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Gold investors sell off holdings
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CNTV, June 24, 2011
Gold prices in the global market hit record highs not so long ago, spurring investors on a buying spree. But just a month later, many investors are now selling off their gold for cash. The ways to sell are also diversified.
Gold vendors in Beijing say investors began to sell off their gold after gold prices hit record highs in May, and the trend is continuing.
Yu Guiying, manager of Beijing Taiyang Jewelry, said, "When the benchmark gold price broke 320 yuan per gram, some customers began to sell their gold products."
An investor Mr. Weng said, "I bought one kilogram of gold in February. Now I only have 200 gram left. I sold the rest because the price was good. I've earned more than 20 thousand yuan."
The gold repurchase business is not only popular in gold stores, but also in pawnshops and banks.
Yue Hao of Industrial & Commercial Bank of China said, "We repurchased 12 kilograms of gold in May. Gold prices have risen a lot this year, so many investors are satisfied with the profits and want to sell for cash."
Many banks and gold stores are also adjusting repurchase measures to better serve customers who want to sell their gold.
Zhang Xuyang, manager of Retail Business Dept., China Everbright Bank, said, "We launched our gold repurchase service at five branches including Yantai, Beijing, Shanghai, Taiyuan and Shenzhen. We will expand this business further."
Analysts say as the economic situation in Europe and the U.S. remain uncertain, and the political situation variable, gold prices are likely to keep fluctuating in the future.
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