Wed, 12th May 2010 14:49
By Boris Groendahl VIENNA, May 12 (Reuters) - The Austrian Mint, which produces the popular Philharmonic gold coin, sold more gold in the two weeks from April 26 than in the entire first quarter of the year because of soaring demand in Europe, it said on Wednesday. The mint sold 243,500 ounces of gold in coins and bars in that period, compared to 205,000 ounces in the entire first three months of the year, marketing director Kerry Tattersall told Reuters in a phone interview. 'Demand is exclusively from Europe, we haven't had any orders from the United States and Asia in the last few weeks,' Tattersall said. 'That's a clear sign that there is panic buying because of concerns about Greece and the euro.' LINK...
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Most Europeans understand that Gold is a safe haven currency because they have the cultural history to back it and they understand currency fluctuation much better than most westerners. For the elderly in Germany, they can still recall what it means to have hyper-inflation. During the Weimar Republic people were carting wheel barrels of paper money to buy a loaf of bread. GCC
By Boris Groendahl VIENNA, May 12 (Reuters) - The Austrian Mint, which produces the popular Philharmonic gold coin, sold more gold in the two weeks from April 26 than in the entire first quarter of the year because of soaring demand in Europe, it said on Wednesday. The mint sold 243,500 ounces of gold in coins and bars in that period, compared to 205,000 ounces in the entire first three months of the year, marketing director Kerry Tattersall told Reuters in a phone interview. 'Demand is exclusively from Europe, we haven't had any orders from the United States and Asia in the last few weeks,' Tattersall said. 'That's a clear sign that there is panic buying because of concerns about Greece and the euro.' LINK...
************************************************
Most Europeans understand that Gold is a safe haven currency because they have the cultural history to back it and they understand currency fluctuation much better than most westerners. For the elderly in Germany, they can still recall what it means to have hyper-inflation. During the Weimar Republic people were carting wheel barrels of paper money to buy a loaf of bread. GCC
