Perth Mint and U.S. Mint Cannot Meet Demand as Gold Bullion Demand Surges…” Gold “is going straight out the door as soon as we can find it.”
By: GoldCore
GoldSeek.com
Friday, 31 July 2015
– Perth Mint sees surge in demand and cannot keep up with demand
– “Our biggest restriction is the amount of unrefined gold we’re getting in from producers”
– Very high demand for Perth Mint coins, bars coming from Asia, U.S. and Europe
– U.S. Mint sees highest sales of gold coins in over 2 years
– U.S. Mint restrictions on silver coins due to very high demand
– Gold sentiment has moved from despondency to depression (see chart)
– Current negative sentiment despite strong demand is good contrarian indicator
Depressed prices have led to the usual market response, a surge in physical demand for coins and bars globally.
This is confirmed in conversations we have had with our refiner and mint partners in recent days. There are growing shortages of supply of small coins and bars. This is resulting in delays in receiving bullion and indeed to rising premiums.
Asian gold demand picked up this week keeping premiums robust and slightly higher in the world’s top gold buying regions.
Treasurer for the Perth Mint, Nigel Moffatt has said that the mint has seen a surge in demand for physical gold since the price dropped below $1,100 per ounce.
In an interview on Bloomberg’s “First Up” show he said “Our biggest restriction is the amount of unrefined gold we’re getting in from producers”, adding, “everything we get in is going straight out the door as soon as we refine it.”
Moffatt says that the Perth Mint is seeing strong demand for kilo bars which go to Asia – particularly India, China and now Thailand – adding that traditional buyers in Asia tend to “stock up” on gold when the price falls.
There is also a huge demand for coins from individual buyers in the U.S. and Europe:
Gold “is going straight out the door as soon as we can find it.”
The Rest…HERE
