China gets modern with her gold investment market
Since 2004 China’s State Council has continued to push and encourage individual gold ownership. Just this week the PBOC announced that individuals could import seven ounces of gold tax free and without reporting to customs. Elsewhere gold savings accounts are offered in the majority of banks and have proved to be exceptionally popular. Between 2010 and 2011 ICBC, China and the world’s largest bank, saw more than 1 million gold savings accounts open.
Just five years after it became legal to invest in gold and silver, China’s Central Television began running news items encouraging citizens to invest in precious metals. At industry level, senior members of the gold market are almost of celebrity status. In 2011 Sun Zhaoxue, President of China National Gold Corporation and the China Gold Association, received the award for Economic Person of the Year on state television.
Over the coming weeks The Real Asset Company and @KoosJansen of In Gold We Trust will be producing a series of reports that will provide a window into China’s gold market. The history of China and gold goes back thousands of years, but right now we have little doubt that we are seeing historical moves in both the gold and international monetary system.
Stay tuned – China is taking over the world, one gold bar at a time.