Gold News

German dealers note surging demand to buy gold

Gold dealers in Germany are being inundated with requests to buy the precious metal as the financial crisis continues to heighten its appeal with investors.

Berlin newspaper Berliner Zeitung reported today (October 8th) that Germans are dumping stocks and shares in their droves as they look to the safe haven of physical gold.

The trend is growing to such an extent that some dealers are having major difficulties securing enough gold bullion to satisfy demand, while retail banks are also struggling.

Heiko Ganss, head of the Berlin branch of gold merchant Pro Aurum, told the newspaper: "Demand is running well above our capacity to supply."

Some commentators have predicted that the $700 billion bailout of the US banking system and similar rescue deals across the globe will deter gold investment.

However, Stephen Henkel, from Umicore, a company which presses gold bullion bars, has explained that such sentiments are certainly not being felt in Germany.

"Demand has exploded in the past few days. Currently, demand is about ten times what it is at normal times," he said.

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