Chinese Dama are middle-aged Chinese women who rushed to purchase gold as an investment three times between 2013 and 2014 when the international price of gold plunged. During that time, the price of gold was $1,200–$1,350 per ounce. However, on Jan. 21, 2016, the gold futures price in COMEX was $1,226 per ounce until 22:00 GMT+8.

It is estimated that they spent 100 billion yuan on gold in April 2013, and purchased 300 tons of gold within 10 days, said Zhou Zhicheng, senior gold investment analyst with the China Gold Association.

In April and May of 2013, when the price of gold fell in the international market, many Chinese Dama jumped at the chance to take advantage of what they deemed a bargain, sweeping jewelry stores across the nation. On Dec. 3, 2015, the international price of gold fell to a new low of $1,046 per ounce.

However, the exhilarating scenes of buying out all the gold in jewelry stores across the country have gone sour. "Chinese Dama have had a 30 percent unrealized loss since April 2013," Zhou said. But he suggested that Dama investors hold on to the gold a while longer. "If their patience can last 20 to 30 years, their earnings will be considerable."

Instead of selling their gold when prices bounced back, Chinese Dama continued buying gold during the Chinese Lunar New Year holidays this year. Financial columnist Xiao Lei said a big factor in the rise of gold sales is that the demand for physical gold is still very big in China. From a financial perspective, gold is relatively cheap and has therefore retained its allure in China, especially when compared with other investment options like the stock market.