bacasper
Joined: 26 Mar 2007
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 Posted: Sat Oct 11, 2008 8:53 am Post subject: Run on gold in Germany |
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Germany reports exploding demand for gold amid plunging stocks
Posted: 2008/10/10
The producing company of gold bars, Heraeus has already reported a shortage of supply as a result of high demand.
There is an exploding demand for gold in Germany in the wake of the global financial crisis, the worst of its kind since the 1929 Great Depression, the daily Bild newspaper said Thursday.
The producing company of gold bars, Heraeus has already reported a shortage of supply as a result of high demand.
Meanwhile, the gold brokerage firm Pro Aurum was refusing to take new orders at the present time.
"Demand is running quite above our capacity to supply," the head of the Berlin branch office of Pro Aurum, Heiko Ganss was reported saying in the press.
The remarks by the Pro Aurum official were echoed by a gold broker at Unicom which presses gold bars and coins and places them on sale.
"Demand has exploded over the past few days. Demand is presently about 10 times than what it is at normal times," said Stephan Henkel, pointing out that delivery times were hovering between two and four weeks.
Several German banks, among them Commerzbank and Postbank, have also reported more demand for gold and other precious metals than in the past.
The price of gold across the world hit the 913 US dollar mark, up four percent from the previous day. --IRNA |
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