There are reports of very strong demand for coins and bars from buyers internationally who believe that the sell off that saw gold fall to a two-year low is overdone.
Very significant demand is being seen throughout the world for physical bullion – in Japan, India, Australia, the U.S., Europe and elsewhere. The speculative raid by one or two banks which led to the price crash is being seen as a gift by eager buyers internationally.
Gold sales from Australia’s Perth Mint, which refines nearly all of the nation’s bullion, surged after prices plunged, adding to signs that gold’s slump to a two-year low is spurring increased demand.
“The volume of business that we’re putting through is way in excess of double what we did last week,” Treasurer Nigel Moffatt said by phone, without giving precise figures. “There’s been people running through the gate.”
The Perth Mint’s sales of gold coins
climbed 49 percent to 97,541 ounces in the three months ended March 31 from a year earlier, according to data from the facility in Western Australia that was founded in 1899.“There’s been significant sales made as people see this as great value,” Moffatt said yesterday. “Gold owners are very reactive to significant market movements.”
We are the Perth Mint’s Approved Dealer in the European Union and have experienced a similar jump in demand yesterday and this morning. We saw massive selling on Monday as speculative buyers dumped positions in panic but yesterday came stabilization and there were more buyers than sellers. As the day progressed the demand for bullion increased and prices stabilised.
Read more at http://investmentwatchblog.com/people-running-through-the-gate-to-buy-gold-bullion/#H5PfcFydg6VfphwO.99
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