China Gold Frenzy 2013: Tons of buying; Caibai flagship store in Beijing sells more than 1 ton of gold

News out today gives some statistical weight to what I saw on Saturday (China Gold Frenzy 2013: Post-Smash Sale Brings in Massive Crowds and Sunday. Click the link for photos and some discussion. The pictures are from the main Caibai store in Beijing. I was at another on Sunday and they were sold out of investment gold. The sign said you could purchase today, but you'd have to wait 2 weeks to gain possession.

Here's the story out today: 北京菜百上周黄金每天卖过亿 (Last week Beijing Caibai sold more than ¥100 million every day)

Average sales were 180 kilograms per day, topping at 250 kilograms on the highest day. At the flagship Caibai store, they sold more than a ton of gold last week, and they have already purchased another ton to replenish their inventory. The article states that sales were 5 to 8 times higher than last year at this time. The single largest purchase was 15kg of investment bullion.

Caibai's flagship store likely saw more traffic because it is a gold shopping destination, but similar buying frenzies were unfolding in every single shopping mall in Beijing, and indeed across China. How many tons were purchased this week alone?

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