gold up past $350 , page-6

TOCOM might be very interesting, Irish. Did you see this article which highlights the Japanese growing interest in gold?

"Story Filed: Thursday, December 26, 2002 12:59 AM EST
TOKYO, Dec 26, 2002 (ODJ Select via COMTEX) -- By Jim Hawe
Of DOW JONES NEWSWIRES
(Dow Jones)--It used to be that most Japanese looked down on gold as something of a stodgy investment favored by their overly conservative grandparents. But the old codgers may be getting the last laugh as young Japanese investors are now flocking to gold in unheard-of numbers.
"The party is over," said Itsuo Toshima, Japan regional director for the World Gold Council, referring to the somber realization among young Japanese investors that quick profits are now much harder to find.
"The Japanese have lost faith in stocks, in the (U.S.) dollar and even in their banks, and so are turning to gold like never before."
Toshima said that the buzzwords among Japanese investors are now "risk minimization" and "asset preservation."
"People used to come to me and say, 'So how much money can I make on gold?' but that has all changed," said Toshima. "There has been a definite shift among young Japanese investors from being 'return conscious' to being 'risk conscious,' and that is good for gold."
Toshima explained that the decade-long slump in the Japanese economy has reached the point where even very young people are now asking themselves if they will have a job in the coming years, how will they provide for their children's future and will their pensions even be there when they are ready to retire.
"Young people worried about job security or their pensions was virtually unheard of just three or four years ago."
Toshima said that a surge in the number of first time investors in the gold market has bolstered Japanese gold demand in 2002 and will continue to do so in 2003.
Gold Invest Hit 80 Tons In First Three Quarters Of '02
"Industrial gold demand is down because of the poor economy and jewelry demand has been basically flat, but demand for gold in Japan's investment sector has really taken off."
According to figures compiled by the World Gold Council, Japanese gold investment demand in 2001 came to 64.8 metric tons, but this figure already hit 80 tons in just the first three quarters of 2002.
While declining to give any specific price or demand targets, Toshima said that he expects Japanese gold demand in 2003 will top the robust level seen in 2002.
Toshima, did however, warn that the Japanese gold market could see some short term profit-taking.
"The Japanese bought a large amount of gold about three or four years ago when it was trading around Y1,000 a gram. But with the gold price moving over Y1,400 just last week, some of these investors must be sorely tempted to take profits."
Japan's over-the-counter gold price was pegged at Y1,390 Thursday, down Y6 from Wednesday.
Toshima said that in 2003 the World Gold Council will be concentrating most of its resources in promoting gold in the investment sector, as "this is the real growth area."
Toshima explained that the council will be conducting a series of workshops around Japan to teach sales people at mining companies, bullion houses and regional banks how to better market gold to investors.
Toshima said the council is looking to "build markets" where the growing number of new Japanese gold investors can easily get their hands on some bullion.
"This rise in Japanese gold demand is not a boom. This is a trend with some real staying power," said Toshima.
-By Jim Hawe, Dow Jones Newswires; 813-5255-2950; jim.hawedowjones.com
(C) Copyright 2002 ODJ
KEYWORD: TOKYO
SUBJECT CODE: METALS
GENERAL"