This is what 10,000 people queuing to buy gold in China looks like
Just in case there was any doubt about the global physical demand for gold, then the below pictures should clear things up for you.
We’ve been reporting for the past couple of months that the recent price drop in gold has spurred huge global demand for physical (see this this this this this this and this.), and now you can see with your own eyes what it actually looks like.
Simply stunning pictures courtesy of the China Daily of 10,000 people queuing up to get there hands on some physical:
People crowding around a gold products counter jockey for position to pick up something in a gold store which sold its products at a price of 299 yuan per gram in a promotion – about 50 to 70 yuan lower than the normal level, in Jinan city, East China’s Shandong province on June 11, 2013. The promotion attracted nearly 10,000 people who rushed to the store despite restricting each customer’s shopping time to 15 minutes. While gold markets in the US and Europe saw panic selling, China has just seen a surge in gold sales in the past few months. Chinese households came under the spotlight with their generous purchase of the gold products amid a global fall of the gold price.
People crowd around a gold product counter jockeying for position to pick up something in a gold store which sold its products at a price of 299 yuan per gram in a promotion – about 50 to 70 yuan lower than normal, in Jinan city, East China’s Shandong province on June 11, 2013. [Photo/CFP]
With our report earlier today about gold mines shuttering left and right, coupled with this huge demand for gold, how much longer can (paper) gold prices remain where they are?
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Link to this article: : http://www.goldmadesimplenews.com/gold/this-is-what-10000-people-queuing-to-buy-gold-in-china-looks-like-10987/