Monday, February 06, 2006

China's first gold fund may be created

Zhang Fengming
2006-02-07 Beijing Time
THE China Gold Association is considering forming the country's first gold fund with partners.

"Some association members have discussed the program to start a gold fund to tap China's gold market," Hou Huimin, vice chairman of the Beijing-based association, said via telephone yesterday. "It's still only a proposal at this stage and we have not yet contacted banks or gold companies about further moves."

The fund will exceed 1 billion yuan (US$124 million) if it is raised, he said, dismissing a previous media report that the fund would be between 500 million and 1 billion yuan.

He declined to provide a timetable or other details.

Gold's investment allure is strong as the central government has opened the individual gold investment sector with more products.

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