Tuesday, 20th December 2005 (3324 views)

Some 1,750 kilos of gold bars depicting the five Olympic mascots were launched in China on Sunday (December 20th), China Daily reports.

The bars have been issued in celebration of the 2008 Beijing Olympic Games and are expected to fetch between 153 yuan ($19) and 180 yuan ($22) a gram.

The five Olympic mascots, or "Fuwa", were first revealed to an eager Chinese public last month and include a fish, a panda and a Tibetan antelope.

Gold lovers can opt to buy blocks featuring any one of the mascots in sizes varying from 10 grams to 1 kilo.

Shanghai Gold Coin Investment, which distributes the bars, is reporting intense demand among gold dealers. It expects them to sell out before the Chinese New Year on January 29th.

The bars are proving a hit with traders who are confident in their value due to the projected rise of gold prices and growing demand for the yellow metal.

A first batch of bars was launched earlier this year and it is expected more will be issued in the coming years.

China consumed 213.2 tons of gold in 2004, which the China Gold Association says makes the country the world's third biggest consumer.

 

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