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Gold runs out in German rush
Allan Hall in Berlin10 Oct 2008
Risk-averse Germans are turning to gold in troubled times - but there's none left.
German gold dealers say demand has skyrocketed this past week to 10 times normal so no more orders can be taken for the foreseeable future.
"The demand exceeds our capacities by a great deal," said Heiko Ganss, head of precious metal company Pro Aurum.
"The requests cannot be satisfied right now," a dealer from the Düsseldorf WGZ Bank confirmed.
"Demand for gold as a conservative investment has risen dramatically," said stephan Henkel. "right now the demand is about 10 times as high as in normal times."
Gold deliveries now take between four and six weeks.
The US mint said on Monday it had exhausted some of its supply of bullion coins and was struggling to meet demand for gold, silver and platinum.
South Africa's Rand Refinery, producer of the world's most popular gold bullion coin, the Krugerrand, temporarily ran out of the coins in August.
Reader views (7)
A good read.
- Bill, Elizabeth City, NC., 21/10/2008 01:03
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Gold has dropped because of hedge fund redemptions. It will be back to it's healthy self again in no time. You gotta take what is profitable (gold) and pay down your positions on what you are losing money on (stocks).
- Tom, USA, 20/10/2008 17:12
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US Mint having trouble meeting demand? NOT....they are not releasing silver due to price...Mints are not selling what they have/shut down production.
- V, United States of Bankrupted America, 18/10/2008 23:28
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What's to become of us who have nothing but paper? Where is all the gold and silver our governments and banks took for this paper?
- Pat, Penna., USA, 18/10/2008 19:05
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Has no one noticed gold prices have dropped dramatically over the last few days of trading ?
- Jack Boucher, Overland Park, KS, 18/10/2008 05:29
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Why are the authorities so quiet on this - speak up! What are the silver and gold mining companies doing about it - surely it can't be their interest.
- David, Pert, Australia, 15/10/2008 02:55
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there is no more gold to buy in Berlin - all dealers have no gold to sell
a big sold out had taken place in the last days.
- Peter Maier, Berlin, 10/10/2008 13:59
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