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Chinese housewives buy 300 tons of gold
They are numerous and thumbing their noses at Wall Street, evidently. And perhaps they offer some explanation for the turnaround in gold lately.
On Thursday, the Shanghai Daily reported on a “Voice of China” radio program that claimed Chinese housewives are propping up gold prices. The program said those women reportedly spent 100 billion yuan ($16 billion) over the past two weeks, buying up 300 tons of gold and helping keep prices steady at around $1,468 an ounce.
Putting it all in perspective nicely, blogger Max Keiser notes that while Chinese housewives were out scooping up gold, Americans sold $16.6 billion worth in the first four months of the year. (Read: Gold ETF loses No. 2 spot to emerging markets)
Philosophers stone – selected views from the boat
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Source: http://philosophers-stone.co.uk/wordpress/2013/06/red-light-special-physical-gold-sliver/
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