Monday, January 30, 2012

China and the Year of the Golden Dragon

It's the Year of the Dragon on the Chinese calendar, but early on in 2012, it can now be said it is the Year of the Golden Dragon.  Gold sales are up 49.7% during the week long celebration.

Xinhua, the official press agency of the government of the People's Republic of China reports that a "gold rush" swept through China during the week-long Lunar New Year holiday this year, with demand for precious metals and jewelry surging since the Year of the Dragon began.

Data released by China's Beijing Municipal Commission of Commerce shows a 49.7% increase in sales volume for precious metals jewelry and bullion during the week-long holiday (over last year), which lasted from January 22 to 28 over that of last year's Spring Festival. - Goldcore via Zerohedge

Couple this with the recent $100.00 move for gold on the New York exchanges in just 2 days and the astrological calendar may indeed be pointing to 2012 as a great year for the yellow metal.


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