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Alert: The Chinese government is urging its citizens to buy gold

by Eric HardingJuly 8, 2010

Check out some of the verbiage from this article from Toronto Globe & Mail from six days ago:

“And gold has a powerful ally in promoting it: the state. Consider a recent push by the Chinese government for its citizens to buy more gold as an investment.

Industrial Commercial Bank of China recently signed an agreement with the World Gold Council to help promote domestic demand for gold through new investment products.

The country is also turning to television advertising to encourage its growing middle class to buy gold as an investment. State-owned China Central Television has run spots urging citizens to buy gold, as well as silver, a major shift from only a few years ago when the country imposed strict controls on precious metals purchases for its citizens.

China has also been ramping up its gold reserves and hopes to increase future holdings through unique agreements such as the one signed recently with Coeur d'Alene Mines Corp. to buy gold concentrates from a mine in Alaska. It’s the first deal of its kind between China and a U.S. miner.

China’s voracious demand, coupled with estimates of dwindling reserves at home and abroad, could also mean much higher prices in years to come.

“If gold demand were to continue to increase so markedly, domestic supply would be unable to keep pace. Whatever the outcome, China’s outlook will almost certainly have implications for the global gold market,” the World Gold Council said in a recent report.

Here is the link:

AND this comment on the article by Chris Mayer of Agora Financial. He said this in their 5 Minute Forecast about the voracious appetite the Chinese populous have for accumulating physical gold – gold coins:

“I heard it (and saw it) while I was in China,

Chris Mayer reports. “The Chinese are buying gold. The gold market I visited was packed with people. And news reports noted the pickup in gold sales as well. The Chinese government also encourages its citizens to own gold.

“It's fascinating, really. Can you imagine the U.S. government encouraging people to own gold? In any event, the gold price has a firm foundation to build on as China's gold buying continues.”

I agree with Chris Mayer. Fascinating is how we view this as well at Lear Capital !!

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