They buy in small quantities and keep them in piggy banks: young Chinese join the gold rush

They don’t buy bars, because they can’t, but small quantities at a time, which they collect: there are more and more young Chinese people running to stores to buy gold.

The Chinese gold market is therefore changing. If before it was older people who were able to attract the most, today the demand is no longer limited to them and young people in their 20s are increasingly interested in this investment, according to the Economist.

The youth unemployment rate in China’s cities is around 15% and more and more companies are lowering wages. The response of these young people is to bet as much as possible on the few savings they manage to collect. And, as they do not have the financial means to buy gold by the bar, they buy it in small quantities.

They are a type of small balls (gold beans), which weigh about a gram each and can be purchased in banks or jewelry stores for 600 yuan, around 77 euros.

This is helping the price of gold, which, despite the economic situation, is rising. As an example, the price of gold was around 2,170 euros per gram on April 24th – an increase of 12% since the beginning of the year.