Last year, I posted some pictures from the Caibai market just before the Chinese New Year showing China's gold frenzy. It was the Year of the Dragon and sales were brisk. Today, the crowds were bigger and there was a very long line to buy investment gold and silver. It was almost impossible to look at the jewelry without forcing your way through the crowd, which was sometimes 3 people deep in front of the counters. I saw clerks turning over inventory rapidly, pulling out new necklaces to fill empty cases where everything had been purchased. Studded earrings were severely depleted and nearly impossible to look at since they were in the price range of almost any Chinese worker will gainful employment.
I snapped fewer pictures this year because the guards were more vigilant. I was asked to stop just before I could snap a pic of a 600+ gram golden cobra statue that looked like it belonged in the Cobra Commander's war room.
No doubt, imports will be up when the numbers are reported.
The 6am London Cut - *Two of the world’s largest securities depositories* have finalised a joint venture to create a vast pool containing trillions of dollars of collateral t...