Queues for coins as gold rush starts again
by Philip Scott
Gold: The rush is back
on for the precious metal and investors have
been snapping up coins such as the American
'You have to choose, as a voter, between
trusting to the natural stability of gold and
the natural stability and intelligence of the
members of the government.
'And with due respect to these gentlemen, I
advise you, as long as the capitalist system
lasts, to vote for gold.'
It would seem that the above maxim from Irish
playwright, George Bernard Shaw, is ringing very
true during these uncertain times.
As faith in the banking and political system
rapidly flounders, nervous savers are once again
rushing to that most traditional of safe-havens;
gold and demand for the metal in physical form
London based, international gold dealers, ATS
Bullion, has enjoyed a surge in business as a
result of wary savers wanting to get into the
'safety net' of gold.
Sandra Conway of ATS Bullion says: 'People
appear very keen to get into gold.
'Our turnover has probably doubled in the past
year and in the past few weeks alone we have
seen a very large rise in interest in gold. We
have actually had queues of people here.'
After reaching the landmark $1,000 per troy
ounce back at the start of the year, the price
of gold pulled back, today it is trading at $880
And despite the rush to the precious metal,
presently there are very few sellers of physical
Manufacturers of gold bars and gold coins across
the world are desperately attempting to keep up
with the rise in demand, however stocks are
diminishing, especially sought after Krugerrand
Named after Paul Kruger, who led the Boer
resistance to the British at the turn of the
19th century, the coins were first minted in
South Africa in 1967.
During the 1970s and 1980s it was illegal to
import Krugerrands into the UK because of
apartheid, but they are in high demand and the
£547 coins are being quickly scooped up by
But so large is the demand that the Rand
Refinery is now open all week long, as is the
Austrian mint, which all manufacturers gold
The US Mint has even been coerced into stopping
sales of its American Buffalo solid 24 carat
gold coin because it was running out and limited
the availability of the 22 carat American Eagle.
The Mint had sold 164,000 of the coins this
year, up 54% from the same period a year ago.