The run on gold is undiminished , particularly high demand in Germany. Source: AP
CAPE TOWN / DÜSSELDORF. The old punch machine in the Rand Refinery in the south west of Johannesburg can hardly keep up with demand : Here in addition to gold bullion , the blanks for Krugerrands are made – the best known gold coin in the world. The South Africans will benefit as other mints , such as the U.S. Mint or a coin of Austria, to the continued run of gold.
But for the next two months are the Rand Refinery Orders for almost 250 000 Krugerrands valued at € 250 million before – far more than in all of 2008 were punched, and each day brings the number of orders. Especially great is the demand in Germany, says Debra Thomson, treasurer of the company. Individual banks ordered to equal several thousand coins to be prepared .
At the beginning of this year, seemed to demand slacken somewhat . But already in April and May, it was so over. "The crisis in Greece in Europe triggered panic buying in the real gold sector, " says Kerry Tattersall , Marketing Director of the Mint of Austria. Especially in Germany and Austria, the demand had continued to rise sharply .
High demand in April and May
In comparison, the coin Austria in May demanded 485,000 ounces of gold. each of which half was accounted for by the Vienna Philharmonic bullion and coins. The strong year in 2009 there were a total of 87,000 ounces . " The rising price of gold in 2009 has already attracted new buyers , "says Tattersall. Meanwhile, the business has calmed down a bit and moves with 3000-6000 ounces ( 31.1 grams each ) a day within the usual limits .
Tattersall founded the sometimes excessively high demand with the growing security needs of investors. Since the outbreak of financial crisis in mid 2008, demand had steadily increased worldwide . Gold then cost less than $ 800 per troy ounce , with over $ 1265 a few weeks ago it was as expensive as ever. Currently the price varies around the mark of $ 1,200 .
"The main driving factor is the fear , "said Thorsten Proettel , precious metals expert at Landesbank Baden – Wuerttemberg ( LBBW) with a view of the strong increase in purchases . "Globally, the crisis of the past two years the gold sector has been strong inflow . " The " basic demand "of the collector was increased by a total .
Like the Krugerrand coin and Austria, it was also at the U.S. Mint went straight up that offers the American Eagle gold, silver and platinum. From Silver Eagle was loud Proettel 1999-2007 characterized , on average, 9.4 million pieces and sold . Already in 2008 the demand had doubled, and in 2009 they had risen by another 47 percent to 27.8 million units. This year alone 15.2 million through May coins were minted . "2010 is the record of 2009 beat it ", therefore predicts Proettel . A similar trend is distinguishable also at Gold -Eagle. By May , the U.S. Mint produced 16 tons of gold and 521,500 ounces had processed .
Memory of old boom times
The development of the sales of the coins reminiscent of old boom times : Between 1974 and 1984, ie at the time of oil crisis and the resulting inflation, were Krugerrand & Co. have asked more than today . Thus, then , for example, each year produces the Krugerrand 2:00 to 6:00 million coins . Despite the overall increase in demand expected in the short term at least , although such figures hardly be achieved. However , experts expect will be exceeded for the first time again since the year 1985, the mark of one million coins in South Africa.
It is interesting especially the interplay between bullion and coin : if the demand for Krugerrands , is the demand for gold bars, which are also produced by the Rand Refinery back. This is because the jewelry industry, particularly in India asks bars recourse in times of old stocks or evades on grounds of cost to other materials.
can for the Rand Refinery , this is beneficial , since they charge a higher premium for coins at the current gold price than bullion. Depending on the order level are the three to five percent. Currently the situation is particularly favorable , "says Thomson. Because of the high demand for the coin even interested in paying premiums of up to eight percent above the price of gold.
Tags: punch machine, vienna philharmonic, gold bullion, rand refinery, u s mint
