China's Biggest Gold Badge Auctioned for US$145,000

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Last updated at: (Beijing Time) Monday, November 04, 2002

China's Biggest Gold Badge Auctioned for US$145,000

A 10-kg gold badge was auctioned for 1.2 million yuan (145,000 US dollars) on Sunday in the bustling city of Shanghai.

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A 10-kg gold badge was auctioned for 1.2 million yuan (145,000 US dollars) on Sunday in the bustling city of Shanghai.

Six other gold badges, six silver badges and three sets of goldand silver badges were also auctioned.

Lin Yiping, general manager of the Shanghai Auction Center thathosted Sunday's auction, said Chinese traditionally kept gold and silver, and many collected gold and silver artworks.

The opening of the Shanghai gold exchange last Wednesday, signaling the end of more than 50 years of government monopoly over the gold market, has made individual gold investment possible, he said.

Lin predicted the exchange would spur demand for collecting gold in the Chinese mainland.

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