The irony for the 33 million Canadians is the Chinese central bank is encouraging its 1.34 billion residents to accumulate gold yet Mark Carney doesn't see a role for it. Nor did the central bank under Mulroney yet he somehow gets a whole load of Barrick options and a seat on their board. This wreaks of conspiracy, scheming, fraud and corruption.

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Location and date Beijing 16 December 2010

World Gold Council and ICBC launch first gold accumulation plan in China

One million accounts already opened

The Industrial and Commercial Bank of China (ICBC), the world’s largest commercial
bank, together with the World Gold Council (WGC), the market development
organisation for the gold industry, today jointly launched a new gold investment
product for Chinese investors – the ICBC Gold Accumulation Plan (ICBC GAP).
Through this product, ICBC is the first commercial bank to provide investors in
mainland China with a way to accumulate gold through a daily dollar averaging
scheme with payments as little as RMB 10 per day. The product will enhance the
current gold investment market in China and marks a milestone for the strategic
partnership between ICBC and the WGC.

A totally new gold investment product

In China, there are currently various ways to invest in gold, including physical gold
bars, gold saving accounts, leveraged gold trading accounts, structured gold products
and gold futures. ICBC GAP is the latest addition to the product range, and caters for
the retail investor who wants to accumulate gold on a daily basis over a long period of
time. This scheme also reduces concerns regarding volatility in the gold price.
“The new ICBC GAP was developed in association with the WGC. After opening an
account, investors can start to accumulate gold on a daily basis according to the preset
monthly amount. They are also able to top up their GAP on an ad hoc basis at any
time. At maturity, they can renew the contract, convert it into cash or exchange it for
physical gold at designated branches of the ICBC network. ICBC GAP has already
been pilot tested in key cities over the past few months, resulting in one million
accounts having already been opened and over ten tonnes of gold accumulated” said
Zheng Zhiguang, General Manager of the Precious Metals Business Department,
ICBC.

A further feature of the product is the low minimum entry level, as ICBC GAP has
been designed with a minimum required investment of either RMB 200 per month or 1
gram per day, compared to a gold savings account, which is based on a minimum
investment of 10 grams.

“Gold investment has been booming in recent years but individual investors had been
hesitant in entering the market. ICBC GAP is a very practical way for individual
investors across China to start buying gold as a means of protecting their wealth as
well as diversifying their portfolio. With its unmatched benefits coupled with ICBC’s
nationwide branch network, this GAP product is an ideal solution for individuals who
have a long term strategy to accumulate gold and are looking to preserve wealth.” said
Albert Cheng, Managing Director for the Far East at the World Gold Council.

A win-win partnership

ICBC is a pioneer and an undisputed leader in precious metals in China following the
launch of its Precious Metals Department back in September 2009. On April 1, 2010,
ICBC and the World Gold Council signed a strategic partnership agreement to jointly
develop gold investment opportunities in China. The scope of the co-operation ranges
from training and market research to product development.
Mr Cheng continued: “China is one of the biggest gold producers and consumers in
the world. Together with ICBC, we are committed to developing further gold solutions
for investors, as well as helping ICBC expand their offering in the domestic and
international precious metals markets.”

For further information please contact:

David Zhang
AcrossChina Communications
T: +86 1370-114-3397
Shi Xudong
ICBC Precious Metals Department
T: +86 21 6329 9010

Note to editors:

World Gold Council

The World Gold Council (WGC) is the market development organisation for the gold industry.

Working within the investment, jewellery and technology sectors, as well as engaging in
government affairs, its purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold.

The WGC researches and gives insight on the international gold markets, helping people to better understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.

Based in the UK, with operations in India, the Far East, the Middle East, Europe and the USA, the WGC is an association whose members include the world’s leading gold mining companies. For further information visit www.gold.org.

Precious Metals Department of ICBC

The Precious Metals Department of ICBC, China’s first specialized institution operating precious metals, was established in Shanghai on September 9, 2009 to cater to the need of development of precious metals market in China. Its purpose is to enable ICBC to more effectively integrate in the domestic and foreign precious metals markets, accelerate financial innovation and enhance the bank’s capacity to develop internationally and in a comprehensive manner.