With gold prices dancing near a never-before-seen US$3,900 an ounce, Chinese investors and consumers are finding themselves caught up in a whirlwind of excitement and trepidation – frustrated by missed opportunities, wary of the record-high rally, and scrambling to decide whether to buy, sell or hold their glittering assets.
Advertisement
After topping US$3,800 an ounce for the first time last week in a surprise surge that has continued this week, gold is keeping market participants on their toes.
Yue, a Guangzhou-based engineer and an individual investor, saw what looked to be a golden opportunity to cash in on his holdings of the valuable mineral on September 19. He sold 200 grams (seven ounces) at 824.89 yuan (US$115.88) per gram, predicting that the price would correct downward. Instead, it continued to climb, reaching 873.69 yuan an ounce by the end of the month, when he spoke to the Post.
“Gold prices are soaring, and I can’t decide whether to buy or sell,” Li said. “I sold too early, and now prices keep climbing; it’s hard to know what to do next.
“It’s so frustrating that I’ve switched to investing in silver instead.”
Advertisement
In retail stores, shoppers are displaying a similar sense of hesitation.