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Gold rush erupts over financial crisis

Posted By admin On January 10, 2009 @ 5:12 am In Money Watch | Comments Disabled

Nick Gardner
Australian Daily Telegraph [1]
Saturday, Jan 10, 2008

THE global financial crisis has sparked a new gold rush.

Worried investors seeking a safe home for their money are ploughing billions of dollars into the precious metal in a bid to preserve their wealth, The Daily Telegraph reports.

Demand has now reached such unprecedented levels that the Perth Mint, Australia’s biggest wholesaler of gold coins and bars, has been forced to ration its sales.

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Gold rush erupts over financial crisis 121208banner3 [2]

Perth Mint’s bullion sales rose 194 per cent in the December quarter compared with the corresponding period in 2007, while silver bullion sales were up 140 per cent.

The mint has suspended sales of all gold bars and all bullion coins – except its 1oz “Kangaroo” gold bullion coin.

On Monday, after a three-month suspension, it will expand its range of bullion coins for sale but the restrictions remain in place for minted gold bullion bars so the mint can sell some gold to as many customers as possible.

“We are working three shifts a day, six days a week, and still can’t keep up with demand,” Perth Mint CEO Ed Harbuz said. “I’ve never known anything like this in the precious metals market.

Full article here [1]


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URLs in this post:

[1] Australian Daily Telegraph: http://www.news.com.au/dailytelegraph/story/0,22049,24894346-5014099,00.html

[2] Image: http://www.efoodsdirect.com/products.html

[3] U.S. Mint Sales of Gold Coins Jump to Highest in Three Years: http://www.prisonplanet.com/u-s-mint-sales-of-gold-coins-jump-to-highest-in-three-years.html

[4] Gold runs out in German rush: http://www.prisonplanet.com/gold-runs-out-in-german-rush.html

[5] Gold fund’s holdings jump on rush to bullion safety: http://www.prisonplanet.com/gold-fund%e2%80%99s-holdings-jump-on-rush-to-bullion-safety.html

[6] Perth Mint suspends orders amid rush to buy bullion: http://www.prisonplanet.com/perth-mint-suspends-orders-amid-rush-to-buy-bullion.html

[7] US Mint Runs Out Of Buffalo Gold Coins, Will Not Restock: http://www.prisonplanet.com/us-mint-runs-out-of-buffalo-gold-coins-will-not-restock.html

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