posted on July 28, 2010 12:22:14 AM
I am back in the States,US Customs cant believe I did not buy anything in Hong Kong.
When I was there,I saw Chinese from mainland China buying Swiss watches,they shun the stainless steel ones and go for 18k gold with or without diamond.
It seems they are the only shoppers in most stores.
The same watches cost more in China so they feel they are getting a bargain.
Local jewelry store will buy your pure gold,they have 4 different prices they will pay for your gold-
-gold bars/nuggets/coins
-gold chains or any gold jewelry with little or no decorative work done
-gold figurines/plaque with decorative design sold/made by the store
-gold figurines/plaque with decorative design sold/made by other jewelry stores.
The prices shown on the board is like 10,980 Hk dollars per Chinese ounce,which comes to US$1400 .One Chinese ounce is heavier than one troy ounce.
Most Asians hoard gold,so it is good they can turn gold into cash if they need money to pay their bills.
*
There is no 'Global savings glut',only wild horses and loose bankers.
