Chinese Buy Gold In Large Volume In Holiday Week As Gold Jewelry Sales ‘Soar’
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◆ Gold is marginally lower today at $1,503/oz and stocks are mixed ahead of what are set to be tense U.S. and China trade negotiations.
◆ Gold sales are expected to accelerate through the end of the year due to weakening global economic conditions, according to Mike McGlone, a Bloomberg Intelligence senior commodity strategist as quoted by China Daily (see below)
◆ Gold buying in China has fallen 3.3 (yoy) to 523.54 metric tons as safe haven buying of gold bars and coins has declined of late, while spending on gold jewelry has increased steadily with about 359 tons of gold being bought from January to June
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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
