Chinese Gold Rush
Spurned by a fear of a property bubble bursting, many people in China have been rushing to buy gold lately, according to a CCTV news report.. Gold sales during the May holiday were up 70% this year over last year. Similarly, sales of gold bars have doubled.
China is not only big on buying gold, for the last 3 years China has been the world’s largest gold producer. For the first time ever they produced over 300 tons of gold in 2009.
