While American’s celebrate New Year’s Eve with drunken revelries and watching a mechanized ball drop in Times Square, the Chinese are spending New Year’s Eve participating in a modern day gold rush as they clean Shanghai shopping malls out of phyzz at multi-year-discounted lows.
New year’s eve is big sales day in Shanghai. The biggest shopping mall usually sells as much goods on 12/31 as it sells in one month. This shopping mall stocked 200 kilos of gold bars and sold out in 3 hours because of a special 15% discount that brings the price closer to cost. After the discount, the price is close to Hong Kong’s. It rations gold sales to 20 grams per person, the queue started at 9pm on 12/30, 10 hours before the mall opened door.
Last year, it stocked 170 kilos of gold bars and sold out in 3 hours too.
I went there around 4pm in the afternoon. Counters at the gold shops are mostly empty.
So I believe if it stocks much more gold, it will be gone too. But I guess the gold shops don’t want to sell too much gold too cheaply.
So let the stupid manipulators bring gold price lower, the Chinese people don’t care about the price, they just want the shiny gold!
Que in front of Chow Tai Fook Jewelry store Shanghai, 31-12-2013
Que in front of Chow Sang Sang jewelry store Shanghai, 31-21-2013