Gold coin sales surge.
By Frank Tang
NEW YORK, May 7 (Reuters) - U.S. gold coin sales surged this week as the anxiety over a euro-zone debt crisis spilled over into the United States and as Thursday's sudden Wall Street collapse shook investors. The U.S. Mint sold gold coins this week at twice its normal pace, and a leading retailer said Thursday was a record day.
And not just in the USA, but in Europe as well; Ed Steer’s Gold and Silver Daily:
And, according to the usual New York gold commentator… the boys over at UBS had a similar story on bullion sales in Europe. Of course any financial or monetary piece of paper over there is now highly suspect [just like it is here in North America]… and the gold [and silver] rush is on. Here are the UBS comments… “our Zurich and Geneva sales desk experienced exceptionally strong demand for small bars and coins. All size bars up to 1kg are wanted by retail investors. Buying has been evident all week, but demand yesterday was the greatest that we have experienced since 2008… Coin demand is so intense, that supply is struggling to match, even as premiums rise. Capacity constraints, greatly evident last year, are once again a feature. We saw particularly strong demand for Kruggerands, but all coins are being sought right now… Physical demand has been most obvious in Germany this week. Considering their primary role in the Greek bail-out, and the near borderless European debt problem, with few viable investment alternatives… Germany’s investors have turned to gold.” [So should you, dear reader… and silver, too!]
Oh, and just to remind you what nationalization of the private sector leads too: Venezuela annual inflation rate hits 30 percent.
I’ve been happy to see gold maintain the $1200 region. Right now ExactPrice shows the real time spot at $1,203.20. I think this will be a interesting week. We shall see.