The Japanese are happy to speculate with gold

The Japanese are happy to speculate with gold

Japan exported 6.2 tons of gold in July 2011, which could set a record for Japan’s net gold exports by the end of the year, according to a report from the Japanese Ministry of Finance.

Compared to exports of 6.2 tonnes of gold, only 0.06 tonnes were imported. In the first 7 months of this year, Japan exported 49 tons, which will soon reach the level of exports in 2010, when 78 tons of gold were sold to the country.

Traders and analysts say that by the end of August 2011, the volume of gold exports from Japan may increase due to rising gold prices, leading to a boom in gold sales, in contrast to trends in other countries, where the people, on the other hand, buy gold in large quantities.

In July, the price of gold rose 8% and in August 17.5%, reaching an all-time high of $ 1911.46 per ounce, as investors see gold as a “safe haven” in the midst of the crisis. sovereign debt in the eurozone and concerns about the U.S. economy.

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