Taoyuan held an interesting auction this week where people tried to bid a large sum of money in order to snatch a golden opportunity.
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The Taoyuan Branch of the Administrative Enforcement Agency attracted a lot of attention on Tuesday as it held an auction of 30-kilogram gold bars.
The event drew a bustling crowd with eager bidders waving number plates and shouting prices as they tried to get their hands on the precious gold. Despite the fierce competition, Mr. Zhou, a yacht broker, managed to secure five winning bids.
When asked how he felt about going from selling boats to buying gold, he admitted that yacht sales weren’t profitable, so he decided to give gold a try.
The auction attracted a crowd of early risers, with people queuing up as early as 8 a.m. in hopes of securing a good deal. 107 people patiently waited with their number plates and wads of banknotes, ready to enter the venue. Once inside, participants could get a nice view of the gold bars in a display cabinet to fuel their motivation.
The auction featured 30 gold bars that had been seized about 3 years ago and the market value has skyrocketed since then. Miss Huang an experienced gold buyer and seller was optimistic about getting a good price at the auction.
But participating was no simple task, buyers first needed to pay a deposit of NT$50,000 (US$1500) and then sign a commitment letter for bidding. Various categories and item limits were in place, and successful bidders were required to remit payment before 2 p.m. on the same day.
Wu Hsueh-kuan (吳學寬) of the Taoyuan Branch says that in total they auctioned off 24 gold bars with an average price of NT$6.2 million (US$192,000).