interessanter Text zur Einstellung der Japaner zu Gold. Ich glaube, nur wer (dort) Gold hat, wird auf Dauer nicht ruiniert sein - und die Japaner merken das anscheinend auch langsam!

DJ INTERVIEW:Japan Sees Gold As Indestructible, To Buy More



By Jim Hawe
Of DOW JONES NEWSWIRES

TOKYO (Dow Jones)--Mounting economic uncertainties should entice more Japanese to turn to gold as an investment vehicle, a development that could help underpin global gold prices, an official with producer lobby group the World Gold Council said.
The WGC, however, doesn't make forecasts on gold consumption.

Japan is the world's fourth largest consumer of the metal. It bought some 262.7 metric tons last year according to data compiled by research body Gold Fields Mineral Services.

In a recent interview with Dow Jones Newswires, WGC's Japan regional director, Itsuo Toshima, said he had noted that gold has been afforded the status of being the"indestructible" asset by many Japanese since the Great Hanshin Earthquake of 1995.

In the aftermath of this quake, Japanese viewers watched as a television crew captured the scene of a harried old housewife frantically clawing through the rubble of her burnt out house in search of the family's cash box.

Once the box was unearthed, the bill notes inside were found to be burnt beyond recognition, but the family's cache of gold coins was left unscathed.

Since then there have been noticeable blips in Japanese gold demand in times of economic uncertainty.

Gold imports jumped fourfold in October of 1998 to 20 tons from the previous month soon after the Nikkei 225 stock average fell below the 13,000-mark to record a 12-year low.

With the Nikkei slumping to a fresh 16-year low of 11,433.88 points on March 15, history may once again prompt Japanese investors to again move into gold, Toshima said.

"Whenever financial uncertainties intensified in Japan in recent years, monthly gold imports into the country increased," said Toshima. He added that imports also jumped soon after the failure of Yamaichi Securities in 1997 and after the collapse and nationalization of the Long-Term Credit Bank of Japan Ltd. (J.LTC) in 1998.

"When Yamaichi collapsed, some investors flocked to bullion houses. There are even stories of gold being bought over the counter with cash bundles that still had the Yamaichi seal wrapped around them," he added.


More Safe Buying In Gold As Institutions Go Under

Toshima says that such"safe-haven" buying is expected to emerge again in the likely event that more Japanese financial institutions go under.
In addition to acting as a safe haven, Toshima is also quick to point out that gold can serve as an important inflation hedge - something that could become a major consideration for Japanese investors in the years to come.

"The only realistic way for Japan to get out of its unprecedented level of public debt may be to inflate its way out," Toshima said.

"The other possible measures such as increasing the consumption tax to 20% or realizing super economic growth of over 8% on a sustainable basis are simply not realistic. Eventually investors will need a hedge against inflation such as gold."

Gold has been dubbed a traditional inflation hedge because it tends to hold its value better than currencies in times of crisis. This metal is seen as a"stand-alone" asset that is not dependent on any single government or central bank to establish its value.

Toshima is hoping that more Japanese will again come to see gold as the"indestructible" asset.

And considering the prevailing economic climate in Japan, Toshima feels that there are some compelling reasons for wanting to add a hint of indestructibility to one's portfolio.

-By Jim Hawe, Dow Jones Newswires; 813-5255-2950; jim.hawe@dowjones.com

(END) Dow Jones Newswires 21-03-01

0736GMT Copyright (c) 2001, Dow Jones & Company Inc~200103210736

Gruss

tofir


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