Gold Smash Leads to Surge in Demand For Coins, Bars Around World
By: GoldCore
GoldSeek.com
Thursday, 23 July 2015
– U.S. Mint sees highest monthly gold eagle sales in over two years
– Indians take advantage of low price in a season not typically known for gold buying
– Chinese investors, disillusioned with stock market, are buying gold in large volumes
– Demand for coins from Perth Mint 37% higher in June and even higher for July
The manipulative smash on the gold price on Sunday night has once again led to a surge of buying of gold coins and bars across the globe. Both the Wall Street Journal and Reuters report on how bullion dealers are seeing a spike in demand for gold coins and bars in India and China and indeed Europe, Australia and the U.S.
The U.S. Mint – which ran out of Silver Eagles earlier in the month due to unexpectedly high demand – has sold 110,000 Gold Eagle one ounce coins so far this month according to Reuters. This compares with a mere 21,500 ounces sold in May and 76,000 in June. It represents the highest level of monthly demand in over two years – with more than a week to go till the end of the month.
In India, July is typically a quiet month for gold sales as farmers, who make up the bulk of the population, allocate their cash towards cultivation, according to the WSJ. However, the unusually low price has led to a surge of buying.
“Gold’s plunge to five-year lows this week has prompted a swift rise in demand from jewelry retailers in China and India, the world’s top consumers of gold, leading to a doubling of premiums paid on physical gold,” reports the WSJ via Marketwatch.
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