Finance
Rookie Trader’s Rapid 84% Wipeout Shows Depth of China Gold Bust
The gold rally has been building for a number of years as central banks expanded their holdings.
Photographer: Akos Stiller/BloombergFrom hedge funds to homemakers, the leverage-loving Chinese traders behind gold’s record rally are now nursing big losses after one of the fastest market reversals in years.
For Merry Chen, a 42-year-old homemaker in Hangzhou, the foray into precious metals lasted less than a week. With no prior experience in derivatives, Chen opened a futures account last Monday on the advice of friends.