The Chinese government has been promoting the accumulation of gold by its citizens, presumably to help the nation diversify away from a devaluing dollar.
In a bid to hoard the metal, might they go as far as to ban the metal’s export? For whatever a rumour from China is worth, some speculate that this could happen.
Commodity Online: As recently as 2002, the private ownership of gold was prohibited in China. You could be jailed if caught with any in your possession. Beginning in 2009, in a stunning about-face, the central government removed all restrictions. In fact, as Mineweb and other sources report now it is actively pushing folks to buy some personal metal, with China’s Central Television, the main state-owned television company, running news programs cum infomercials, letting the public know just how easy it is to purchase gold and silver as an investment.
It truly is as simple as can be, because every bank sells gold and silver bullion bars in four different sizes to individuals. (Try to find the same the next time you make the trek down to Wells Fargo.) Mining companies are reportedly encouraging employees to convert some of their wages to gold on payday. Gold is traded in some form 24 hours a day. And paper proxies for the metal are also soaring in popularity. There are persistent rumours that the export of silver has already been banned. Gold could be next.