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Katwomyn

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In responce to a point raised:

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Sarah-Jane Tasker | November 22, 2008

 

Article from: The Australian FEARS of the unknown long-term effects from the global financial crisis have sparked a new gold rush.

 

With retail and wholesale clients around the world stocking up on the precious metal, the Perth Mint has been forced to suspend orders.

 

As the World Gold Council reported that the dollar demand for gold reached a quarterly record of $US32 billion ($50.73 billion) in the third quarter, industry insiders said the race to secure physical gold had reached an intensity that had never been witnessed before.

 

Perth Mint sales and marketing director Ron Currie said the unprecedented demand had forced the Mint to cease orders until January, with staff working seven days a week, 24-hour days, over three shifts to meet orders.

 

He said Europe was leading the demand, with Russia, Ukraine, Middle East and US all buying -- making up 80 per cent of its sales. One European client purchased 30,000 ounces for $33 million.

 

"We have never seen this before and are working right at capacity. And we are seeing it from clients in the shop buying one ounce, right up to 30,000 ounces from overseas clients," Mr Currie said.

 

Robert Jaggard, manager of bullion and rare coins dealer Jaggards, said business had picked up strongly and he expected it to increase further.

 

"All around the world there has been a heavy run on physical gold and there is a shortage of supply," he said.

 

Mr Jaggard, who has been dealing in gold for 40 years and is an agent for the Perth Mint, said some clients were buying up to $1million worth of gold, paying a premium above the spot price.

 

Late yesterday afternoon, spot gold in Sydney was trading at $US747.30 an ounce, up $US8.15 on Thursday's local close.

 

"Professional business people who have previously bought small amounts now want more gold because they are

 

 

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Hi jacsar,

My post had zero to do with the POG.

It was related to this claim by flower "Where is spot gold freely available for purchase and immediate delivery? " This was supporting his claim that there is a Gold 'shortage'. The answer, contary to the opinion of flower is "at the Perth Mint".And, as the charming lady replied to my query "we can sell you a ton right now if you want it!"

 

How about a response flower.

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At 145 Oil was running out as well and would never ever ever trade below 100 lol
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:sadsmiley02: How does an article from last November answer a question today?

I just don't get it: Last November, gold in US$ terms had fallen to $750; naturally, "They" needed a bit of a ramp job. Also sells papers.

But has little to do with the fact that the Perth Mint concentrated their machine times on the 1oz Kangaroo because that was in highest demand at the time. And if 1oz coins are in high demand, rather than 10kg bars, wouldn't that suggest that the interest comes from retail buyers (aka "Amateurs") and not from "Messrs Big"?

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Sarah-Jane Tasker | November 22, 2008

Perth Mint sales and marketing director Ron Currie said the unprecedented demand had forced the Mint to cease orders until January, with staff working seven days a week, 24-hour days, over three shifts to meet orders.

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For the LAST AND FINAL TIME:

 

The original statement (by me presumably) was made around NOVEMBER 22nd 2008--see above.

 

TODAY IS 23rd February 2009.

 

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SUBJECT CLOSED.

 

 

 

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Flower, I presume was refering to late Oct/Nov into early Dec when in the US, Canada and Europe there was a rush for coin and bullion. The US mint restricted sales for a while and Morgan from the silver investor mag. and quite a few others were advising readers as to how to contact and order from the Perth Mint .I saw many letters and emails myself. Things are apparently back to normal but this did occur.
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correct, Jacsar

Demand for coins had been high, and when some Overseas outlets faced a bottleneck, Perth Mint took up the slack and then some.

But it's obviously been retailers that went into panic mode, not wholesalers. It would also be silly to presume the Perth Mind had to pour or procure extra gold: It was their workshop that turns blanks into coins, where staff had to work overtime for a while.

At the time, I did my own research on that subject and reported the results somewhere on these pages. I clearly remember that it was only temporary, they'd concentrate on 1oz Kangaroos, and expected to be back to normal by January.

Of course, keeping the tone low-key and reporting simple facts doesn't sell papers. Journos have to pick the juicy bits and jazz them up to capture a larger readership - the more strongly-worded and sensationalised, the better :devilsmiley:

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Interestingly, DOW got smashed again last night, but gold couldn't break through 1000. Maybe the nationalization of banks coming soon may cause a run in the $US again?
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