Good buying reasons
The lower price of gold invites us to make additional purchases, next year the anonymity limit for precious metal purchases is expected to fall to 2,000 euros and many defensively oriented investors are lacking investment alternatives in the wake of rising uncertainties. We reported yesterday on the current framework conditions: That’s why it’s worth buying gold now!
“We are downright rolled over”
Industry representatives now report that demand in German precious metal trading is currently exploding. “We and the entire market are literally being overrun,” Tim Schieferstein told Goldreporter on Monday. The managing director of the SOLIT Group (GoldSilberShop.de) reports that for the fifth time in 14 days a new record has been set in the number of daily orders.
The same one hears from the competitors in the trade. Andreas Heubach from Heubach Edelmetalle in Schwaig near Nuremberg also explained to us that it was a challenge to cope with the large rush of customers. For several weeks now, an enormous increase in demand has been recorded.
Jump in demand since Thursday
According to Dominik Lochmann, Managing Director of ESG Edelmetall-Service GmbH & Co. KG, buying interest jumped sharply when the price of gold recently fell below 43 euros per gram again. That is 1,337 euros per ounce. He notes: “A lot has already been bought again since June. Across the industry, one hears that the dealers had already reached their previous year’s sales in October”.
Cash limit is exhausted
Dominik Kettner of Kettner Edelmetalle even speaks of a tenfold increase in sales in the table business compared to the previous year. Since last Thursday, customer demand in Kettner’s own family business has risen sharply. Now there are regular queues of people in front of the Kettner branch in Villingen-Schwenningen. Many customers were able to make full use of the exemption limit for identity-free purchases of currently 10,000 euros. The on-line business increased in relation to previous year by the factor 3,5. Strongly in demand is beside the classical Anlageunzen (Kr?gerrand, Mapel Leaf) above all gold in smaller denominations, like Vreneli, 1/10 ounces and combination bars, which are regarded by buyers as good crisis money.