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Power of housewives’ gold rush doubted

(People's Daily Online)

08:12, May 07, 2013

Consumers wait in a line to check out at a gold jewellery shop in Nanjing, capital of east China's Jiangsu Province, April 18, 2013.

Chinese housewives’ heroic image rises in recent weeks due to their spending spree in gold amid the global gold price freefall since mid April.

Some media claimed that Chinese buyers flocked into jewel shops and bought 300 tons of gold in 10 days, saying that they are the biggest contributor to the stabilized gold price. Even more sensationally, they said that Chinese housewives beat financial barons in Wall Street.

However, industry insiders doubted the credibility of the reported amount of Chinese housewives’ gold purchase.

"China’s gold output amounted to 403 tons and the consumption was 832 tons in 2012. China’s gold reserves are 1,054 tons. Based on above statistics, the gold purchase amount in media’s reports is much exaggerated,” said an expert from China National Gold Group Corporation, the biggest gold producer in China.

The gold sales indeed skyrocketed in last month but the statistics will not be released until this Friday, according to China Gold Association.

The gold consumption in the first quarter of 2012 was 255.2 tons and the association estimated a 10 percent to 15 percent year-on-year growth this year.

Read the Chinese version at:中国消费者10天购买300吨黄金?; Source: People's Daily

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