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12 July 2011

Physical Gold Buyers Bet Against Orderly Eurozone Sovereign Debt Resolution

Buyers of physical Gold and silver coins and bars appeared to bet on an escalating Eurozone debt crisis driving precious metal prices higher at the weekend the precious metals price comparison site, reported a sharp increase in buying of coins and bars.

This was particularly highlighted against the backdrop of the traditionally flat summer period in Gold and Silver coin market activity.

As the Eurozone debt crisis threatens to spread to the larger economies of Italy and Spain, many precious metals advocates are sensing that this could be the long awaited tipping point. Eurozone debt, combined with US law makers still yet to reach a conclusion on the United States debt ceiling had Equities in retreat on Monday, Gold exceeding $1550 per ounce and Silver at around $36 per ounce.

Gold and Silver shortages in some markets appeared to ease somewhat, particularly in the UK, though this has not been reflected in premiums much with the premium on Gold Krugerrands currently around 21% in the US versus around 17% in the UK. Shortages in some specific types of bullion coins still persist, with Gold Philharmonics, very popular in Europe, still in short supply.

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