Buy Gold/Silver

[whome?]

China Govt. encourages general public to buy gold and silver ....

 

See comments about the outlook of the dollar's value.....

 

http://www.commodityonline.com/news/China-...21219-3-1.html#

[GDBILL]

China Govt. encourages general public to buy gold and silver ....

 

See comments about the outlook of the dollar's value.....

 

http://www.commodityonline.com/news/China-...21219-3-1.html#

 

Old news. And not all the facts are correct.

 

As recently as 2002, the private ownership of gold was prohibited in China. You could be jailed if caught with any in your possession. Beginning in 2009, in a stunning about-face, the central government removed all restrictions. In fact, as Mineweb and other sources report now it is actively pushing folks to buy some personal metal, with China¡¯s Central Television, the main state-owned television company, running news programs cum infomercials, letting the public know just how easy it is to purchase gold and silver as an investment.

 

It truly is as simple as can be, because every bank sells gold and silver bullion bars in four different sizes to individuals.

 

Private ownership of gold was not prohibited in 2002. Chinese gold coins (i.e. Chinese "Pandas") were openly bought and sold by the general public in gold & coin shops -- usually affiliated or directly owned by the government. Even if you did make the trek to Hong Kong to buy, for example, Canadian Maple Leaves, individuals were not jailed. That people dealt with and owned even the "unofficial" gold bullion and coins was an open secret.

 

The government removed all restrictions at least three years ago. As early as 2006 (if not a bit earlier) you could buy private label gold bullion in any official gold shop -- just like you can today. ICBC has been selling bullion bars over the counter since 2005.

 

Also, not every bank sells gold bullion, though they do sell versions of gold EFTs.

[Cerberus]

China Govt. encourages general public to buy gold and silver ....

 

See comments about the outlook of the dollar's value.....

 

http://www.commodityonline.com/news/China-...21219-3-1.html#

 

Old news. And not all the facts are correct.

 

As recently as 2002, the private ownership of gold was prohibited in China. You could be jailed if caught with any in your possession. Beginning in 2009, in a stunning about-face, the central government removed all restrictions. In fact, as Mineweb and other sources report now it is actively pushing folks to buy some personal metal, with China¡¯s Central Television, the main state-owned television company, running news programs cum infomercials, letting the public know just how easy it is to purchase gold and silver as an investment.

 

It truly is as simple as can be, because every bank sells gold and silver bullion bars in four different sizes to individuals.

 

Private ownership of gold was not prohibited in 2002. Chinese gold coins (i.e. Chinese "Pandas") were openly bought and sold by the general public in gold & coin shops -- usually affiliated or directly owned by the government. Even if you did make the trek to Hong Kong to buy, for example, Canadian Maple Leaves, individuals were not jailed. That people dealt with and owned even the "unofficial" gold bullion and coins was an open secret.

 

The government removed all restrictions at least three years ago. As early as 2006 (if not a bit earlier) you could buy private label gold bullion in any official gold shop -- just like you can today. ICBC has been selling bullion bars over the counter since 2005.

 

Also, not every bank sells gold bullion, though they do sell versions of gold EFTs.

 

Just to chime in a bit on what G.D.B. stated:

 

Many times people are under the impression that purchasing gold if the form of actual bullion, Gold "Pandas" is the only manner in which Asian people were hoarding gold. They (Asian's) have been doing this as far back in 1976 when I first went to Korea. Gold purchased in medallion, chains, rings, etc, etc was always 24K. The gold is merely in a different form than that of a small ingot, or a coin like a Maple Leaf, Krugerrand, or an American Eagle. In short; Chinese have been doing this for a very long time.

 

As I continued to travel throughout the Far East (most esp) Thailand, this is a common currency used for "sin sot" (dowry), that a groom purchased for the bride and/or the family. The bahts of gold prior to a marriage are most often negotiated between the family and future betrothed, prior to a marriage. If the marriage went "south," the bride still had money that was very, very easily exchanged. The Vietnamese are very similar in this value system.

 

This same monetary system still exists among these cultures in the United States. Wander around and look for yourself at a traditionally family-run business in the US, albeit there should be a large cultural population to make this happen. You aren't going to find this in "stick-of-the woods" Oklahoma. At one of these stores, a person would be extremely hard put to find 14K gold. Almost all of the items sold are 24K. I won't even discuss LA or the San Diego area. One can't swing a dead cat without hitting two or three of these stores. In Portland, OR, go to the area of 32d and Sandy Blvd, or Glisan Ave. I know of two or three Vietnamese stores of the same venue that I previously spoke of.

 

China has been doing the same on a lesser scale far below the previous cultures I mentioned. My wife, her family and I, all did the same thing as all Chinese; purchase gold from the jewelry stores in back streets, common open-air malls. Is there any one person in this forum, that hasn't seen the same stores I describing in China? Hell! My wife's ex husband, who works for the Chinese Treasury, gave us directions to stores to get the best prices and were open to negotiations, as a hedge, with the same reasoning of buying low and selling high . My wifes extended family, has been doing this same activity since approx 1982.

 

However, at this time I wouldn't be purchasing extravagant amounts of gold. The gold prices are soaring through the proverbial roof. We have held up on massive gold purchases. The entire idea is to buy when the market is low, and sell when the market reaches its alleged peak. The market is at its peak right now.

 

One man that I know at work unloaded 22 Troy ounces of gold about 2 weeks ago. He assumed that the market had peaked. He was wrong, and now 2 weeks later he regrets his actions. He lost approximately $1,500 due to his lack of expertise and speculations. I'm no speculator and no wise guru of the markets. I held onto to what I have, and simply use it as a nest egg tucked away until I do truly need it.

 

Edited for misspellings.

Edited October 12, 2009 by Cerberus (see edit history)