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China’s gold markets under strain
International desk
16 Apr 2024, 19:28
China’s gold markets under strain as horde of new buyers hunts for stable investment.
April has been a busy month for the Hualin International Jewelry Market in Guangzhou. A scrum of eager buyers has descended upon the venue, looking to join a new gold rush as prices soar and the precious metal takes on new life as a vehicle for investment.
Standing out as one of the few bets considered safe in China at present – with stocks, property and banking having lost their lustre in an environment of heightened uncertainty – gold has not only attracted new buyers, but also provided opportunities for the country’s middle class and youth to cash out.
The Guangzhou market, originally known for its bustling jade and jewellery trade, has been “flooded” with newly opened gold stores, with dozens emerging according to a store owner earlier this week.
“The number of customers is also increasing day by day,” said the owner, who asked not to be identified by name. “Sometimes it feels like a crowded wet market.”
“Today’s buy-back price is 554 yuan (US$77) per gram,” the merchant said. “Just now, a lady who got married last year sold me the gifts she received at her wedding, including necklaces, pendants and bracelets.”
The retail price for gold from major brands, including Chow Tai Fook and Chow Sang Sang, had risen to over 730 yuan per gram as of Friday, a multi-year high. Previous monthly peaks were observed at around 630 yuan per gram in January and 600 yuan per gram in December.
The People’s Bank of China, the country’s central bank, bought 160,000 ounces of bullion in March to bring its total reserves to 72.74 million ounces – its 17th consecutive monthly purchase according to official data – as the nation seeks to diversify its holdings away from US bonds amid frayed bilateral ties.
Rapid price changes have made for a mercurial scene. “From the beginning of the year until now, there have been customers buying gold bars for tens of thousands, hundreds of thousands of yuan,” he said. “But since the current price is extremely high, consumers are becoming cautious. Most of the new customers are buying products with lower grams.”
According to another merchant, many have begun to sell their stock.
Source: South China Morning Post
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19 Killed in Passenger Bus Accident in Mexico
At least 19 people have died in a passenger bus accident in Mexico.
The accident occurred on Saturday, October 26, on a highway in the central state of Zacatecas.
According to a CNN report, a tractor-trailer carrying corn crashed into the rear of the bus, causing it to lose control and plunge off the road.
Initially, authorities reported 24 fatalities, but the number was later revised to 19. Six injured passengers were taken to a hospital for treatment.
The bus was traveling toward Ciudad Juárez, a city in the border state of Chihuahua, but no migrants were among the victims.
The driver of the tractor-trailer has been arrested, and police have launched an investigation.
Road accidents are unfortunately common in Mexico. In December 2021, a tragic truck accident in Chiapas province killed 54 people, with the vehicle carrying around 166 passengers.
Tropical Storm Trami Claims 126 Lives, Hundreds Missing in Philippines
Tropical storm Trami has caused severe flooding and landslides in Philippines, leaving at least 126 people dead or missing, according to the government's disaster-response agency. President Ferdinand Marcos said on Saturday that many areas remain isolated, and people are in urgent need of rescue.
Trami, also known as Kristine, exited the northwestern Philippines on Friday, resulting in at least 85 deaths and 41 missing persons, making it one of the deadliest storms of the year in the region, according to the government agency. The death toll is expected to rise as more reports emerge from previously inaccessible areas.
Emergency personnel, including police and firefighters, are using backhoes and sniffer dogs to continue search and rescue efforts in the lakeside town of Talisay in Batangas province. In the town center, more than a dozen coffins bearing the remains of storm victims were lined up. These victims were discovered amidst mud, boulders, and trees from landslides.
President Ferdinand Marcos, who inspected another hard-hit region southeast of Manila Saturday, said the unusually large volume of rainfall dumped by the storm — including in some areas that saw one to two months’ worth of rainfall in just 24 hours — overwhelmed flood controls in provinces lashed by Trami.
"The water was just too much,” Marcos told reporters.
“We’re not done yet with our rescue work,” he said. “Our problem here is, there are still many areas that remain flooded and cannot be accessed even by big trucks."
His administration, Marcos said, would plan to start work on a major flood control project that can meet the unprecedented threats posed by climate change.
More than 5 million people were in the path of the storm, including nearly half a million who mostly fled to more than 6,300 emergency shelters in several provinces, the government agency said.
In an emergency Cabinet meeting, Marcos raised concerns over reports by government forecasters that the storm — the 11th to hit the Philippines this year — could make a U-turn next week as it is pushed back by high-pressure winds in the South China Sea.
The storm was forecast to batter Vietnam over the weekend if it would not veer off course.
To ensure public safety, the Philippine government closed schools and offices on Friday, and suspended inter-island ferry services, stranding thousands. As weather conditions cleared on Saturday, cleanup operations began in many areas.
The Philippines, situated between the Pacific Ocean and the South China Sea, experiences around 20 storms and typhoons annually. In 2013, Typhoon Haiyan left over 7,300 people dead or missing and devastated entire communities.
Elon Musk Reveals Tesla 2025 Motorhome for UNDER $17,000
Elon Musk has always been known for shaking up industries. From revolutionizing electric cars with Tesla to changing space exploration with SpaceX, he's consistently pushed the boundaries of innovation.
Elon Musk has done it again. Tesla has officially entered the world of eco-friendly living with the launch of its $17,000 electric motorhome, redefining the future of travel and sustainable living. Known for shaking up industries—from electric cars to space exploration—Musk is now set to revolutionize mobile living. This luxurious motorhome combines cutting-edge Tesla technology with energy efficiency, offering the perfect blend of comfort, mobility, and sustainability.
As housing trends shift towards minimalist lifestyles and sustainable solutions, Tesla's motorhome arrives at just the right moment. It taps into both the tiny house movement and the electric vehicle boom, providing an innovative solution for those who want to explore the world without sacrificing comfort or the planet. Join and explore how this new electric motorhome is poised to disrupt the automotive and housing markets, paving the way for the future of eco-conscious travel.
Musk has always had his finger on the pulse of what the future requires, and the Tesla motor home is his answer to the growing desire for a more flexible, eco-friendly lifestyle.
China Vows Countermeasures after US Arms Sale to Taiwan
Beijing vowed to take "all necessary measures" to assert its sovereignty over Taiwan after the latest round of US arms sales to the self-ruled island which China claims as its own.
The US State Department on Friday approved a $2 billion (€1.85 billion) arms sale package for Taiwan which includes surface-to-air missile systems and radar.
China vows countermeasures over Taiwan arms deal
The latest arms package "seriously violates China's sovereignty and security interests, seriously damages China-US relations and endangers peace and stability" in the strait, Beijing's foreign ministry said in a statement late Saturday.
"China strongly condemns and firmly opposes it, and has lodged solemn representations with the US," a ministry spokesperson said. The ministry called on the US to immediately stop arming Taiwan.
It added that Beijing would "take resolute countermeasures and take all necessary measuresto firmly defend national sovereignty, security and territorial integrity."
China has previously refused to rule out using force to bring Taiwan under its control.
Taiwan welcomes $2 billion arms deal
While the deal still has to be approved by Congress, Taipei's Defense Ministry on Saturday said it would "help the military continue to improve its defense resilience and jointly maintain peace and stability across the Taiwan Strait."
Although the US does not maintain formal diplomatic ties with Taiwan, it is obliged by law to provide the island with the means to defend itself from a Chinese attack. Under the Biden administration alone, there have been 17 arms sales to Taiwan.
"In the face of China's threats, Taiwan is duty-bound to protect its homeland, and will continue to demonstrate its determination to defend itself," the Tawainese Defense Ministry said.
Earlier in October, Taiwan said it detected 153 Chinese military aircraft and 14 navy ships around the island — which the defense ministry called a single-day record — as China conducted a major war drill. Beijing said the exercise should serve as a warning against "separatist acts."
53 Killed in Gaza, 21 in Lebanon by Israeli Strikes
Israeli forces have killed at least 53 people in Gaza and 21 in Lebanon, according to Qatar-based media outlet Al Jazeera on Monday, October 28.
Of the 53 Palestinians killed, 46 lost their lives in northern Gaza, where Israel has been conducting extensive operations for the past four weeks, leaving over 1,000 dead.
Since the unprecedented cross-border attack by Hamas on October 7 last year, Israel has launched relentless air and ground assaults on Gaza, killing 42,920 people—most of them women and children—and injuring nearly 100,000.
Meanwhile, 21 people were killed in Israeli attacks across Lebanon on Sunday. Since September, over 2,500 people have died from Israeli strikes. Lebanon's Hezbollah group has claimed responsibility for killing 70 Israeli soldiers.
On September 27, Israel launched an airstrike, killing Hezbollah leader Hassan Nasrallah. In retaliation, Iran fired 200 ballistic missiles at Israel on October 1, as it is a key supporter and weapons supplier to Hezbollah.
On October 16, Israel killed Yahya Sinwar, the leader of Hamas, and two days later, Hezbollah launched a drone attack on the residence of Israeli Prime Minister Netanyahu. No casualties were reported. On October 22, Israel claimed it had killed Nasrallah’s potential successor, Hashem Safi al-Din.
Following the outbreak of the Gaza war last October, Hezbollah has occasionally launched attacks on Israel in support of Hamas. Tensions escalated after Iranian President Ebrahim Raisi died in a helicopter crash in May this year, with some suspecting Israeli involvement. In July, Israel reportedly assassinated Hamas leader Ismail Haniyeh, prompting Hezbollah to intensify attacks on Israel.
Elon Musk's 8 Top Innovations: From Tesla to SpaceX
Elon Musk is a name synonymous with innovation, often likened to the real-life Tony Stark from Marvel. Throughout his career, he has led groundbreaking projects that have transformed entire industries and promise to redefine our future. From electric cars that drive us toward sustainability to ambitious ventures in space travel, Musk's vision is nothing short of extraordinary.
Here’s a look at 8 of his most remarkable contributions that showcase his commitment to creating a sustainable and technologically advanced world! Top 8 contributions by Elon Musk:
Tesla electric vehicles
Perhaps Musk's most well-known contribution is the Tesla electric vehicle line. Under his leadership, Tesla has revolutionized the auto industry by proving that electric cars can be both high-performing and desirable. The Model 3, Model S, Model X, and Model Y have garnered attention not just for their eco-friendliness but also for their impressive technology, including Autopilot, which offers semi-autonomous driving capabilities.
SpaceX and the Falcon rockets
SpaceX is an aerospace firm founded by Musk in 2002. It aims to reduce space transportation costs to enable the colonization of Mars. The Falcon 1, Falcon 9, and Falcon Heavy rockets have set numerous records, including being the first commercially developed rocket to launch humans into orbit. SpaceX's ability to land and reuse rockets has changed space travel's economics, making it more accessible.
The Boring Company transport solutions
After being stuck in traffic in Los Angeles, Elon thought of launching a firm to address urban transportation issues. The Boring Company mainly focuses on building underground transportation systems.
Musk's vision includes a network of tunnels that could reduce traffic congestion in major cities. The company’s projects, including the Las Vegas Convention Center Loop, showcase potential solutions for metropolitan transport challenges.
Neuralink brain chips
Neuralink aims to bridge the gap between humans and machines through brain-machine interfaces. This ambitious company seeks to improve cognitive abilities and potentially help treat neurological disorders.
Recently, its first-ever brain chip implant patient Noland Arbaugh revealed how this technology helps him to communicate. By allowing direct communication between the brain and devices, Neuralink could develop revolutionary gadgets and treatments for neurologically challenged people.
Starlink's internet
SpaceX's Starlink initiative is focused on delivering global internet coverage by deploying a constellation of low-Earth orbit satellites. Designed to provide high-speed internet access, Starlink aims to connect even the most remote areas. As of September 2024, the company has reported surpassing 4 million subscribers.
With nearly 6,000 satellites in orbit and services available in approximately 100 countries, Starlink has the potential to bridge the digital divide, ensuring connectivity for remote regions worldwide.
Tesla Energy products
Musk expanded Tesla's mission beyond electric vehicles with Tesla Energy, which focuses on energy storage solutions. With products like the Powerwall and Powerpack. the firm allows residences and businesses to store solar energy for later use, promoting sustainability. Note: Tesla Energy discontinued the sale of Powerpack in 2022.
Mega Gigafactories
To support Tesla's ambitious production goals, Musk has initiated the construction of Gigafactories worldwide. These massive manufacturing plants are designed to produce lithium-ion batteries and electric vehicles at scale, significantly reducing costs and increasing efficiency.
The Gigafactory in Nevada, for example, is expected to be one of the largest buildings in the world by area and plays a critical role in Musk's vision for sustainable energy.
OpenAI Though
Musk is no longer directly involved, he co-founded OpenAI to promote and develop friendly AI for the benefit of humanity. In its early days, the organization focused on developing safe Artificial general intelligence (AGI) tools. After Elon's exit, the non-profit company soon received a $1 billion fund from Microsoft in 2019. Fast forward to today, OpenAI is one of the biggest AI startups in the world with popular AI tools such as ChatGPT, Dall-E, etc.
Closing thoughts
Elon Musk's visionary contributions are not just shaping the present—they're redefining our future! His focus on sustainability, efficiency, and cutting-edge technology opens the door to a world brimming with possibilities. While some of his projects are still in the pipeline, their potential impact is truly game-changing. As we move forward, Musk’s endeavors will undoubtedly ignite innovation across numerous fields, heading humanity toward a brighter tomorrow.
By: Aasma Khan
Gold Climbs to Record Highs in World Market
Gold hit a new all-time high (ATH) of $2,777, breaking all previous records in the world market. For the first time in the world market, the price of one ounce of gold exceeded 2,777 dollars.
On Wednesday (October 30) until 9:30 am, the price of one ounce of gold in the spot market was 2,777.78 dollars.
Traders are turning to gold as a safe-haven investment amid the Middle East conflict, volatility in the labor market, the Ukraine war, and rising odds for a Trump victory in US elections. Due to these reasons, the price of gold in the world market is on an upward trend, according to Reuters.
Bank of America, one of the leading investors in the world's financial sector, considers gold to be the most ideal investment at the moment. Michael Widmer, an expert from Bank of America recently said, "Gold is ideal for investment in the current situation. Gold is best suited to mitigate investor risk at the moment, especially as inflation and government debt continue to rise.
Predicting the continuation of the rising trend of gold prices, Bank of America said that the price of gold will rise to three thousand dollars per ounce by the first half of 2025.
Meanwhile, to deal with the inflation situation, the central banks are more inclined to buy gold to maintain the value of their currency, according to various international media. Currently, 10 percent of the world's central banks' reserves are gold. Which is just 3 percent of their total reserves even a decade ago.
From June this year, gold prices started to increase at an unusual rate. Last June 7, the price of gold per ounce was 2,293 dollars. After that, the price increased gradually, on October 18, the price of gold per ounce was 2,700 dollars for the first time in the world market. In less than a week, the price of gold per ounce increased to $2,750.
If the price increases in the world market, it affects the country's market as well. So the price can be adjusted in the country's market as well at any time.
Bangladesh Jewellers Association (BAJUS) determines the price of gold in the country's market. As such, Bajus last adjusted the price of gold in the country's market on October 22. The organization fixed the price of 22-carat gold at Tk1,41,951 after increasing the price by Tk1,890.
Besides, the price of gold was fixed at Tk1,35,501 per bhori of 21-carat, Tk1,16,138 per bhori of 18-carat, and Tk95,423 per bhori of traditional method gold. It came into effect on October 23 last.
It should be noted that the price of gold has been adjusted 44 times in the country's market so far this year. Among them, the price was increased 27 times and decreased 17 times. In 2023, the price was adjusted 29 times.
