Bullion Association - A surge in demand in Turkey is causing delays in coin deliveries by the Istanbul-based mint, Chief Executive Officer Sadettin Parmaksiz told Haberturk newspaper -
The Perth mint has seen an “enormous number of people” buying gold, with interest from India, Thailand and China, Treasurer Nigel Moffatt said on Bloomberg Television -
Jewelers in India are paying premiums of as much as $10 an ounce, from $2 just 10 days earlier, according to the Bombay Bullion Association.
Gold Rally - Bullion rallied 11 percent since reaching a two-year low April 16. The U.S. Mint ran out of its smallest gold coin last week, with sales across its products poised for the best month since December 2009, and the U.K. Mint said purchases tripled. Premiums paid by jewelers in India (XAUINR), the biggest importer, to secure supply surged as much as fivefold in 10 days.
“It’s bizarre that the price has come back so rapidly,” said Donald Selkin, who helps manage about $3 billion of assets as the chief market strategist at National Securities Corp. in New York. “After the big decline, demand jumped like crazy.
It’s the old rubber-band theory: You stretch too far, and eventually, it snaps back. Banks came in to buy, and there is record demand for coins around the world.”
Demand has also come from central banks, owners of about 19 percent of all the metal ever mined. Russia and Kazakhstan boosted official reserves for a sixth month, International Monetary Fund data show.
Central banks will buy as much as 550 tons this year after boosting holdings by 534.6 tons last year, the most since 1964, the World Gold Council estimates.
Outlook 2013-The_Irreversible_Trends_Driving_Gold_to_$10000 - PART 3
Outlook 2013-The_Irreversible_Trends_Driving_Gold_to_$10000 - PART 2
Nick Barisheff, president and CEO of Bullion Management Group Inc, discusses the irreversible trends that will drive gold to $10,000.
In a world where financial and geopolitical certainty is evaporating, no one knows what Black Swan event could cause an explosion in the gold price. Some have suggested it will be the failure of a major bank through derivative exposure, a Middle East war, or a major downgrade of U.S. bonds might also be the catalyst. In 2013, as has been the case since 2001, the best policy for wealth protection remains to simply buy and hold uncompromised bullion until we are once again on solid economic footing.
Hear Nick Barisheff's Outlook 2013 Part 1 Now!
World Gold Council: Price Decline Spurs Widespread Physical Gold Buying
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