Gold & Silver Forum (http://goldismoney.info/forums/index.php)
- Gold - Silver - Coins - Numismatics (http://goldismoney.info/forums/forumdisplay.php?f=51)
- - Gold Mao Tse-tungs (http://goldismoney.info/forums/showthread.php?t=34076)

Book | 04-17-2006 12:15 AM
Gold Mao Tse-tungs Middle classes put their faith in golden Maos By Richard Spencer in Beijing (Filed: 17/04/2006) In the Renaissance, Europe's new rich hoarded their wealth in golden ducats. With the rebirth of Chinese capitalism, Beijing's middle classes are flocking to stock up on a modern equivalent - golden Mao Tse-tungs. <SCRIPT language=javascript src="/core/NetGravity/mpu.js"></SCRIPT>Following a year of rising prices, gold hit a record high of $600 (�340) an ounce last week, a fact not missed by the Chinese who are still banned from investing directly in the gold markets. Instead they buy golden ornaments from the jewellery sections of state-owned department stores. Among them are rows of Mao statuettes, Mao lapel badges and Mao medallions, from �55 for a small one with 5 grams of gold, to �260 for one with 22 grams. Those who have enough Maos and can afford �1,500 can buy "10 Marshals" presentation boxes, each containing 10 medallions depicting the great generals of the Communist revolution. Those observing more traditional beliefs can buy Buddhas, gods, and ingots showing the year's animal from the Chinese zodiac. "In the first quarter of this year, sales rose 35 per cent compared with the same period last year," said Li Xiang, of Caishikou department store in Beijing. "And last year, the turnover was up to �83 million from �63 million the year before that." In China, the chaotic financial system makes many wary of investing in the risky stock markets, so they are looking for something to do with the huge pile of savings the booming factory economy has brought them. "Money in the bank is useless," said Mrs Zhang, 50, who was looking at golden model junks and statues of star-crossed lovers to buy with a saving fund of about �2,000 that was due to mature. At the Artistic Mansion store on Wangfujing, the central shopping street near Tiananmen Square, a sales assistant said that the most popular items were the solid gold Mao lapel badges. "Some people buy 10 or 12 at a time," she said. Behind her was perhaps the ultimate memento: a 24-carat reproduction of the front page of the People's Daily of Oct 1, 1949, announcing the founding of the People's Republic. The People's Daily is the official newspaper of the Communist Party, which over the years has recorded the twists and turns of ideological orthodoxy. "Raise high the Great Red Flag of Mao Tse-tung, Carry to the end the Great Proletarian Revolution," was its splash on June 1, 1966, on the eve of the Cultural Revolution. For �340 that, or any other front page, could be printed on gold. A headline from later in 1966 said: "Chairman Mao's books are not gold, they are more precious than gold." But outside Artistic Mansion, street-sellers offer tourists the Little Red Book for �1.50. Linky

All times are GMT -4. The time now is 05:22 PM. |

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2010, Jelsoft Enterprises Ltd.
Copyright = None use it and Link to GIM