Lijit Ad Wijit

2012-01-16

China gold frenzy

I went to the Caibai Gold and jewelry market on Sunday. The first level of gold products was wall to wall people, with lines snaked around the cashier's counter. The employees behind the gold counters had almost no time to speak with customers because they were processing sales non-stop. In these pictures there are some prices for gold: as of Sunday, January 15, gold was 337 renminbi per gram for investment. Many of the gold products, which included gold knives, abacuses and combs to name a few, sold for 390 to 410 renminbi per gram and up. On the third floor, there were investment bars for sale at small premiums above spot. Silver was selling for 6.3 renminbi per gram. Also, several items are measured in taels and candareens. A candareen (分)is 1/100 of a tael, a mace(钱)is 1/10. I did not ask which tael they were using, as Hong Kong measures a tael as 37.43 grams or 1.2 troy ounces. The silver coins say: 7 mace 2 candareens, which is the weight for 1 silver Chinese yuan.

2 comments:

  1. Thanks for the pix I'm drooling over my keyboard.

    Did you get a few 850 gram bars in the last pic you posted? (let me do some quick math.....)

    About 48K US with a modest markup for them?
    (including markup still under 48K?)

    ReplyDelete
  2. With the markup on that day, the 850g set would have sold for about US$52,000. The investment bars were up two floors and I wasn't able to snap a pic.

    ReplyDelete