The Phaserl


Why the rush to buy gold coins shows the way the gold price will go and not the futures market

by Peter Cooper, Arabian Money:

There’s a rush to buy gold coins and bars all over the world this autumn. Last week coin sales at the US Mint were running at the highest this year with September sales double the August tally. There was a similar surge in sales of coins and minted bars at the Perth Mint to 68,781 ounces last month with Chinese buyers accounting for 80 per cent of business. The super-rich are stocking up on gold.

In Perth the biggest seller is the one-kilogram bars, which are worth about $45,000 each at current prices. Buyers tell dealers they are buying gold as an insurance against a market collapse. But the other reason that they are buying gold now is the drop in the price to around $1,200 an ounce.

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