Ragnarok
8th February 2011, 10:56 PM
I wonder who's buying it (notice the start date ;D - sorry if already posted elsewhere).
Snip from:
http://www.sprott.com/docs/Marketsat...nuary_2011.pdf
"Precious metals ownership is arelatively new phenomenon in China, where Chinese citizens have only been able to purchase gold freely within the last ten years. Ownership restrictions were lifted in 2001 when the Chinese central bank abolished its long-term government monopoly over gold. The Shanghai Gold Exchange was then created in October 2002 to replace the People’s Bank of China’s gold purchase and allocation system, thus ushering in a new era of gold investment in China. Investor interest in precious metals has increased dramatically since then, and new investment products are making gold more convenient to purchase and easier to own.
One such program recently caught our eye and speaks to the new era of gold investment within China. On April 1, 2010, the World Gold Council and Industrial and Commercial Bank of China (ICBC) issued a press release announcing a strategic partnership. Though seemingly innocuous, this press release introduced a completely new investment product for Chinese investors: The ICBC Gold Accumulation Plan (“ICBC GAP”). ICBC GAP allows investors in mainland China to accumulate gold through a daily dollar averaging program. The minimum investment required is either 200 RMB per month or 1 gram of gold per day (equivalent to approximately US$42). Customers may renew the contracts at maturity, convert them into cash or exchange them for physical gold. (Sound familiar? -R.)The accounts are perfect for investors who want to accumulate gold over the long-term. While gold accumulation plans exist in Japan, Switzerland and other countries, this is a first for mainland China. Kudos to the World Gold Council (Oh, really... -R.) for their efforts in setting up and promoting the program."
fyi, R.
Snip from:
http://www.sprott.com/docs/Marketsat...nuary_2011.pdf
"Precious metals ownership is arelatively new phenomenon in China, where Chinese citizens have only been able to purchase gold freely within the last ten years. Ownership restrictions were lifted in 2001 when the Chinese central bank abolished its long-term government monopoly over gold. The Shanghai Gold Exchange was then created in October 2002 to replace the People’s Bank of China’s gold purchase and allocation system, thus ushering in a new era of gold investment in China. Investor interest in precious metals has increased dramatically since then, and new investment products are making gold more convenient to purchase and easier to own.
One such program recently caught our eye and speaks to the new era of gold investment within China. On April 1, 2010, the World Gold Council and Industrial and Commercial Bank of China (ICBC) issued a press release announcing a strategic partnership. Though seemingly innocuous, this press release introduced a completely new investment product for Chinese investors: The ICBC Gold Accumulation Plan (“ICBC GAP”). ICBC GAP allows investors in mainland China to accumulate gold through a daily dollar averaging program. The minimum investment required is either 200 RMB per month or 1 gram of gold per day (equivalent to approximately US$42). Customers may renew the contracts at maturity, convert them into cash or exchange them for physical gold. (Sound familiar? -R.)The accounts are perfect for investors who want to accumulate gold over the long-term. While gold accumulation plans exist in Japan, Switzerland and other countries, this is a first for mainland China. Kudos to the World Gold Council (Oh, really... -R.) for their efforts in setting up and promoting the program."
fyi, R.