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Bunde gold rush kills seven

SHANGHAI (December 24): AT LEAST seven persons were crushed to death and an unascertained number injured, more or less seriously, when an estimated 30,000 people rushed before the central bank of China on the Bunde - the waterfront on which the largest banks and firms are located - for the application forms which would allow holders to buy gold bars at the official price of GY1,000 per ounce, plus a year-long deposit of a similar amount with the Government bank.

Ignoring the 11 p.m. to 5 a.m. curfew, huge crowds began to appear as early as 9 p.m. to line up in front of the bank office. By mid-night the crowd became so big the Police were unable to control it. In addition to the crowds, some coming by trucks arrived after the curfew and the stampede for the entrance began long before the bank opened at 9 a.m. The people who arrived first were soon squeezed against the wall and crushed. The Police battled their way into the midst of the crowds removing the injured persons.

The central bank announced there would be no sales until order was restored. The mad rush for gold was prompted by the soaring blackmarket price which this morning was GY3,000 per ounce. Buyers do not have to pay for the application forms. However they can sell the application forms for a GY1,000 or more premium. The purchaser can then buy the gold at the official price and make a huge profit immediately.

These were the first casualties in the gold rush in Shanghai. In Hangchow, Hankow and numerous other cities, several persons were known to have been crushed to death in the mad rush.

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