Taiwan gold demand to fall<\/p>\n
TAIPEI (Reuter): Taiwanese overbought gold as tensions with
\nChina grew but demand is expected to drop after the island's
\npresidential election, local traders said yesterday.<\/p>\n
\"Unless the newly elected President Lee (Teng-hui) says any
\ndramatic words to spark much more serious tension with the
\nmainland, local gold demand is likely to fall below normal
\nlevels,\" a trader at China Trust Bank said.<\/p>\n
\"And even if China does start new war games, they would have
\nto be much more threatening to Taiwan to make another gold rush
\npossible.\"<\/p>\n
Traders said people were unlikely to sell the gold they bought
\nbefore the election as the price remains at the same level.<\/p>\n
Taiwan's gold imports for the first two weeks of March leapt
\nto US$140 million compared with a normal $100 million per month.<\/p>\n
Traditionally considered a safe haven in times of uncertainty,
\ngold was bought heavily in Taiwan last July when China staged its
\nfirst missile tests and again during the latest rounds of
\nmilitary exercises in the Taiwan Strait.<\/p>\n
China has softened its stance towards Taiwan since Lee won a
\nresounding victory in Saturday's elections.<\/p>",
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