Stunning Images From China: Ten Thousand People Waiting In Line To Buy Gold

Tyler Durden's picture




 

Sometimes one must see to believe, in this case believe just how massive the raw demand for the shiny, barbarous relic is in China during times of relative monetary stability (in this case the Dragon Boat Festival). Now assume runaway inflation as we saw in 2011 China, which may be unleashed by something as catalytic as the PBOC once again deciding to inject liquidity in its suffocating banking system and to revive growth in the stalling economy.

June 11, ten thousand people line up in front of a gold shop to buy gold. The buyers lined up during the three day Dragon Boat Festival.

Source Caixin.

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Fri, 06/14/2013 - 12:40 | 3658461 RacerX
RacerX's picture

Fools! There are no lines to buy the paper gold!

Fri, 06/14/2013 - 12:41 | 3658474 AllThatGlitters
AllThatGlitters's picture

Hmmm.. Contrarian in me fears that this may truly be a picture of a bubble?

Or is it not a bubble until we see the same thing in the U.S.?

Fri, 06/14/2013 - 12:43 | 3658496 jbvtme
jbvtme's picture

where are the lines for the german gold?

Fri, 06/14/2013 - 12:44 | 3658503 Pinto Currency
Fri, 06/14/2013 - 12:46 | 3658508 Pladizow
Pladizow's picture

Gold: Me love you long time in long line!

Fri, 06/14/2013 - 12:48 | 3658527 AllThatGlitters
AllThatGlitters's picture

Easy with the down arrows folks. I forgot my sarcasm tag.

Check out my name for criminy sakes.

 

Fri, 06/14/2013 - 12:55 | 3658569 johnQpublic
johnQpublic's picture

congratulations!

your cancerous tumor has a 7% growth rate!

why, in only ten years, it may take over 100% of your body!

 

Fri, 06/14/2013 - 13:07 | 3658617 bonderøven-farm ass
bonderøven-farm ass's picture

The US offers bread lines, China offers gold lines........WINNING!

Fri, 06/14/2013 - 13:09 | 3658627 Badabing
Badabing's picture

Isn’t that Nouriel Roubini on line in the second photo?

Fri, 06/14/2013 - 13:21 | 3658681 SpiceMustFlow
SpiceMustFlow's picture

that is the most beautiful thing I've ever seen, honestly.

 

DOWN WITH MOTHAFUCKIN FIAT BITCHEZZZ!!!!!!!!!!!!!!

Fri, 06/14/2013 - 13:26 | 3658710 boogerbently
boogerbently's picture

Stop it !!

That's the line to see the advance screening of "World War Z".

Fri, 06/14/2013 - 13:40 | 3658776 Beam Me Up Scotty
Beam Me Up Scotty's picture

If I had a line that long outside of my business, no matter WHAT I was selling, I would RAISE PRICES!!!!!

Fri, 06/14/2013 - 14:08 | 3658817 Jumbotron
Jumbotron's picture

Off topic......

If any of you would like to know what you can do to lessen PRISM's impact on you go here....

http://prism-break.org/

It is a list of various pieces of software, browser plu-gins, and operating systems to help harden your computing life against Big Brother.

On the left of the list are the proprietary, PRISM infected software....on the right is Free and Open Sourced variants that are less so.

I use some of this stuff.....read about it, try it out and report back

Also....don't forget about Retroshare....personal encrypted Peer2Peer communications

http://retroshare.sourceforge.net/index.html

Fri, 06/14/2013 - 14:27 | 3658929 Arius
Arius's picture

Stunning indeed !

What is more stunning is that obviously someone has let the masses a glimse into the future .... these kind of notices are not given too much ahead of time, it would be my guess ...

It makes sense though, if you think it is ASIA's  time to lead the World ... you got to be in their good side!  even if they will have a minimum amount it will make them happy knowing they made the right decisions ahead of time .... think about the reaction of Joe Sixpack when he learns there is nothing in store and on top of it he is armed to the teeth ... detroit here we come ...

Fri, 06/14/2013 - 15:10 | 3659099 nugjuice
nugjuice's picture

How thin can I squeeze this comment

Fri, 06/14/2013 - 15:15 | 3659114 Herd Redirectio...
Herd Redirection Committee's picture

I curse you

 

 

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Fri, 06/14/2013 - 15:30 | 3659175 Jumbotron
Jumbotron's picture

http://www.youtube.com/watch?v=7U3Oti2L8S4

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Fri, 06/14/2013 - 15:37 | 3659189 BaBaBouy
BaBaBouy's picture

SHHHHH Tyler...

Don't show this to the Ben Shalomaster, Or The Hroubini, Or The Codger Blufflet, No No No.

Fri, 06/14/2013 - 16:24 | 3659313 giggler123
giggler123's picture

Roubini says you lie, they are all queing for toilet with cash paper wipes.  It's the cash they want.

Fri, 06/14/2013 - 16:40 | 3659341 MillionDollarBogus_
MillionDollarBogus_'s picture

10,000 chinese standing in lines for hours, waiting to buy a few gold trinkets are powerless against Blythe Masters and a few mouse clicks.

So, if the price of gold doesn't ramp up, based on theoritical supply & demand, what's wrong with that picture..??

Fri, 06/14/2013 - 18:18 | 3659598 Popo
Popo's picture

So... why are the gold merchants so eager to trade their gold for paper money?   Just wondering....

Fri, 06/14/2013 - 20:16 | 3659880 unrulian
unrulian's picture

How else are they going to pay rent, taxes, car, insurance, hookers, blow?...and of course purchase more both to sell and add to their private stash???

Sat, 06/15/2013 - 02:21 | 3660416 ebworthen
ebworthen's picture

Would it be thread whoring to post here?

I don't care ;-)

They are getting what will double in value 3-5 years from now.

They aren't stupid, and neither are millions of Amelicans buying Gold and Silver.

Fuck You Ben Bernanke and Central Bankers the World over!

Sat, 06/15/2013 - 07:23 | 3660552 GetZeeGold
GetZeeGold's picture

 

 

 

 

 

 

Guys back off.

 

I'm gettin squished bitchez!

 

Fri, 06/14/2013 - 14:28 | 3658948 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Thanks.

 

Whenever I consider this stuff, I always think of those new banking laws that say, "if you transfer $5,000, you are on the suspicious list, but if you transfer $500 ten times, you are REALLY on the frickin list".  I wonder if those of us who really aren't very interesting end up inviting even more trouble by making obvious attempts to evade surveillance.

Remember that shoe bomber guy who bought a one way ticket with cash after 9-11 and then got on the plane with no passport while you got literally assraped by the security gaurd for questioning his authority openly?  I just wonder if people aren't better off hiding in plain sight regardless of what they are up to.

 

 

Fri, 06/14/2013 - 14:46 | 3659018 Jumbotron
Jumbotron's picture

"Whenever I consider this stuff, I always think of those new banking laws that say, "if you transfer $5,000, you are on the suspicious list, but if you transfer $500 ten times, you are REALLY on the frickin list".  I wonder if those of us who really aren't very interesting end up inviting even more trouble by making obvious attempts to evade surveillance."

DING DING DING.....that is profoundly true in today's Big Brother world....especially America.  I was having a bit a fun with some moron on this list...I think EscapeKey.....about his touting 4,096 bit encryption and his belief that not even a quantum computer can break that.  I had to impolitely (when I see rank stupidity I tend to do that...sorry bad habit) explain to junior that #1...they don't need to break it because you can never encrypt all of your behavoir and #2 when you start encrypting everything including your grocery list then that behavior itself will put you on a very naughty list. 

I thought it would be good to still inform people of some of the tools you could use to make ANY computing transaction a little safer...a little more private.  But don't get me wrong....you can NEVER escape Big Brother in this day and age.  Welcome to Prison Planet where the only true freedom you will ever have is of your own mind....and that is a constant struggle.

Fri, 06/14/2013 - 16:17 | 3659292 Parisnights
Parisnights's picture

Let me preface by saying SILVER bitchez!... Now, time for the down arrows- I don't count or guesstimate ten thousand from the pics--and are the pictures of the gold stands inside the building the same bldg as the ppl standing in line.  Ten thousand ppl standing in line to buy gold?  boggles the mind.  that's 1/10th the amount Neyland stadium will hold.

Fri, 06/14/2013 - 16:44 | 3659354 FEDbuster
FEDbuster's picture

Thanks for the new screensaver images.  

What happens when what is left of the American middle class wakes up (too late) and wants to get some?  BoooYaaaa!

Fri, 06/14/2013 - 15:21 | 3659139 DollarMenu
DollarMenu's picture

Don't forget FWTTB, that shoe bomber was escorted onto the plane by people who had the authority/power to override the protests of the in place airline security guards.

That was a set-up to permit Chertoff's company to place all the scanners in the US airports.

 

Fri, 06/14/2013 - 23:20 | 3660241 jekyll island
jekyll island's picture

Don't they know that Al Gore invented the internet?  They can order gold online and avoid the long wait, well, standing in line anyway.  

Fri, 06/14/2013 - 14:00 | 3658846 mickeyman
mickeyman's picture

Yeah, right there beside Krugman

Fri, 06/14/2013 - 14:58 | 3659058 Raymond K Hessel
Raymond K Hessel's picture

Ha!  You guys made me look!  I thought WB might have photoshopped them in there!

Fri, 06/14/2013 - 17:43 | 3659502 AGuy
AGuy's picture

Tyler, I recommend a slight change to the title of this article:

"From China: Ten Thousand People Waiting in Line to Exchange Fiat Currency for Real Money"

 

Fri, 06/14/2013 - 15:27 | 3659159 Kirk2NCC1701
Kirk2NCC1701's picture

It's a day worthy of funeral-like sadness, when so many people in the country trust the money signals from a former enemy (China), and not those from our own (treasonous ) leaders.

We are either 1776-worthy Patriots of the Rebublic, or 1776-worthy Traitors to the President-King.  Pick a side, and hoist your golden or fiat flag.

Fri, 06/14/2013 - 16:20 | 3659298 Balanced Integer
Balanced Integer's picture

As long as we are not talking about the NFL, I will always side with the Patriots.

Boobies are pretty cool, too.

Fri, 06/14/2013 - 13:22 | 3658682 dontgoforit
dontgoforit's picture

Hardly ain't no line in America anymore 'cept the fish line.

Fri, 06/14/2013 - 14:32 | 3658963 cosmyccowboy
cosmyccowboy's picture

  i was inside gainesvillecoins wensday purchasing ASE's there were no lines! onle me and some old man selling ASE's... too bad we couldn't have hooked up outside!!! by the way there were no 2013's available only some 09's!

Fri, 06/14/2013 - 15:42 | 3659209 dontgoforit
dontgoforit's picture

TX, FL, GA, MO, NY or VA?  Which 09's on those assets?

Sat, 06/15/2013 - 10:38 | 3660720 The Clever Guy
The Clever Guy's picture

Silver Eagles are a two week wait in the Mountain West. That is AFTER you prepay for them (CASH ONLY). No point waiting in line for what isn't there.

Fri, 06/14/2013 - 15:49 | 3659224 JonNadler
JonNadler's picture

i see long lines at the department of social services for food stamps, are they in a bubble....?

Fri, 06/14/2013 - 22:43 | 3660168 Bob Sacamano
Bob Sacamano's picture

Virtually no bread lines in US.

Fri, 06/14/2013 - 12:55 | 3658570 kliguy38
kliguy38's picture

i gave ya an up to help 

Fri, 06/14/2013 - 13:21 | 3658680 Herd Redirectio...
Herd Redirection Committee's picture

Can each of those people even afford 1 oz of gold?  Or what do they normally purchase for this festival?  1/2 an ounce?  Maybe I am underestimating their saving ability and purchasing power.

Fri, 06/14/2013 - 13:23 | 3658694 SpiceMustFlow
SpiceMustFlow's picture

I think the avg Chinese saves around 30% of his income.

Fri, 06/14/2013 - 13:25 | 3658705 Herd Redirectio...
Herd Redirection Committee's picture

So it turns out they are buying it at 300 Yuan a gram,  works out to $1356 /oz (by my calculations).   I thought maybe they are getting below .9999 fineness, but apparently not...  So they are literally getting gold on sale!  Not contrarian if you ask me.

Fri, 06/14/2013 - 15:19 | 3659131 Panafrican Funk...
Panafrican Funktron Robot's picture

$1356 = a significant premium to fair value per Roubini et al.  

Unless Roubini et al. turns out to be a cabal of extraordinary bullshit.  

Fri, 06/14/2013 - 19:58 | 3659840 Seeking Aphids
Seeking Aphids's picture

Chinese culture has two aspects foreign to many Westerners: a long time-frame perspective and a strong extended family focus. Those people are lining up not with their own money but with the entire family's money to buy gold for whatever purpose (jewelry, investment, etc.) but always taking a long-term focus....of course they could not buy the gold individually and regularly the way we might but, given the number of Chinese families who are in or entering the middle class, we can estimate that even infrequent purchases by family groups can result in huge amounts of gold being purchased on a country level. Same story in Vietnam and most other Asian and sub-Asian countries....this is what so many NA-centric 'experts' seem to miss.....the price of gold is going to go up over the long term imo regardless of what they think or what the ETF's do....GLD is a sideshow not worth talking about compared to the real and ongoing demand in the rest of the real world.

Fri, 06/14/2013 - 13:05 | 3658611 fortune114
fortune114's picture

Ever get the feeling there's a lot of sore $1700-$1900 buyers trolling around here?

Fri, 06/14/2013 - 13:22 | 3658686 BoNeSxxx
BoNeSxxx's picture

No because gold holders hold gold.

Only traders get their panties bunched up over unrealized gains/losses.  Anyone holding gold for the right reasons isn't a trader (although, soon they may be accused of being traitors)...

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