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Matthew Cowie
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Independent financial analyst currently living in Beijing, China. Articles written for Fidelity Independent Adviser have appeared on CNBC.com, Yahoo Finance, theStreet.com and Seeking Alpha.
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Investing in Chinese Stocks
  • China Gold Frenzy 2013: Tons Of Buying; Caibai Flagship Store In Beijing Sells More Than 1 Ton Of Gold 0 comments
    Apr 22, 2013 1:48 AM | about stocks: GLD, IAU, AGOL

    News out today gives some statistical weight to what I saw on Saturday (China Gold Frenzy 2013: Post-Smash Sale Brings in Massive Crowds and Sunday. Click the link for photos and some discussion. The pictures are from the main Caibai store in Beijing. I was at another on Sunday and they were sold out of investment gold. The sign said you could purchase today, but you'd have to wait 2 weeks to gain possession.

    Here's the news report out today: 北京菜百上周黄金每天卖过亿 (Last week Beijing Caibai sold more than ¥100 million every day)

    Average sales were 180 kilograms per day, topping at 250 kilograms on the highest day. At the flagship Caibai store, they sold more than a ton of gold last week, and they have already purchased another ton to replenish their inventory.

    The article states that sales were 5 to 8 times higher than last year at this time. The single largest purchase was 15kg of investment bullion.

    Caibai's flagship store likely saw more traffic because it is a gold shopping destination, but similar buying frenzies were unfolding in every single shopping mall in Beijing, and indeed across China. How many tons were purchased this week alone?

    Stocks: GLD, IAU, AGOL
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