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07 September 2010

Gold and Silver edge closer to the mainstream

Demand for hard assets strong as high street bank customers start asking about buying Gold and Silver at the counter

We have said before on that we think that Gold and Silver are edging closer to the world of mainstream investment. This trend was further underlined to me personally in the somewhat unlikely setting of a provincial branch of a mainstream bank today.

Having been personally invested in physical Gold since August 2004, I received nothing but snorts of laughter from "investment professional" acquaintances for my decision. Over the past 6 years, attitudes towards my Gold holding status from these professionals has turned from snorts of laughter, to warnings that Gold doesn't earn a return, doesn't perform over the long term, is in a bubble, to finally outright interest in how, when and who to buy from.

Even so, it was my view that Gold and Silver are still far from the radar of the average man in the street. I always expected this to change, and today I got the first indication this is starting to happen. In a conversation with my Bank Manager in the local branch, he indicated to me that the bank regularly receives enquiries, in branch from customers wanting to buy Gold. Not a Gold fund, or an ETF, but physical Gold. The shiny yellow stuff. This is not a branch of Coutts or some other bank frequented by sophisticated wealthy investors but a Hertfordshire branch of a high street bank.

This is a significant shift in attitude and may indicate a large unrealised sector of Gold Investment demand. Depending on how fast and far it develops, will almost certainly pile additional demand on physical Gold and Silver bullion supplies.

Today on premiums were showing some life as keen buyers proliferated, US 1 Ounce Gold Bars trading at around 7% over fix with US Silver 1 ounce Bars trading at around 18% over fix.

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