VOA标准英语2009年-Rising Gold Prices Change Investor Hab

Price of gold moves closer to $1,200 an ounce, bringing more income to mining companies and gold owners, but business is not so good for retailers² and wholesalers

Ron Corben | Bangkok 30 November 2009

An employee of a Bangkok gold shop shows several gold chains to a customer near downtown Bangkok, Thailand (File)

"The business is very bad. I want to sell the old stock. I don't know the future, maybe the market will come back, we can buy more," says Chiraporn Sornpanya, a gold jewelry⁴ retailer¹ and wholesaler³ in Bangkok

In Asia, gold has always been a popular investment - both jewelry and bullion⁵. But soaring prices are changing the gold trade in the region.

For many in Asia gold has long held a special place as an investment, often as jewelry - glittering gold chains, bangles, and bracelets⁶. Not only did the gold show off a family's wealth and status, it was portable and easily sold in a crisis.

The global financial crisis that began last year led even more investors⁷ to see gold as a haven⁸ in troubled times.

But as the price of gold moves closer to $1,200 an ounce, the market in Asia is starting to change.

"Now everybody only wants to sell, you know - a lot of people come to sell the old one [jewelry]. We have the ring, the old ring, and take out the diamond, take out the stone and sell the gold. It's like that now," said Chiraporn Sornpanya, a gold jewelry retailer and wholesaler in Bangkok.

Chiraporn says that while high prices are good for mining companies and gold owners, they do not translate into good business for retailers and wholesalers.

"Very small profit, we cannot sell because the market like this everybody the same, same they cannot sell," said Chiraporn. "The business is very bad. I want to sell the old stock. I don't know the future, maybe the market will come back, we can buy more."

Bangkok's busy Chinatown has long been the heart of the city's gold trade, the shops decorated with bright red, windows filled with gold chains to lure⁹ passersby¹⁰

In his office above the busy streets, Jitti Tangsithpakdi, president of the Gold Traders Association in Thailand, says prices are rising because of the financial crisis.

"Due to the world economy, especially the U.S. and Europe having problems, and another thing about the U.S. dollar has been depreciating¹¹ daily," said Jitti. "So these are the main factors that drive the price the move up higher due to the investor[s] hedging their position against the dollar."

Jitti says as long uncertainty¹² remains¹³ over the global economy, gold will remain a popular investment.
 
International mining companies and industry analysts¹⁴ warn, however, that gold production will not meet demand in the next few years.
 
The World Gold Council recently forecast gold mine output to climb by four percent in 2009 to about 2,500 metric tons, but that will meet only two-thirds of demand.
 
Kesara Manchusree is managing director of the Thailand Futures¹⁵ Exchange. She says since many investors in Southeast Asia are buying gold, prices should remain high.

"What we see that because the supply of the gold is depleting¹⁶, that's why the cost of digging the gold out of the earth is very high," said Kesara. "What we know is more than $600 per troy ounce. That is the cost already and also a lot of demand coming from central banks. That's why demand for gold has been increasing therefore the price should stay high. It might increase further."

The rising price has also led investors to look at other ways to enter the gold market. The Thai Futures Exchange introduced its first gold futures contract early this year, adding a new dimension for investors looking to reduce the risks of volatile¹⁷ commodity prices.

At seminars in Bangkok, investors learn how to buy gold futures contracts.
 
Warawoot Benjjaputtarog, the deputy managing director at GT Wealth Management, an investment firm that runs such seminars, says education is important for those who are shifting from gold bullion or jewelry to sophisticated futures contracts.
 
"Our mission is that to have to educate first to make them know how to invest in the market in the future," said Warawoot.  "Right now we have a lack of information on this so that first we have a policy to make our customer know - [it's] not something like gambling¹⁸ - it's very dangerous for them so that we have to make a seminar for customers first."
 
For many investors in Asia, gold's role as a source of safety and value has been reinforced over the past year of economic uncertainty. Market experts such as Warawoot say the rising price of gold shows that role is not about to end any time soon.

 

1 retailer   

n.零售商(人)

参考例句：

• What are the retailer requirements?零售商会有哪些要求呢？
• The retailer has assembled a team in Shanghai to examine the question.这家零售商在上海组建了一支团队研究这个问题。

2 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

3 wholesaler   

n.批发商

参考例句：

• We're the largest furniture wholesaler in Illinois. 我们是伊利诺伊州最大的家具批发商。 来自辞典例句
• These are used to create profiles for each wholesaler. 这是他日常的工作或通过与批发商的正式会谈。 来自互联网

4 jewelry   

n.（jewllery）（总称）珠宝

参考例句：

• The burglars walked off with all my jewelry.夜盗偷走了我的全部珠宝。
• Jewelry and lace are mostly feminine belongings.珠宝和花边多数是女性用品。

5 bullion   

n.金条，银条

参考例句：

• In the London bullion market yesterday,the price of gold was steady.昨天伦敦金银市场黄金价格稳定。
• Police have launched a man-hunt for the bullion robbers.警方已大举搜捕抢劫金条的罪犯。

6 bracelets   

n.手镯，臂镯( bracelet的名词复数 )

参考例句：

• The lamplight struck a gleam from her bracelets. 她的手镯在灯光的照射下闪闪发亮。 来自《简明英汉词典》
• On display are earrings, necklaces and bracelets made from jade, amber and amethyst. 展出的有用玉石、琥珀和紫水晶做的耳环、项链和手镯。 来自《简明英汉词典》

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

8 haven   

n.安全的地方，避难所，庇护所

参考例句：

• It's a real haven at the end of a busy working day.忙碌了一整天后，这真是一个安乐窝。
• The school library is a little haven of peace and quiet.学校的图书馆是一个和平且安静的小避风港。

9 lure   

n.吸引人的东西，诱惑物；vt.引诱，吸引

参考例句：

• Life in big cities is a lure for many country boys.大城市的生活吸引着许多乡下小伙子。
• He couldn't resist the lure of money.他不能抵制金钱的诱惑。

10 passersby   

n. 过路人(行人,经过者)

参考例句：

• He had terrorized Oxford Street,where passersby had seen only his footprints. 他曾使牛津街笼罩了一片恐怖气氛，因为那儿的行人只能看到他的脚印，看不到他的人。 来自英汉 - 翻译样例 - 文学
• A person is marceling on a street, watching passersby passing. 街边烫发者打量着匆匆行人。

11 depreciating   

v.贬值，跌价，减价( depreciate的现在分词 )；贬低，蔑视，轻视

参考例句：

• Explain how depreciating PP&E is an example of the matching principle. 解释房产、厂房、设备折旧如何体现了配比原则？ 来自互联网
• Explain how depreciating an example of the matching principle. 解释房产、房、备折旧如何体现了配比原则？ 来自互联网

12 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

13 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

14 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

15 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

16 depleting   

使大大的减少，使空虚( deplete的现在分词 )； 耗尽，使枯竭

参考例句：

• Regulations are outlawing certain refrigerants, such as chlorofluorocarbons, which contain ozone-depleting chemicals. 随后出台的政策禁用了部分制冷剂，如破坏臭氧层的氟氯碳化合物。
• Aging, being a series of continual losses, can be keenly depleting. 老龄化，作为一个系列的连续亏损，可以清楚地消耗。

17 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

18 gambling   

n.赌博；投机

参考例句：

• They have won a lot of money through gambling.他们赌博赢了很多钱。
• The men have been gambling away all night.那些人赌了整整一夜。