Gold, once considered a sure-fire investment, has seen a massive price drop, following disappointing growth figures from China. Monday saw a $125 dollar per ounce drop—the largest daily drop in history. But while people in the States and Europe have been rushing to sell of their gold before prices further drop, in China, gold couldn't be hotter.
According to reports coming out of Shanghai and Hong Kong, people are flocking to jewelry shops, not to sell, but to buy gold, with some shops selling out of their gold stock in one or two days. Apparently the lower prices are making some think it's the perfect opportunity to buy that gold ring they always wanted.
That's good news for business in Hong Kong that were bracing for a big hit after some investment banks predicted gold prices could fall as low as $1,200 per ounce, the lowest since 2010. But the influx of customers from the Mainland has seen business booming, and at least for now, all that glitters is gold.
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