China: The Golden Week
We are telling about the Chinese "golden" week, followed by the gold bar rush.
The Golden Week
The Golden Week in China has begun. It’s a weekend combined with the national holiday season. Starting from 15th to 21st of February, citizens of the Celestial Empire can get a long and lively rest while celebrating the beginning of the Chinese Lunar New Year.
In this country, the precious metal is the center of all things. Similarity between Chinese words “two tangerines” (that are given as a gift) and “gold” are apparent, since they share the same pronunciation. Tangerines themselves symbolize financial prosperity. Serving dumplings (jiaozi) as a New Year’s dish is obligatory in China. Visually, they look similar to the shape of precious gold bars. In a country with the record-high population, it is common to give jewelry as a gift. Valuable gifts are considered to be the gesture of expressed respect. Tthe color gold, which is the symbol of nobility and wealth, remains on the honor roll at all times.
Chinese New Year begins on the 16th of February 2018 up until the 4th of February 2019. 2018 is the year of the Yellow Earth Dog. In anticipation of the upcoming celebration, Shanghai Gold Exchange experienced the gold rush, since the top-selling goods on the New Year’s Eve are gold bars.
The Gold of the Celestial Empire
It is believed that Chinese gold reserves are classified. The government no longer discloses information on country's stockpiles. According to unofficial data sources for the year 2017, the the People's Republic of China gold reserves amounted to $76,47 billion dollars.
The demand for gold was and is still high in China. McKinsey & Company analysts predict that China will make up 44% of gold products released on to the market by the end of 2025. Due to the fact that the precious metal is regarded as a symbol of family's welfare, most Chinese people are striving to preserve and increase their gold savings no matter what.