Templeton Times: The perils of preoccupation-keep your eyes on the shiny ball: Collapsing the U.S. econony, Keynesian economics, Cloward-Piven strategy, Saul Alinksy tactics

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The perils of preoccupation -keep your eyes on the shiny ball

Collapsing the U.S. economy, Keynesian economics, Cloward-Piven strategy, Saul Alinksy tactics
By Doug Hagmann

Wednesday, January 1, 2014
http://canadafreepress.com/index.php/article/60197?utm_source=CFP+Mailout&utm_campaign=2b4fa1210e-Call_to_Champions&utm_medium=email&utm_term=0_d8f503f036-2b4fa1210e-291118033

About a million people crammed into New York City’s Times Square and vicinity last night to watch the mother of all shiny, diversionary trinkets, the infamous New Year’s Eve ball, make its way down a flagpole to mark the end of 2013.
Another billion or so people worldwide were glued to their televisions, iPhones or other electronic devices to watch this 11,875 pound geodesic sphere, illuminated by 32,256 LEDs, create a combination of more than 16 million colors and various patterns for their visual entertainment, or should I say entrancement. On the other side of the world, Chinese shoppers filled malls in Shanghai to purchase every bit of gold bullion available. While many Americans drank to excess with their blurry eyes transfixed on a 12-foot wide trinket made of 2,688 triangular crystals, well-focused shoppers in Shanghai emptied the gold inventory in about three hours.
As one ton (about 998 kg) of confetti was dropped on the crown in Times Square, Chinese of mostly average means purchased nearly its equivalent in gold from all outlets, including 200 kg from the largest mall in Shanghai. It will take NYC sanitation workers two days to clean up the mess in Times Square, while it appears that the Chinese are cleaning up in a much different manner. Is there a message contained here to the average American? Only to those who have been awakened to what’s really going on behind the diversion of the shiny, trinkets of diversion on which we are urged to affix our gaze, paying no attention to the man behind the curtain.

As the frivolities of most Americans come to a close this week, many will undoubtedly be nursing hangovers while cleaning up their own houses from the parties they hosted to bring 2013 to a close and usher in 2014 on the Gregorian calendar, Many of these people are the same who openly accuse investigative journalists in the “new media” of spreading fear, writing doom porn, and scoff at watchmen who are attempting to awaken people to the truth about current events. They want your gaze to remain transfixed on the shiny trinkets that entrance you in believing that all is normal. They desperately work to convince you that you are to believe that there is trouble on the horizon. They have plenty of help, from the compromised politicians to the complicit media, all bought and paid for by a handful of corporations and families whose goal it is to enslave you mentally and physically.
Collapsing the U.S. economy: Keynesian economics, Cloward-Piven strategy, Saul Alinksy tactics

Behind the veil of normalcy exist the machinations of the globalists, who are working toward collapsing the U.S. economy through a mixture of Keynesian economics, the Cloward-Piven strategy and Saul Alinksy tactics through the use of the puppets they’ve groomed and placed into positions of power. Their grand objective is to create a system of global governance consisting of a single global currency and a state accepted religion, all under a single world government. They look upon the sovereignty of the United States as a speed bump on the road to their communist utopia. Sadly, too few people see through the falling confetti and past the glare of the shiny trinkets to fully comprehend the enormity of the lie.
Notice that the giant political pundits behind the microphones and television cameras rarely, if ever, discuss the big picture or acknowledge the enormity of the lie. Instead, they keep the masses entertained by containing their discussion within the well-defined boundaries of the right-left paradigm of political pabulum. They are highly compensated servants of the globalists who instruct them to keep the attention of their followers away from the truth by marginalizing truth seekers. It’s no accident that most Americans continue to be mesmerized by their neuro-linguistic programming skills and are saturated by their omnipresence within the mainstream media. Their followers are dissuaded from broaching such “fringe” topics of the globalist agenda, the economic Ponzi scheme constructed by the globalists, and even the constitutional legitimacy of a man selected to oversee the de-construction of the United States. Along with their globalist handlers, they laugh at you for your naivety, or perhaps they have also become victims of the lie through their enchantment with their own utopian lifestyle bestowed upon them for their cooperat For most Americans, the year 2013 was ceremoniously closed by the orchestrated lowering of the shiny ball in Times Square that mesmerized the masses. Those who were stupefied by trinkets and confetti, and anesthetized from reality will continue to be distracted from the deliberate deconstruction of the one country that exists as a road block to the fulfillment of the globalists’ agenda. Perhaps the lowering of the Times Square ball could serve as a metaphor for the coming events in 2014 and beyond.

Perhaps we should extend our gaze past Times Square to the malls of Shanghai, and break away from the spell of the false sense of normalcy that is being purveyed upon us. We must break free from the commands of the stage magician, who guides our gaze and attention to what he wants us to see. For it is beyond the trinkets and confetti, through the veil of lies and deception, where we will see what is really taking place in the world.

Unlike the normal, spellbound Americans, the men and women of average means in China are not walking out of the malls carrying the newest iPad, iPhone or big screen television. They have not been entranced by the shiny ball lowered on a pole in New York. They understand better than most about what’s coming. You will not hear about what’s coming in the mainstream media in America. You will, however, feel it when it hits you. It will not be an accident, nor will it be the result of some unforeseen set of circumstances pushed by the American media.

The people who continue to believe the lies will be those most dependent on the government when the “global economic reset” takes place. They will be the victims of enslavement, subservient to the government when the plug is pulled. Those who cannot serve the utopian dream of global governance because of their lack of preparation will be cast into the chains of servitude, lamenting the distractions placed before them.

Meanwhile, a half word away, others are making their preparations. Keep your eyes on the shiny trinkets or break free from the illusion - the choice is up to you.

Douglas J. Hagmann and his son, Joe Hagmann host The Hagmann & Hagmann Report, a live Internet radio program broadcast each weeknight from 8:00-10:00 p.m. ET.

Douglas Hagmann, founder & director of the Northeast Intelligence Network, and a multi-state licensed private investigative agency. Doug began using his investigative skills and training to fight terrorism and increase public awareness through his website.

Doug can be reached at: director@homelandsecurityus.com

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China's biggest jeweler sees gold in the masses

Reuters

Thursday, 5 Dec 2013

http://www.cnbc.com/id/101251483

The world's most valuable jewelry retailer Chow Tai Fook, which counts Cartier and Tiffany & Co as competitors, is on a quest to conquer the hearts of China's future big spenders. It's weapons of choice: Hello Kitty and Winnie the Pooh.

Superman and the Angry Birds team also feature in Chow Tai Fook Jewelry Group's range of fashionable, and affordable, pieces which the company hopes will win over the millions of Chinese who live outside major cities but who are reaping the benefits of a rapidly growing economy and who remain enamored by the gleam of gold.

"We are quite similar to the fast fashion way of business in that our products are only available for a limited period of time," Kent Wong, managing director of Chow Tai Fook, told Reuters.

"The stock-keeping units will have to respond promptly to the fast-changing tastes of customers, especially young customers, who can share information about trends very quickly on their smartphones," he added.

Chinese gold demand is strong: Pro

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Bart Jaworski, equity analyst at Davy Research, says that there is a big demand for safe haven assets.

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China, the world's second largest economy, is on track to overtake India as the world's biggest consumer of gold this year as falling prices encourage purchases for both personal use and investment.

Combine that penchant for gold with a population that is rapidly urbanizing, and becoming more affluent and trend-conscious in the process, and building customer loyalty as well as keeping up with fashion becomes key to the prospects of jewelry retailers.

About 100 million people are likely to move into cities over the next 17 years, according to ratings agency Moody's. China is already the second largest market for Zara-brand owner Inditex, the world's biggest fashion retailer.

"Just like fast fashion, fast jewelry is the right stuff to target at the youth and the products can also sell at a better margin when they are limited edition," said Renee Tai, a Hong-Kong based analyst at brokerage UOB-Kay Hian.

Gold for the masses

Chow Tai Fook's fashion jewelry, which costs between HK$200 and HK$2,000 ($26 and $260), is a far cry from the luxury offerings that have traditionally accounted for over 80 percent of sales, and which on average cost about 10 times as much.

But the shift to expand mass-market retail is already paying off. Chow Tai Fook saw its net profit rise by a forecast-beating 92.3 percent in the six months ended September, with same-store sales growing 33.2 percent.

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China vs India: Who has stronger gold demand?

Miguel Perez-Santalla, VP of Bullion Vault, says China's growing economy allows it to have a stronger position on gold.

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Chow Tai Fook, which has a market value of nearly $16 billion, is not alone in targeting the masses.
Smaller rival Luk Fook Holdings International, with a market value of $2.4 billion, is looking at opening stores in busy railway stations to expand its reach in China and raise its profile in less developed cities and the vast hinterland. Building brand loyalty also makes good business sense.
Repeat purchases by Chow Tai Fook's Hong Kong members contributed almost 17 percent to total revenue in Hong Kong and Macau for the six months ended September, while those from its China members made up nearly one-quarter of total sales in the mainland, company data shows.
"We are seeing a significant surge in retailers investing in loyalty programs in order to increase consumers' loyalty as it's getting harder and harder for retailers to drive growth by purely relying on their quick pace of expansion," said Brian Negley, vice president of consumer research firm Nielsen China.

Image conscious
But as it pushes into rapidly changing jewelry, Chow Tai Fook faces the challenge of retaining its reputation for exclusive, luxury items while also appealing to the masses.
The company, founded in 1929, aims to achieve this by selling some of its fast jewelry products online, where most customers are aged between 20 and 35.

Chow Tai Fook also maintains three distinct store layouts that cater to its clients - the high-end luxury consumers, the youth and the mass market, managing director Wong said.

Analysts say focusing on the younger generation is key.

"The company has to ensure this group of people gets familiar with the brand and they won't feel your products are out of date," said UOB-Kay Hian analyst Tai.

"They have to groom a new group of customers to support the brand and products."

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A Modern Day Gold Rush - How People Of One County In China Are Making Millions In Ghana
By Sophie Song on May 15 2013
http://www.ibtimes.com/modern-day-gold-rush-how-people-one-county-china-are-making-millions-ghana-1260801
A modern day gold rush is taking place in Ghana, and fortune seekers from one particular Chinese county are making millions, according to 21cbh.
Shanglin County is located in China’s Guangxi Province and most of the county's population, much like the rest of the province, is ethnically Zhuang, the largest minority in China.
For the last eight years, the people of Shanglin, nicknamed the “Shanglin Gang,” have found a new business venture: gold mining in Ghana. Now, this small West African country is home to as many as 50,000 Shanglin locals, and nearly all of the small and mid-size gold mines in Ghana are owned by them.

“Wherever there are restaurants, there are Chinese; wherever there is gold, there will be people from Shanglin,” Tan Xinhua, who owns a gold mine in Ghana, said, according to 21cbh, a Chinese financial news website.

Shanglin, which has a history of gold mining, sent more than 10,000 of its farmers to China's northeast in the 1990s, to seek gold.
In 2005, there was talk of a man from Shanglin who took five million yuan ($813,535) to Ghana and turned it into 100 million yuan ($16.27 million) in three years. As the story spread, hordes of people rushed to Ghana, the second largest gold producer on the continent after South Africa.
Large mines in Ghana, which extract gold from rock, are owned by corporations such as Newmont Mining Corp., Gold Fields and AngloGold Ashanti. River gold, on the other hand, cannot effectively be mined by the large equipment typically used by these companies.
The immigrants from Shanglin have stepped in to fill this gap and concentrate their businesses in the cities of Kumasi, Obuasi and Takoradi, where there are many smaller mines. Since then, the Shanglin Gang has all but monopolized these mines with the help of a closely guarded sand-pumping technique, which is said to help mine river gold.
Ghana's laws specify that areas smaller than 25 acres can only be mined by Ghanaians but that has not stopped the Shanglin Gang.
“As long as you enter into an agreement with Ghanaian landowners, you can mine,” Tan said. “It’s their land and their mining permit. I’m just helping him mine.”
“Those already in Ghana will always bring their friends and family out too,” added Tan, who bought his 25-acre mine with 25,000 Ghana cedis ($12,511) and has more than 30 relatives and friends working the mines.
Ghanaian landowners usually receive 10 to 12 percent of the “stock rights” to the mine. At the end of each day, the landowner will collect what they are entitled to. In other cases, the landowner is paid a monthly flat rate, usually 10,000 Ghana cedis ($5004).
Tan, who has hired five people from Shanglin and two locals, plans to make at least 10 million yuan ($1.63 million) in three years. This apparently is not an empty dream — someone he knows bought a mansion and a Ferrari in China recently.
The Ghanaians are paid 12 cedis ($2) a day, which is two to three times more than what they would earn otherwise. Shanglin workers are paid 6,000 yuan ($976) per month, plus two to three percent of the gold produced each day.
“Even if you are working for others, you would make 300,000 yuan ($48,812) in three years,” Tan said.
According to data published by the Ghana Chamber of Mines, the country produced 3.6 million ounces of gold in 2011. Su Zhenyu, the secretary general of the Chinese Mining Association in Ghana estimated that about 40 percent is produced by small mines owned by the Shanglin Gang.
There are more than 1,000 gold productions owned by Shanglin's people in Ghana. Each production has on average two machines, producing 200 to 300 grams of gold daily. Some get lucky and produce up to one kilogram a day, some only 30 to 50 grams, while others produce nothing.
If a mine produces 300 grams a day, at 280 yuan per gram, a mine will have made 100,000 yuan ($16,270) in one day. Even after production costs are accounted for, a mine owner could still make more than 10,000 yuan ($1,627) a day. That works out to 10 million yuan ($1.63 million) in one year.
Criminals have been targeting the Shanglin Gang for their increasing wealth. In March, a man from Shanglin was robbed and shot 27 times with an AK-47.
“In 2011, our mine in Kumasi was looted twice,” Li Zengquan, a Shanglin miner said. A shootout took place during the day, and both Chinese and Ghanaians were killed.
“Living in a foreign country, the most important thing is staying alive, money is secondary,” another Shanglin miner, Hu Hongshi, said. His mine usually keeps 200 grams of gold on hand.
“If 20 or 30 bandits came, there is no way we can go up against that many guns. We ask them to take that gold, and let us live.”
Shootings between Shanglin miners and bandits are commonplace, 21cbh reports. To stay safe, three to four mining teams live together and sell their gold together. Most Shanglin teams possess firearms, which have become steadily expensive as demand increases.
The Shanglin Gang, most of whom are in the country illegally, are wary of the police and fearful of being caught by immigration officials.
“Before, when immigration officers came by, they would leave for a few hundred cedis,” Tan said. “But now they might put you in jail, and ask for exorbitant bails, or you get sent back to China.”
Another enemy of the Shanglin Gang is malaria. Most mines are located in hard-to-access areas, which means miners can contract malaria and die before they can be taken to a hospital.
Even with these risks, most Shanglin people consider it a good business venture.
“50 to 60 percent of the Shanglin people here make money,” Hu said.
To cater to the newly rich Shanglin businessmen, Chinatowns full of restaurants, hotels, karaoke bars, supermarkets and hospitals have sprung up all over Ghana.
This has kickstarted a parallel industry as Chinese farmers have moved to Ghana to grow produce for the Shanglin expats. Prostitutes have made the journey hoping to cash in on the boom as they can earn twice or three times as much as their counterparts in China. And, casinos have been built to serve the gambling habits of the Shanglin Gang.
But, Tan says he would never go to a casino. His goal is to accumulate 10 million yuan and build a big house for his family.
And, after that?
“I want to marry a beautiful woman and open a teahouse. Maybe I can tell stories of my Ghana days to my customers,” Tan said, according to 21cbh.

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Gold rush
By Alexis Hooi and Yan Yiqi (China Daily)

Updated: 2011-11-04

http://europe.chinadaily.com.cn/epaper/2011-11/04/content_14037233.htm

Beijing's Caishikou Department Store, popularly known as Caibai, is one of the Chinese capital's few malls that are packed even on weekdays when business is much slower at others.

"Counters are always swarmed with buyers, regardless of whether prices go up or down," says Caibai saleswoman Zhang Caixia.

Caibai is one of Beijing's premier locations for gold products. On Sept 25, the store lowered gold jewelry prices for the second time this year, from 432 yuan ($68, 50 euros) a gram to 419 yuan. Weeks earlier, gold prices had climbed to record highs.

Recent deals like these have helped fan a frenzy for gold among increasingly affluent Chinese buyers, as more turn to the precious metal as a form of investment amid global economic and financial uncertainty.

China now ranks second in terms of consumer demand for gold, behind India, based on latest available figures from the World Gold Council (WGC), the major market development organization for the gold industry.

Gold demand on the Chinese mainland in the second quarter of this year (Q2) alone hit 155.9 tons, worth $7.5 billion (5.5 billion euros), the WGC reports. In contrast, India's demand stood at 248.3 tons, worth $12 billion, during the same period.

In terms of gold bars and coins, Chinese buyers on the mainland actually overtook their Indian counterparts to snap up 90.9 tons of the metal in the first quarter of the year. That amount was about 5 tons more than those purchased by Indian buyers, WGC reports. But Q2 saw Chinese mainland gold bar and coin investors falling back behind buyers in India and purchasing 53 tons, about half the amount of India's 108.5 tons.

Global gold demand for Q2 was 919.8 tons and worth $44.5 billion, the second highest quarterly value on record, the WGC says. Gold prices also reached a series of record highs in Q2 and the average price for the period rose 26 percent year-on-year and increased 9 percent over the previous quarter, the council says. After peaking at $1,541 per ounce (28.35 grams) in early May, gold corrected back below $1,500 per ounce.

Despite the high prices, Chinese demand for gold grew about 25 percent in Q2 compared to the same period last year and the growth is "likely to continue due to increasing levels of economic prosperity, high levels of inflation and forthcoming key gold purchasing festivals", the WGC says. Conversely, consumer demand for gold in the United States dropped 22 percent to 44.5 tons during the same period. Europe, excluding the erstwhile Commonwealth of Independent States, dropped 48 percent to 54 tons.

China is also the world's largest gold producer and many expect it to report higher output this year, with production likely to outpace the 340 tons in 2010, figures from the Ministry of Industry and Information Technology show.

The country's gold output this year rose by 8.436 tons, or 3.87 percent year-on-year, to hit 226.388 tons from January to August, the ministry reported. In August alone, China produced 31.889 tons of gold, up from 30.08 tons in July. The combined output value of Chinese gold producers hit 169.1 billion yuan in the first eight months of the year, up 23.14 percent year-on-year.

"China, along with India, has understandably been one of the focal points in the gold market over the last decade as its share of total global demand has climbed from 6 percent in 2000 to 18 percent in 2010. The remarkable shift in the global demand balance has come about due to the combined forces of growing wealth, deregulation and increased access. It has also been propelled by heightened economic concerns that have rekindled consumer affinity for gold," says Marcus Grubb, the managing director for investments at the WGC.

"Gold demand is expected to remain firm through this year and next. Chinese consumers will continue to drive up gold demand as economic growth in the nation is still strong."

Earlier WGC predictions saw gold demand in China doubling by 2020, but there are now expectations of that happening sooner.

The WGC identifies four key factors driving Chinese gold demand in a period of "ongoing global economic and financial uncertainty". These include gold investment being rooted in Chinese culture, impending inflationary fears in emerging markets, the country's central bank being positive on gold and limited domestic investment channels.

Chinese investors already form the second-largest gold investment market in Q2, after India, with demand of 53 tons giving a local currency value equivalent to 16.7 billion yuan, the WGC says.

"Domestic investors were keen to buy into the rising gold price, while high inflation rates also remained a key driver of demand," it says.

"The underperformance of the domestic stock market and a sluggish property sector further fueled purchases of bars and coins."

But analysts have warned that China's bullion investments may slow down this year compared with sharp growth in 2010 as record-high gold prices raised the risk of price volatility. Hit with a recent slew of restrictions on residential property purchases, Chinese investors might also be turning to the commercial and industrial property market instead with its higher returns compared with gold and the stock market.

Still, Sun Fengmin, the secretary-general of the Gems and Jewelry Trade

Association of China, says the global economic situation has pushed investors in the country to look for safer investment channels.

"In the period of global economic and financial uncertainty, gold's role as a monetary asset, global currency and risk diversifier all make it an attractive international asset class for domestic investors," Sun says.

Zhang Tiantian, 29, a government official in Hangzhou, capital of Zhejiang province, has been buying gold coins for her three-year-old daughter since she was born. The first gold coin she bought in 2008 cost 10,000 yuan and the same weighted one she purchased this year set her back 16,000 yuan.

"I buy one gold coin for her every year," Zhang says. "I am investing for her future." She says gold coins are relatively resilient to price fluctuations.

"I will keep buying her the coins until she is 24, whether prices rise or fall. Some of my friends choose to buy stocks or funds for their children, but I don't have faith in these," she says.

Sun Fengmin agrees that the surge in Chinese gold purchases is rooted in culture.

"Since ancient times, gold in China has been associated with good luck and is considered to be the color of emperors. It is a tradition to give gold as a gift after a child is born, on birthdays and during the Chinese New Year. It is also an integral part of wedding jewelry," Sun says.

Jewelry still dominates the Chinese gold market, accounting for almost 64 percent of all gold demand last year. Chinese gold jewelry demand also more than doubled in the last seven years, from 224.1 tons in 2004 to 451.8 tons last year, WGC figures show.

Global jewelry demand in Q2 was 442.5 tons, 6 percent higher from a year earlier. China, India and Turkey together accounted for 59 percent of global jewelry demand at 260.1 tons in Q2 and recorded a combined growth of 36.1 tons year-on-year.

"This year, around 6.6 million brides will receive gold as part of their rituals. As a result, over 75 percent of all urban Chinese women now own more than one piece of gold jewelry. Two-thirds of Chinese women regard gold jewelry to be as much an investment as a statement of personal style, and consumers are keenly aware of the value of what they own," the WGC says.

Beijinger Yang Aiping, 52, was one of the many Chinese shoppers who turned to the offerings at the Caibai store for a gold necklace and bracelet set for her future daughter-in-law.

"It would be better if she can wear them in her daily life, but I wouldn't mind if she doesn't," Yang says. "Young people can regard gold jewelry as old-fashioned. But they can also keep them and pass them on to their children as heirlooms. I believe gold is the last thing to depreciate."

"Increasing prosperity among Chinese consumers, supported by very strong growth in the domestic economy, is still a driving force behind gold jewelry demand," the council says.

"However, the investment motive also remains a key influence, fueled by the persistent high inflation that has kept real interest rates negative for some time. The predominance of 24 carat gold in this market partly reflects this investment motive, given its higher purity, as well as reflecting the demand for jewelry with better product design and quality."

The WGC also points to buoyant gold demand in the country's technology sector, where the highly conductive metal can used for gold-plated contacts, connectors and wiring in items ranging from computers to cell phones.

Global technology demand for the precious metal was up by 2 percent at 117.9 tons from 116.1 tons in the second quarter of 2010, generated by an increase in demand from the electronics sector, the council reports. That meant a quarterly record of $5.7 billion, up 28 percent from the next highest in the last quarter of 2010 at $4.5 billion.

"The electronics industry will continue to see demand for tablets, smartphones, and e-readers accelerating, as well as increased demand for industrial processors that enable devices to harness renewable energy, such as solar panels. In addition, the industry has also seen strong demand for electronic components across all ranges of vehicle production," the WGC says.

"Gold has benefited from the growth in this market, although supply chain cost pressures continue to drive some manufacturers to seek cheaper alternative materials to gold. Apart from the modest decline in Japanese output, most of the other major markets recorded healthy gains for the period. China again led the way with a year-on-year rise of almost 20 percent.

"The country is becoming an increasingly important center for electronic component manufacturing and assembly," the council says. "It is perhaps not surprising therefore that increased use of gold in Chinese electronics manufacturing helped fuel global electronics demand in 2010."

All these will help China become a significant player in fueling growth in the gold sector. "The strength of demand in China, coupled with an overall drop in recycling activity, demonstrates that consumers have adjusted to the current price environment and expect the upward price trend to continue," the WGC's Grubb says.

"In addition, ongoing macro economic uncertainty, the continued sovereign debt crisis and widespread inflationary pressures, will result in gold demand remaining strong."

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Don’t Sell Your Gold

Thinking of selling gold? Take a peek at this mind-blowing forecast

Mamta Badkar

www.moneymorning.com/Gold
16 February 2011

http://www.businessinsider.com/chinas-insatiable-appetite-for-gold-2011-2

Demand for physical and non-physical gold in China is soaring. The Industrial and Commercial Bank of China (ICBC) reportedly sold nearly 7 tons of physical gold in January alone, almost half of what they sold in all of 2010, according to Reuters.

The bank expects to sell 5 billion yuan worth of gold linked deposits this year, after having sold 1 billion yuan worth of the deposits in 2010, according to Zhou Ming, the deputy head of the ICBC's precious metals department.

With Chinese CPI at 4.9% it comes as no surprise consumer are rushing to buy the precious metal to hedge against inflation. Gold prices in Asia steadied in overnight trading while gold futures rose on the Comex in New York. The metal has been trading lower on the market today.

The ICBC teamed with the World Gold Council to launch China's first gold gift investment bar on Tuesday. The Only Gold Gift Bar comes in 10, 20, 50, 100 and 1000 gram denominations and the word "fu" (joy) engraved on the bar. Ming said in a statement on Tuesday:

"We are working closely with the World Gold Council to provide a variety of physical or physical backed gold solutions for our customers. Last year we sold more than 15 tonnes of bars and coins and we have a strong start in January with almost 5 tonnes of sales."

With 1,161.9 tons, China has the world's sixth largest gold reserve valued at $50.19 billion. The country is the world's largest gold producer, yet it imported 209 tons of gold last year.

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Also See:

China - the Sleeping Giant Starts to Awaken!

(Part 1)

08 June 2008

http://arcticcompass.blogspot.com/2008/06/china-sleeping-giant.html

and

(Part 2)

15 May 2009

http://arcticcompass.blogspot.com/2009/05/china-sleeping-giant-starts-to-awaken.html

and

(Part 3)