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Chinese housewives face gold price dilemma
金价格连续走低 中国大妈陷窘境
These "Chinese housewives" - called "Da Ma" in Chinese - are mostly in their fifties. They gained fame in the financial world when they beat mighty Wall Street moguls by purchasing a spectacular amount of 300 tons of gold jewellery, coins and bars in the last quarter.
However, as time goes by, they are finding themselves trapped in a dilemma. With news coming out that the US Federal Reserve might gradually pull out of its QE scheme, gold prices plunged again since last Friday. --Just how deep are Chinese housewives trapped?
According to data from the Shanghai Gold Exchange, prices for physical gold is now about 6 to 15 yuan per gram cheaper than in mid April. Some insiders say gold prices will keep falling in the mid to long term as investment in gold continues to dwindle.
