Chinese Buyers See Gold Price Falling Further

Reuters reported that despite gold’s current low price, those in China still are not buying. Their reticence suggests the yellow metal may still have further to fall.

As quoted in the market news:

‘We’ve not seen any significant physical demand on the back of this (price drop),’ said Victor Thianpiriya, an analyst at ANZ in Singapore. ‘That’s a worrying sign for prices as Chinese buying was really the only thing supporting the market on sell-offs last year.’

‘I rushed in to buy gold coins last year when prices fell, thinking that it was a good bargain and that prices would surely rebound. But it was clearly a wrong bet and I’m still down 15 percent,’ said 42-year-old gold investor Chen Xilong.

‘With all the speculation that prices may drop further, the question for me now is whether I should cut my losses and sell the gold I have.’

Click here to read the full Reuters report.