Market Watch

Paper Price Down, Physical Still in Demand

Hard to believe that with all the soundbites that commodities are done, I found it odd that American silver Eagles were going for not $2, not $4, but $6 dollars over spot for physical. This essentially is a wash back to 28 resistance level when looking at the price of silver including spot. The paper market has slowly but surely split from physical and this is simply more proof of it. Found some interesting tidbits on physical demand…

Australia:

Gold sales from Perth Mint, which refines nearly all of the nation’s bullion, have surged after prices plunged, adding to signs that the metal’s slump to a two-year low is spurring increased demand.

“The volume of business that we’re putting through is way in excess of double what we did last week,” Treasurer Nigel Moffatt said, without giving precise figures. “There’s been people running through the gate.”

“There’s been significant sales made as people see this as great value,” Mr Moffatt said. “Gold owners are very reactive to significant market movements.”

The Perth Mint’s sales of gold coins climbed 49 per cent to 97,541 ounces in the three months ended March 31 from a year earlier

China News

Beijing gold store two hours to sell 20,000 grams of gold bullion trading volume of nearly 200 million

YCWB

People have to rush to buy gold, … gold bullion out of stock yesterday, investors yesterday to spend as much as 600 million yuan to buy 20 kilograms of gold bars

The mad pursuit gold insufficiency is not just a game for the rich. Yesterday, the Yangcheng Evening News reporter learned from the East flowers to Bay store, many growers, pork traffickers, fishmonger recently put down his job went straight to the mall to buy gold.

Japan  Reuters and The Age