CRI听力:Difficulty Selling Gold
Mr. Zhang wants to sell his gold ornament, but no shop in Beijing will accept it.
"These gold decorative horses were a gift from one of my friends, and I want to turn them into cash. I have been to several big shopping malls and gold stores in Beijing, and all of them refuse to take it. They ask for the receipt, and they only buy back the gold that they sell."
Currently, a lot of customers come to shops to ask how they can sell their gold products. The answer they get is that most of the shops only provide old-for-new and buy-back services for their own brands. Banks who sell physical gold also only buy back the gold they sell. Therefore customers are complaining that it's hard to trade their gold for cash.
But salesmen on the other hand, have difficulties, such as identifying the quality, weight and condition of gold products.
Since Shanghai Gold Exchange has been set up in 2002, it ensures the quality of gold sources. But experts point out that the lack of a unified gold buy-back platform leads to chaos in the gold business. Fu Peng, an analyst with Galaxy Futures Company, introduces the problems.
"Right now, the good products are selling side by side with fake ones on the physical gold market. When you are shopping, you can find various gold brands. Due to the lack of supervision, the companies have to examine the products themselves, which increases the buy-back costs. Therefore in the future, the physical gold market will require more standards. There should be few authorized gold makers, and their supervision should be strengthened. By doing this, the cost of buying back can be reduced."
Three major products dominate the gold market: ornaments, decorative articles and gold bars. Right now, the cost for trading in a gold bar is 20 yuan per gram, and 50 yuan per gram for the other two kinds. What's more, most shops would ask customers to show the certificate and receipt of their gold products. At the same time, their products must be in good condition.
Industry insiders suggest that customers take all these into consideration before they get their trade in their gold products.
Analyst Fu Peng suggests that gold is a good way to hedge risks.
"Gold is the international ultimate payment. If something happens, gold is acceptable anywhere in the world."
Experts also point out that buying gold is not only to earn money from the price difference or spread. They say the household assets should be diversified.
For CRI, I'm Zhongqiu.
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