Filed under: austria, Bank of England, BOE, Britain, Central Banks, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, Europe, european union, Germany, global economy, gold, gold shortage, Great Depression, Greenback, hyperinflation, Inflation, Lehman Brothers, london, manipulated economy, manipulated prices, market manipulation, mortgage, mortgage companies, mortgage lenders, nationalization, platinum, silver, silver shortage, south africa, Stock Market, switzerland, UBS, United Kingdom, US Economy, us mint, Wall Street | Tags: HBOS, Jurg Kiener, Krugerrand, run on banks
Gold Runs Out In Germany
Allan Hall
London Evening Standard
October 12, 2008
Risk-averse Germans are turning to gold in troubled times – but there’s none left.
German gold dealers say demand has skyrocketed this past week to 10 times normal so no more orders can be taken for the foreseeable future.
“The demand exceeds our capacities by a great deal,” said Heiko Ganss, head of precious metal company Pro Aurum.
“The requests cannot be satisfied right now,” a dealer from the Düsseldorf WGZ Bank confirmed.
“Demand for gold as a conservative investment has risen dramatically,” said stephan Henkel. “right now the demand is about 10 times as high as in normal times.”
Gold deliveries now take between four and six weeks.
The US mint said on Monday it had exhausted some of its supply of bullion coins and was struggling to meet demand for gold, silver and platinum.
South Africa’s Rand Refinery, producer of the world’s most popular gold bullion coin, the Krugerrand, temporarily ran out of the coins in August.
Londoners Queue-Up on Sidewalk to Buy Gold in Rush for Money Haven
Bloomberg
October 9, 2008
Londoners stood in line outside the largest gold coin and bar retailer in the city’s West End shopping district, clogging the lobby and trading among themselves as they sought a safe haven for their money.
“People want something tangible, something they can hold on to, something the banks can’t give them,” said Chris Burrow, the owner of ATS Bullion, the gold dealer in the Strand that traces its roots back to the 17th century. “There’s no time to breathe. We’re rushed off our feet. Staff are exhausted.”
As U.K. stocks tumbled to a five-year low, paced by financial-services companies, gold advanced. Since Lehman Brothers Holdings Inc.’s Sept. 15 filing for bankruptcy protection, exacerbating the worldwide credit crisis, gold for immediate delivery has jumped 19 percent.
“Investors are rushing to safe havens and physical gold seems to be the favorite one,” said Frederic Panizzutti, a senior vice president at MKS Finance, one of Switzerland’s four bullion refiners.
British government action to prop up the banking industry has failed to reassure investors. The U.K. on Oct. 8 promised 50 billion pounds ($86 billion) of capital to banks, the same day the Bank of England cut its benchmark interest rate by half a percentage point. Last month, the government brokered a takeover of HBOS Plc, Britain’s largest mortgage lender, and seized control of Bradford & Bingley’s mortgage division.
Austria Witnesses New Gold Rush
BBC
October 12, 2008
The financial crisis is prompting people to look for safer forms of investment than stocks and shares.
The interest in gold coins is so great that many of the world’s major mints are struggling to keep up with demand, including the Austrian Mint, which produces the Vienna Philharmonic – one of the best-selling bullion coins worldwide.
Sales of Vienna Philharmonic gold coins have gone up by more than 230% since last year.
Kerry Tattersall, the director of marketing at the mint, says production has gone into overdrive.
“We are running at present something like three shifts on all of the machines, on the presses, producing both gold and the silver bullion coins.
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Central banks all but stop lending gold
Javier Blas
Financial Times
October 8, 2008
Central banks have all but stopped lending gold to commercial and investment banks and other participants in the precious metals market, in a move that on Tuesday sent the cost of borrowing bullion for one-month to more than twenty times its usual level.
The one-month gold lease rate rocketed to 2.649 per cent, its highest level since May 2001 and significantly above its five-year average of 0.12 per cent, according to data from the London Bullion Market Association.
Gold lease rates for two, three, and six months and for a year also jumped to levels not seen in the last seven years.
Traders said the jump reflects the fact that central banks — mostly European — have almost completely stopped lending gold in the last few days and are not rolling forward old leases after maturity. This is because of fears that some borrowers might not repay their bullion loans if they are engulfed by the financial crisis.
“A number of central banks have been cutting back on their gold lending,” said Tom Kendall, a precious metals strategist at Mitsubishi in London.
John Reade, a commodities strategist at UBS, added that there had been a lot of talk about some central banks being unwilling to lend their gold because of a redoubled focus on the risk of borrowers not returning it.
http://seekingalpha.com/article/99680-..ces-tell-two-different-gold-stories
Blatant Banker Manipulation Of Gold Prices
http://www.prisonplanet.com/blatant-banker-manipulation-of-gold-prices.html
No Mass Mania for Gold Yet – Less than 1% of Public in Western World Have Invested in Gold
http://news.goldseek.com/GoldSeek/1224161100.php
Spot Gold Price Is Now Meaningless
http://www.istockanalyst.com/article/viewarticle%2Barticleid_2713209.html
Gold expected to rally above $1000 in Q1 2009
http://network.nationalpost.com/np/b..o-rally-above-1000-in-q1-2009.aspx
What the Pros Say: All that Glitters is Gold
http://www.cnbc.com/id/27095525
Kiener: Gold Prices To Double On Paper Market Default
http://www.prisonplanet.com/kiener-..o-double-on-paper-market-default.html
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