Gold buying reaches a record high in China during Lunar New Year holiday.
(1888PressRelease) February 01, 2012 - MIAMI, FL - This is not just the year of the dragon; it is the year of the water dragon, an occurrence that happens only once every 60 years, the last being 1952. This suggests a highly auspicious year; the dragon symbolizes prosperity, optimism, change and good luck. The Lunar New Year holiday set an all-time record for gold buying in China, a surge in buying that will likely last through to February 6 when celebrations wind down.
Beijing's Municipal Commission of Commerce claimed a hike in gold sales of close to 50% over the same period in 2011. Apparently, the Chinese government has encouraged citizens to stockpile gold bars and coins to establish an asset base that gives them a strong alternative to fiat currencies that may be devalued. China's burgeoning middle class saves a large proportion of its disposable income and buys mainly gold bullion and jewelry. Chinese investors see physical gold as being readily tradable and preferable to land or other real estate, which may have let them down in the past.
"The Chinese people consider dragon years particularly auspicious and gold buying traditionally increases during these years," says Bill Hionas of Pan American Metals of Miami, a South Florida precious metals company. "Gold symbolizes wealth and prosperity and is generally held as a long-term investment."
China is the world's second largest importer of gold; it is also rumored that both China and India may choose to use gold to purchase oil from Iran, thus bypassing a western embargo and the freezing of the assets of Iran's central bank.
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Gold buying reaches a record high in China during Lunar New Year holiday. 
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