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China Banks Open Door to GoldbugsRick Ackerman
The following item may be old news to some of you, but it is most surely good news for gold bulls. China has just made it easier for individuals to buy bullion and/or invest in it. The news was first reported in Asian papers last week: "Under the approval of China Banking Regulatory commission, the Bank of China will be the first Chinese commercial bank providing gold services to individuals. A spokesman of the bank declared that BOC would soon offer both paper gold and physical gold to individual clients. It is the first time that personal gold investment tool has been launched by domestic banks. This marks that gold becomes one of the products that Chinese investors can choose to hold for their investment behaviors. "The service, which has been available by Shanghai Branch of the BOC, has gained popularity from investors. Other affiliates will follow the suit soon. 1000 Yuan Minimum Paper gold is traded in grams. The minimum transaction in POC is 10 grams which values about 1000 yuan at the present prices. Clients with accounts make deals according to the bank's quotations. The Bank of China offers physical gold business either under its own brands or as an agent. As a partner of the 2008 Beijing Olympics, the bank will launch an array of gold products carrying symbols of Olympics. Insiders believe there is an increasingly strong motivation of collecting and investing on gold among Chinese people who traditionally tend to hold gold. [Editor's note: That's putting it mildly.]" *** South Jersey Scene Here's a nice note from subscriber Burt Revell, who, like your editor, spent his youth in South Jersey. We're relieved that he offers no special insights on the matter of where killers should dispose of bodies in Colorado: "I've lived in the Denver area since 1968 and know your experience with the postholes in clay soil. Also spent my youth in the South Jersey area -- Ocean City, Cape May, Pitman, Audubon -- and know how lovely that soil is for gardening and planting pets. "My wife and I did a canoe trip through the Jersey pine barrens last summer (Wharton forest). Great trip. You can rent the canoe for anywhere from two to ten hours. They put you in and are at the take-out spot when you arrive. Hope you had a blessed Christmas and will see a prosperous new year. " Monster Chops Thanks for the reminiscence and the kind words, Bert. Many of my Boy Scout camping trips were in the Wharton Tract, which encompasses a huge forest of dwarf pines, along with Cohansey Basin water that tastes as good as Colorado spring water. Who'd a thunk you could find such a thing in New Jersey? There's another surprise waiting for anyone who passes through Cape May and stops at the Marion Inn Restaurant. An old friend of mine, George Mesterhazy, plays jazz piano there, and he is what piano lovers would call a "monster" on keyboards. Even when he was a teenager, he had some amazing chops. Check him out! *** Publishing in Real Time Once again, Rick's Picks will go out to you in real time Wednesday morning. Please submit your queries -- one stock, commodity or index per subscriber -- up till noon EST. Priority will go to those who live in far-away time zones or who have not submitted a question in the last two weeks. Since we may consider intraday trades in the QQQs or one of the E-mini contracts, I would suggest that you keep your bulletin launcher open if interested. Rick Ackerman Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers' initials will be used unless express written permission has been granted to the contrary. All Contents ©2004, Rick Ackerman. All Rights Reserved. You can subscribe here. _______________ |
