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Friday, 4th September 2009 (3946 views)

The Chinese government is making efforts to persuade citizens to invest in gold, an expert has said.

According to Simon Black of the International Man blog, one of his insider sources recently told him that the authorities are taking steps to educate the public over the benefits of gold investment.

This comes during the first year that the Chinese are allowed to own their own precious metals for investment purposes, the source noted, adding that consumers are able to purchase gold bars in four different sizes from any Chinese bank.

"Wealth management products tied to gold are skyrocketing in popularity and the public can now instantly buy, sell and trade gold 24 hours a day in five different forms with eight different types of services," she added.

According to precious metals consultancy GFMS, China became the world's largest producer of gold in 2007.

Its gold output totalled 276 tonnes during the year, up by 12 per cent compared with 2006 and representing more than one-tenth of the world's overall gold supply.

 

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