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 story 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?
How Many Interest Rate Cuts Will the Fed Do Before the Election?
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A friend of mine asked that question a few days ago. Let's go over the
possibilities and the market expectations.
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