Apparently its not just the US, the Middle East, and Europe Scrambling for gold, but also China, according to a recent article in the Shanghai Daily.

Investors going for gold as a safe haven

By Zhang Fengming  |   2008-11-20  |     NEWSPAPER EDITION

DEMAND for gold in China rose 18 percent in the third quarter as consumers turned to the precious metal as a safe haven for their cash, the World Gold Council said yesterday.

Demand rose to 109 tons in the third quarter, the majority of which is attributed to a strong rise in the Chinese mainland, the council said yesterday, citing figures complied by researchers GFMS Ltd.

Demand from the mainland rose 20 percent to 99.8 tons. In Hong Kong it increased 7 percent to 3.8 tons while demand in Taiwan shrank by 6 percent to 5.4 tons.

China’s gold jewelry demand grew 9 percent to 92.5 tons in the quarter as sharply lower prices

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