Japan Gold Rush Amid Weakening Yen!

• Japan gold rush amid weakening yen! 
  by http://english.cntv.cn/01/  
  With the yen continuing to spiral downwards, gold is becoming a quick favorite in terms of investment options with gold prices in Japan hitting a 32 year high. That’s despite international gold prices going in the opposite direction trending lower since the beginning of this year.
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  With the Japanese currency weakening by 14 percent against the US dollar since last September, gold prices in Japan have soared over nearly 20 percent from the average level in December until now, alone bucking the trend seen in the global bullion market.
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  Rising gold prices are prompting owners of gold products to sell them. With a skyrocketing amount of gold sellers, many traders are imposing a limit on the number of gold items sold by each individual.
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  One Tokyo resident said, “I heard gold prices are up. So I came and sold some of my old gold jeweler. I came several times before, but there were too many people. So I came early this morning.”
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  In another gold pawn shop, repurchase deals have doubled, with some deals hitting record high price levels. Driven by bullishness on the precious metal, some sellers have dumped their non-gold jeweler in order to buy gold bars, which they think would promise higher yields.
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  Another Tokyo resident said, “Gold bar prices are going up faster. I plan to sell some of my gold jeweler, and use the money to make investments in gold bars.”
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  Yoshikawa Masao, Tanaka Precious Metals, said, “A lot of young people are currently buying gold bars. Lower priced gold bars are pretty popular right now.”
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  Japan opened up its gold investment market to individual investors four decades ago. The country’s imports of gold reached a peak of more than 300 tons in 1990.

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