The Year of the Dragon Lunar New Year holiday set a new record for gold buying among the Chinese with the gold buying boom anticipated to last until February 6th.
Data released by China's Ministry of Commerce Saturday said sales of gold, silver and jewelry rose 57.6% at Caibai, one of Beijing's best known gold retailers.
State news agency Xinhua reported that both Caibai and Guohua, another of Beijing's top gold retailers, reached about 600 million yuan (US $95.28 million) in total sales. Beijing's Municipal Commission of Commerce said the week-long holiday produced a 49.7% jump in sales over last year's festival.
[Remember, they've been telling their citizens to buy gold. Not something you will here our nation telling our citizens. Instead, our Fed tells us it's not currency.]