In uncertain economic times, Germans are dumping stocks and shares to take refuge in precious metal, accoring to a Wednesday article in Composer Mauricio Kagel Dies at 76 in Germany ...
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Heiko Ganss, head of the Berlin branch of gold merchant Pro Aurum, told the
Berliner Zeitung newspaper that most gold traders were refusing new orders, as they couldn't meet the current demand.
"Demand is running well above our capacity to supply," he was quoted saying, saying retail banks in Germany were also unable to meet demand.
"Exploding demand" Gold traded in London at $913 (656 euros) per troy ounce on Wednesday morning, up from $876.75 late Tuesday.
"Demand has exploded in the past few days," said Stephan Henkel, a gold broker at Umicore, which presses gold bars and coins and puts them on sale.
Delivery times were running at two to four weeks.
"Currently, demand is about 10 times what it is at normal times," he said.
(Deutsche Welle)
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