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Perth Mint suspends orders amid rush to buy bullion
Sarah-Jane Tasker
The Australian
Friday, November 21, 2008
FEARS of the unknown long-term effects from the global financial crisis have sparked a new gold rush.
With retail and wholesale clients around the world stocking up on the precious metal, the Perth Mint has been forced to suspend orders.
As the World Gold Council reported that the dollar demand for gold reached a quarterly record of $US32 billion ($50.73 billion) in the third quarter, industry insiders said the race to secure physical gold had reached an intensity that had never been witnessed before.
Perth Mint sales and marketing director Ron Currie said the unprecedented demand had forced the Mint to cease orders until January, with staff working seven days a week, 24-hour days, over three shifts to meet orders.
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He said Europe was leading the demand, with Russia, Ukraine, Middle East and US all buying — making up 80 per cent of its sales. One European client purchased 30,000 ounces for $33 million.
“We have never seen this before and are working right at capacity. And we are seeing it from clients in the shop buying one ounce, right up to 30,000 ounces from overseas clients,” Mr Currie said.
Robert Jaggard, manager of bullion and rare coins dealer Jaggards, said business had picked up strongly and he expected it to increase further.
“All around the world there has been a heavy run on physical gold and there is a shortage of supply,” he said.
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5 Responses to “Perth Mint suspends orders amid rush to buy bullion”
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November 21st, 2008 at 4:45 pm
You’d think that gold prices would be higher than they are now considering all the demand. What if they’re mining gold on the moon or other places and taking advantage of the current environment.
there’s gold in computers, but at least gold isn’t toxic, unlike flame retardants and pthalates which outgas from computers and we inhale. http://www.outgasreport.com
November 21st, 2008 at 6:18 pm
thank the lord that the social viability idiot has not yet posted his website yet.
November 21st, 2008 at 10:28 pm
What no mention of Iran converting its cash reserves into gold?
November 22nd, 2008 at 1:56 am
Is it possible to convince AJ to be quiet and let his GUESTS and Callers speak without CONSTANTLY interrupting them.? I know him and he does a good job but he does not know everything and other PATRIOTS besides himself have VOLUMES of info and PERSPECTIVE on this fight! BTW I don’t need you worshipers of A.J. to come to his defense or talk a bunch of sh?T. He uses foul language like crazy and then chastises his callers and bans them from the show until another day, WTF is that about? In addition, It is as much OUR show ( those who fund him ) as it is his unless it is just a business for him which I know him and I know better than that! We need to here the Guests and Callers. I mean why have them on the show if you will not let them speak. Your in my prayers ALEX, Sincerely.
November 22nd, 2008 at 9:32 am
“Zionists World Order Says”, above is an excellent factual information for all those nay-sayers who have blinders on when it comes to the relaity check regarding Zionists and their historical master plan to dominate the United States, its money first, then everything will fall right on line. The Zionists control America’s life-blood line valve. So wake up Americans and the world. Zionists will not allow a free America or a free thinking America leader for decades to come. its too late till things really get worse before the world wakes up!