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Housewives' gold rush keeps price from falling

According to "Voice of China" radio program, one of this year's most popular phrases may be "Chinese housewives" - purchasing tons of gold and thus helping to sustain gold prices at US$1,468 an ounce.
The "Chinese gold rush" has prevented short selling, where gold is sold and then bought back when prices fall. Gold is often regarded as a means of safeguarding wealth against a weak dollar - and to maintain stable interest rates in the US. On April 12 and April 15, international gold prices dropped by 15 percent.

Source: People Daily
Published: 15 May 2013

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