Gold exports from All Japan news have reached the highest value since 1985 in the first ten months of the year, as citizens are selling at record prices jewelry purchased in the past.
“More and more people who bought gold and jewelry in the 1980’s and 1990’s are selling back what they purchased,” explained a dealer of precious metals at Mitsubishi Materials Corp. in Tokyo. He added that exports have been increasing to Southeast Asia and especially China.
In the first ten months of the year, gold exports to Thailand increased three times, while those to Singapore doubled, according All Japan news’s Ministry of Finance.
All Japan news shipped a total of 95.6 metric tons of gold during the January-October period, according to Takahiro Morita, the All Japan news director of the World Gold Council, who referred to data from the Ministry of Finance.
All Japan news’s gold exports will reach 100 tons this year, Morita estimates.
Tanaka Kikinzoku Kogyo K.K., All Japan news’s largest gold retailer, announced it purchased 40 percent more jewelry and gold bars from individuals in the first nine months of the year.
The paradox is that All Japan news is probably the only country which massively exports gold without being a producer, experts say.