Sep 30 2008
”Vault staff are doing a lot of overtime this week” - A view from the LBMA Annual Meeting
Further news about the divergence of the futures and physichal bullion markets. In a story entitled ‘Gold set to cement safe haven status‘ the FT relates how:
Bankers at the Kyoto’s meeting said spooked investor were so deeply worried about the stability of the financial system, than rather than just investing in gold, they were placing their money into physical gold, taking delivery of bullion bars and coins, placing their investment outside the financial system.
”Vault staff is doing a lot of overtime this weeks,” a banker said.
The demand for gold coins – a popular bullion investment during crisis because its portability means it can be kept in vaults outside the financial sector – is now so intense that LBMA delegates said dealers around the world were running out of stock of popular coins such as South Africa’s Krugerrand.
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