Greece Shows Importance of Gold
Greece Shows Importance of Gold as Europeans Buy Coins and Bars
- Demand for physical gold
from Europeans surges
- Greek ATMs limit withdrawals to €60 per day
- Greeks panic buy food, fuel and medicine
- European elites threaten Greece with expulsion
- Gold not subject to capital controls or “bail-ins”
As reported in our statement - to which Bloomberg referred in their piece - we saw a significant increase in demand from the U.K. and Ireland yesterday where sales of coins and bars were three times the average of the previous three Mondays.
The Royal Mint said that Greek demand for coins in June was double the average for the last five months and the U.S mint saw the highest sales of bullion coins since January.
Bloomberg report that many buyers want to store their gold outside of the Eurozone, citing Switzerland as an example. We advise our clients to do the same and many have opted for storage in Singapore also.
As the crisis in Greece accelerates the value of owning gold will become more apparent to everyday people.
What is happening in Greece today may well await the citizenry of other developed economiestomorrow - as recently warned by well placed observers in notable institutions such as HSBC, Goldman Sachs and Fidelity.