Compiled by CHOW HOW BAN and ARFA YUNUS
A MAN from Zhengzhou city in Henan province, China, lost more than 1.14mil yuan (RM691,000) after selling gold that he had invested due to the current downward gold price trend.
Sin Chew Daily reported that the man took a gamble on the rising gold prices in February and invested his entire lifesavings of over 4.08mil yuan (RM2.4mil) on 3.5kg of gold bars.
He had anticipated gold price would hit 2,000 yuan (RM121) per gm by the end of the year. However, the market did not perform as expected.
A jewellery store manager surnamed Zhang said the man had operated a restaurant for many years and believed that there was still room for further growth during the price surge earlier this year.
He said since late August, gold prices had been falling to just over 800 yuan (RM485) per gm which caused the man’s investment plan to collapse.
He said to make matters worse, the man’s restaurant faced a cash-flow problem, forcing him to sell off all his gold bars, incurring a huge loss in just nine months.
“The man appeared to be quite helpless when he sold his gold. He said he’ll remember this for the rest of his life,” Zhang said.
The above articles are compiled from the vernacular newspapers (Bahasa Malaysia, Chinese and Tamil dailies). As such, stories are grouped according to the respective language/medium. Where a paragraph begins with a >, it denotes a separate news item.
