China’s Gold Rush

The Imperial Color was yellow gold and the roofs of the Forbidden City were the same color. During imperial times, anyone wearing the imperial color, who did not belong to China’s ruling family, usually lost their heads.

Now, China is having a gold rush and holds more than a thousand tonnes of Gold as of June 2010, while gold demand from China’s middle class has grown 13 percent annually for the last five years.

As you can see from this Sky News video, Chinese are gobbling up gold as fast as they can regardless of the price.  To them, it is an investment and the Central Bank of China is quietly buying gold to build reserves. China is now the world’s largest producer of gold.

Frank Homes writing for Wall Street Pit, Global Market Insight, says China can’t get enough gold and state-controlled China National Gold Group signed an agreement with Kensington Mine in Alaska to buy more.

See China’s Heart and Soul

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Lloyd Lofthouse is the award-winning author of the concubine saga, My Splendid Concubine & Our Hart. When you love a Chinese woman, you marry her family and culture too. 

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This entry was posted on Monday, July 12th, 2010 at 08:00 and is filed under business, China, Chinese history, economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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