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To: Enigma who wrote (47031)	1/13/2000 2:23:00 PM
From: long-gone	Respond to of 116764

What happened Ron forget to tell somebody(all of China) - gold isn't money: Gold bar sales robust in Beijing Source: China Daily &&The cold winter may have slowed down automobile traffic, but it did not stop people from making it to the Caishikou Department Store in Beijing to buy unprecedented amounts of gold bars. The department store is the only sales agent of bulk gold in the capital. Since the sale started on December 10, 1999 and ended on Tuesday, the store has been drowned in an ocean of zealous gold buyers. Last month, more than 6,300 pieces of gold bars, weighing 600 kilograms, were sold at the store. The bars were worth more than 62.4 million yuan (US$7.5 billion). More than 5,000 people sent their orders in. Around 8,670 people called to consult on prices. The biggest daily sales volume of the gold bars topped 9.8 million yuan (US$1.2 million), according to store sources. The bars were priced at 104 yuan (US$12.5) per gram in the store, higher than the price of the jewelry, but customers still poured in to grasp their chance. The scene was a sharp contrast to the sluggish gold jewelry market in the city, which has been in a low ebb in recent years. Insiders said the robust sale of the gold bars was partly due to curiosity, but was more attributed to the exquisite design and collective value of the bars. For customers, they prefer gold bars over the jewelry to maintain and increase their wealth. It was the first time that China sold gold bars to the public since 1949. The decision by the People's Bank of China to share its 1.5 tons of coveted metal with the public is termed by analysts as a bold step forward to open its gold market. China Gold Coin Incorporation was designated by the bank to be the chief dealer of the gold bars selling. The bars were also sold in 10 other major cities in China, including Shanghai, Guangzhou, Chengdu and Wuhan, bank sources said. Publication date: Jan 13, 2000 kitco.com