Perth Mint Demand Highest Since Lehman Brothers

GoldCore Market Update

Perth Mint Demand Highest Since Lehman Brothers - Refines Coins, Bars At Weekend

Today’s AM fix was USD 1,472.75, EUR 1,126.13 and GBP 950.04 per ounce.

Yesterday’s AM fix was USD 1,472.50, EUR 1,125.51 and GBP 947.80 per ounce.

Gold climbed $13.10 or 0.9% yesterday to $1,470.40/oz and silver reached $24.47 and finished +1.8%.

Gold is slightly lower today after yesterday's consolidation on last week's gains.

Premiums continue to rise on physical product across the world to reflect a significant increase in demand and very tight supplies. Premiums on gold and silver coins and bars are increasing across the world - from London to Frankfurt to Zurich to Turkey to Dubai to Mumbai to Singapore to Hong Kong to Tokyo and across the U.S.

Physical gold stocks held at CME Group's Comex warehouses in New York have dropped to a near-five year low in a further sign that gold's recent weakness has unleashed a nascent mini gold rush of demand as people all over the world scramble to own bars and coins.

Premiums to secure supplies in India jumped to five times the level before the slump.

Physical bullion coins and bars for immediate delivery are not available in much of the world including in the Middle East and Singapore.

Consumers in Singapore and Hong Kong have seen premiums on bars rise sharply and Standard Merchant Bank (Asia) Ltd. said that “physical metal is still not available.”

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Gold in Euros, 3 Day – (Bloomberg )

Australia’s Perth Mint, the largest refinery in Australia and one of the largest in the world, said that demand has jumped to the highest level since the Lehman crisis in 2008.

Demand has been robust due to currency devaluation concerns and then the 15% price fall led to a massive surge in demand as store of wealth buyers leapt at the chance to acquire physical bullion at much cheaper prices.

This led to the Perth Mint which refines nearly all of the nation’s bullion, having to stay open over the weekend to meet orders.

“We’re seeing people are coming into the market because the price has come down, they think they can afford it now and expect that it will go up again,” Currie said. “The U.S. has got the money to purchase metal and is doing so as a hedge,” he said, referring to individual investors.

ENDS

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