowners said they usually sell in one week.

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But jewelry shop owners were not happy. A Shenzhen gold merchant complained: "Some of us have lost as much as the value of a villa or a Mercedes-Benz due the massive plunge in the gold price." GRACE CAO


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