Following what appears to be an end to gold’s 12-year bull run, investors are seizing on the chance to buy up as much of the physical stuff as they can while prices are still low.
In Australia, for example, the “volume of business that we’re putting through is way in excess of double what we did last week,” Australia’s Treasurer Nigel Moffatt told Businessweek by phone yesterday. “There’s been people running through the gate.”
“There’s been significant sales made as people see this as great value,” he added. “Gold owners are very reactive to significant market movements.”
Japanese and Chinese gold retailers are also seeing a “frenzied” surge in demand, according to Zero Hedge.
“Japanese individual investors doubled gold purchases yesterday at Tokuriki Honten, the country’s second-largest retailer of the precious metal,” the report notes.