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Gold Coins' Demand Jumps Worldwide as Price Falls

THE FALLING price of gold has been by the fastest jump in Gold Coins demand since the darkest days of 2008's financial crisis, according to figures from the US Mint.

Since the start of May, sales of new American Eagle Gold Coins now total 85,000 ounces, reports Bloomberg, analyzing the US Mint's data.

Gold Coins and bar demand has also shot higher at South Africa's Rand Refinery, says the newswire, with wholesale bullion dealers Standard Bank and UBS further confirming a surge in physical buying of investment units.

US Gold Coins dealer Apmex – where the standard US Gold Eagle coin costs 5% over wholesale bullion prices – told Bloomberg that "There are more factors than at perhaps any other time in history that would suggest to investors they should own gold.

Apmex enjoyed its best-ever three weeks for customers Buying Gold in April and May, according to CEO Michael Haynes.

Last week's spring festival of Akshaya Thritiya in India – home to the world's No.1 private buyers of gold – saw record demand to Buy Gold at bank counters, says the Times of India.

"Sales for Akshaya Tritiya has been unprecedented," the paper quotes Renu Mohan Rao of Indian Overseas Bank.

Only selling small bars and Gold Coins, India's banks miss the bulk of investor demand, some 75% of which still goes to jewelry. But "Gold sales in our bank has almost doubled compared to last year," says Rao.

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