Who's Buying Gold?

Why, it's those oil-rich Arabs! As the story says ...


Value of UAE gold sales climbs in first quarter

Dubai: Gold consumption in the UAE in value terms has risen by Dh200 million, or 10 per cent. It reached Dh2.1 billion during the first quarter of the current year, compared to Dh1.9 billion in the same period last year, according to the World Gold Council (WGC).

However, sales in Kuwait and Egypt are down, and about flat in the rest of the Gulf. And this is in dollar terms -- in actual tonnage terms, the amount is down. However, both Dubai and Kuwait were in mourning, which weighed on gold sales. Dubai actually canceled its "Shopping Festival." I don't know what that is, but it sounds like something that would be wildly popular in Boca Raton.

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