Gold price plunges to 2-year low

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#11
BEIJING (Caixin Online) — In an apparent suicide, a high-level executive of a state-owned investment company leapt to his death in downtown Beijing.

Wang Shiqiang, 60-year-old chairman of the board of supervisors for China Jianyin Investment Securities Co., appeared to have jumped to his death on the afternoon of April 16 from the top of the office tower that houses China Jianyin.

In an issued statement, China Jianyin said the suicide was due to personal issues in Wang’s life, refuting online speculation that the death was tied to heavy losses incurred by gold investments.

It is yet unclear how much risk exposure China Jianyin has to gold futures.

The company published an obituary on its website two days later which said Wang “passed away from health problems.”

Wang joined China Jianyin in 2006, having worked for three years at the China Banking Regulatory Commission. Prior to that, he served in various positions within the central bank between 1977 and 2003.


China Jianyin was founded in September 2004 with registered capital of 20.7 billion yuan ($3.34 billion). The company was originally tasked with taking over policy lending from China Construction Bank (US:CICHY)(HK:939) (CN:601939) during the bank’s restructuring for a public listing.

It began pursuing a wider range of financial services with the State Council’s approval in 2008, and became an investment platform of China Investment Corp., a sovereign wealth fund.

By the end of 2012, China Jianyin developed into a conglomerate with businesses ranging from financial consulting to commercial property development. Its assets totaled 76 billion yuan (US:USDCNY).
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#12
Gold price plunge they also plunge, more to come.
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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#13
I didn't want to say this, but I was told that a gold trader (lady) also jumped in Singapore last week at the Sail. Any truth to that?
You can count on the greed of man for the next recession to happen.
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#14
(21-04-2013, 02:08 PM)LionFlyer Wrote: I didn't want to say this, but I was told that a gold trader (lady) also jumped in Singapore last week at the Sail. Any truth to that?

I have not read or seen these in the media yet. Could be rumours.

Diversification is vital to any investment. Gold should not take a big portion of your investment portfolio. The long term trend for gold is still on an uptrend. Apparently, retail investors and some institutional investors view the 2 years low of gold price as a buying opportunity with the gold price ending firmer this week from the trough.
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#15
(21-04-2013, 02:08 PM)LionFlyer Wrote: I didn't want to say this, but I was told that a gold trader (lady) also jumped in Singapore last week at the Sail. Any truth to that?

heard that as well - will not be surprised if it is true, though the amount that she is rumored to have lost sounds a bit too big for any commodities desks' trading limits.

and there in lies the pitfall of the hedgies/funds/traders - the constant need to "beat" the market, and the inability to sit out when the hands are rough.
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