Wednesday, October 1, 2008
Demand for physical gold goes haywire
Apologies for posting off-topic but gold seems to be a popular theme on here. --- "Investors in gold are demanding 'unprecedented' amounts of bullion bars and coins and moving them into their own vaults as fears about the health of the global financial system deepen. The London Bullion Market Association said the extent of the move into physical gold was unseen and driven by the very rich. In some countries investors were paying premiums of up to $25 an ounce above the spot price to secure scarce gold bars. Vault staff are doing overtime. The Krugerrand refinery in South Africa is now running at full capacity seven days a week. The Austrian mint has extended work to the weekends to accommodate soaring demand. The US mint suspended the sale of its American Buffalo coin after it ran out."