In the most frenzied frenzy since the great Egg McMuffin rush last month, tourists descended on HK, almost clearing shelves of physical gold over the weekend…
Images went viral on ‘anti-locust’ social networking pages, as Gold Fever also swept the mainland…
Haywood Cheung, the president of the HK Gold and Silver Exchange Society, says the exchange has effectively run out of most of its holdings. Cheung told the FT that he hadn’t seen such a phenomena in 20 years.
Chow Tai Fook Jewellery Group, Chow Sang Sang Jewellery and Lukfook Jewellery sold out of gold bars last week as prices fell US$200 to a two-year low.
Sales at smaller gold retailers also shot up at least 50% last week – gold bracelets being the most popular purchase.
Jason Pong of Kam Kau Jewellery & Goldsmith told the Wall St Journal, “Some of our customers are buying gold wedding bracelets for their children even though they haven’t even started dating.” Others bought up bling for their future unborn children.
Honkie Town has a good summary of the milk powder ‘crisis’.