It's the day after Boxing Day and last night's news was full of the craziness at the malls and shopping centres.
While the North American consumer is rushing to spend what little savings they have left and grab that last deal from the local inventory-clearance bin on plastic Made in China trinkets or marked-down clothing, Chinese consumers are likewise scrambling to buy products.
Only, unlike in the North America, the object of China's affection is not some gizmo that will end up in the local landfill within 3-6 months. China News Network shows what it is.
Only, unlike in the North America, the object of China's affection is not some gizmo that will end up in the local landfill within 3-6 months. China News Network shows what it is.
Google Translated from Chinanews:
Gold price lower and lower end of the Christmas rush of people buying
Taiyuan a gold shop gold prices as low as 287 yuan / gram, people flocked buying gold jewelry. Western Christmas in China has gradually become the "Consumer Day", much of the gold market on this day after discounts, plus the price of gold hovering cheap Christmas discounts, and more gold has broken 300 yuan / gram mark.
With the recent stumble endlessly international gold prices, gold investment income in 2013 or will be achieved for the first time in 13 years is negative. As for 2014, the price of gold, most institutions are still bearish.
Publicly available data show that this year, gold prices fell more than 25%. The picture shows a gold shop in Taiyuan people flocked to buy.
(hat tip to Zero Hedge)
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And so what?
ReplyDeleteThey did the exact same thing last year.
http://english.cntv.cn/program/bizasia/20130105/102949.shtml
And we all know how that turned out as 2013 unfolded.
Hat tip Zero Hedge indeed. Laughable.
Most Asian's are savers ( poor or rich), so they will buy gold and jewels while Canadian's and American's buy junk produced in China. Very few folks in North America ( even "educated" ones ) have any idea about investing or saving. Your local banker is no help at all since they only sell products best for the bank not you. We are conditioned to spend....that is it. Thanks to Feds lending practices for last 10+ years we have a generation that views debt as assets. Needless to say these are the folks that are enslaved with mortgages they will never pay off, have no savings , little in the way of RRSP and even less in TFSA or RESP for kids. Next ten years will like the '80 in Canada with 99% learning that government is not there to provide for them. Happy New Year....time to make some changes folks. After 2008 I really looked at US thinking "what a bunch of fools". Now in 2013 Americans look at Canada thinking exactly the same.
ReplyDeletePersonally, I like gold. It is extremely undervalued, and as with any undervalued investment, now is the time to buy.
ReplyDeleteThe Chinese buy gold, especially when it goes on sale. We buy disposable crap with devalued paper whenever it goes on sale.
ReplyDeleteIf you have an attention span longer than a week, who do you think might be getting the better deal?
The Chinese understand that the Western Economies are experiencing the biggest mis-allocation of capital in world history. They buy gold, while the West is consuming on borrowed money.
ReplyDeleteGhandi was once asked what he thought of Western Civilisation and he said; "I think it's a very good idea".
Gold is a historically time proven store of value; unlike the latest gadget from Future Shop. Anybody who rags on gold is a fool who has misplaced trust in central bankers and their nefarious schemes.
ReplyDelete