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A second batch of gold bars for the 2008 Beijing Olympic Games was launched in Shanghai yesterday, with traders confident of cashing in on the collectibles due to growing demand and rises in international gold prices.
The 1,750 kilograms of gold bars featuring the five Olympic mascots have been snatched up by gold dealers nationwide and are expected to be sold out before the Chinese New Year, according to the bars' distributor Shanghai Gold Coin Investment Co Ltd.
The bars can be bought in various sizes; 1,000g, 500g, 200g, 20g and 10g. The lowest retail price has been suggested at 153 yuan (US$19) per gram although dealers expect to sell the bars for as much as 180 yuan (US$22) per gram in some parts of China.
"We are sure of a good price because demand is high and so are international gold prices," said Zhang Ronghua, a dealer who also heads the Shanghai Yintai Artwork Co Ltd.
Meanwhile, 2,008 kilograms of plain Olympic gold bars have also been launched. Although production is still going on, almost all of the bars have already been ordered by dealers nationwide, according to the distributor China Golddeal (Beijing) Investment Co Ltd.
Both the Shanghai Gold Coin Investment Co Ltd and China Golddeal (Beijing) Investment Co Ltd launched their first series of bars early in 2005 for the lower price of around 135 yuan (US$17) per gram. They are expected to issue more series of gold bars in the years ahead, as the success of the first two series has confirmed the popularity of gold collectibles in China.
China is now the world's fourth largest gold consumer. Last year, gold consumption in the nation was 213.2 tons, up 3 percent on 2003, according to the China Gold Association.
(China Daily December 19, 2005)
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