Panic Buying Of Physical Gold In Europe Threatens Depletion Of Austrian Mint

[Ares]

When global governments refuse to act responsibly toward their currency, the people will create their own currency. Welcome gold.

( NAW ) 05/12 08:57AM AUSTRIAN MINT SAYS SOLD 243,500 OZ GOLD IN COINS AND BARS IN LAST 2 WEEKS, MORE THAN IN ENTIRE Q1

( NAW ) 05/12 08:58AM AUSTRIAN MINT SAYS GOLD ORDERS COMING ENTIRELY FROM EUROPE IN LAST FEW WEEKS, SIGNS OF "PANIC BUYS"

http://www.zerohedge.com/article/panic-buying-physical-gold-europe-threatens-depletion-austrian-mint

[Celtic Rogue]

Smiles.... and watches... and Smiles!!!!

[Twisted Titan]

You think there is panic now???

YOU AINT SEE NOTHING YET.

Wait till rich people who think having alot of paper cash will bump them to the head of the line only to find out that it dont work that way in the physical markets

First come, First served everybody else is SOL.

Oh that will be fun, fun fun to watch.

T

[Awoke]

Here's hoping!

;D

[Ponce]

I did pay a lot for my 20 oz of Maple Leaf, $565.00 each.........silver in the other hand $5.16 per oz, average.

[Neuro]

I just love to be proven right!

[InsurgentWolf]

When global governments refuse to act responsibly toward their currency, the people will create their own currency. Welcome gold.

( NAW ) 05/12 08:57AM AUSTRIAN MINT SAYS SOLD 243,500 OZ GOLD IN COINS AND BARS IN LAST 2 WEEKS, MORE THAN IN ENTIRE Q1

( NAW ) 05/12 08:58AM AUSTRIAN MINT SAYS GOLD ORDERS COMING ENTIRELY FROM EUROPE IN LAST FEW WEEKS, SIGNS OF "PANIC BUYS"

http://www.zerohedge.com/article/panic-buying-physical-gold-europe-threatens-depletion-austrian-mint



The Financial Times today reported:



The Austrian Mint has sold 108,000 ounces of Vienna Philharmonic coins in the past two weeks, more than the 89,100 ounces it sold during the first three months of the year.


see here (http://gold-silver.us/forum/gold/u-s-gold-coins-sales-soar/msg41025/#msg41025)

so, which numbers are correct? ???


Maybe both are correct? One is just Phils, the other is Phils + else?

[Neuro]

Bars and coins vs only coins... Wait until Comex and London can't deliver anything, and the ones who thought they bought gold in ETFs finds out how much their "ounces" are really worth... Then you will see real panic buying of epic proportions... We haven't seen anything yet!

[TheNocturnalEgyptian]

Historic High Gold Prices...Panic Buying...


Those two together means that we will see a strong correction. Those who control the gold markets love to burn/spurn the newbies who buy in.


If they bought at the top, you better believe it won't stay the top for long.

[JohnQPublic]

Usually panic buying is for a reason. IF the reason is correct, then there may be no correction. Europeans, especially Germans (http://gold-silver.us/forum/general-discussion/germany-to-reintroduce-the-mark/), do have some good reasons to buy.

And if the panic buying kills the shorts on COMEX/LBMA, then an even bigger, more real rise may occur.

[TheNocturnalEgyptian]

Well that's certainly true. If this is *it*, it is better to be in at the top than not at all.

But this DOES provide an incentive to keep the music going a little longer: fleece the panic buyers!

[gunDriller]

You think there is panic now???

YOU AINT SEE NOTHING YET.

Wait till rich people who think having a alot of paper cash will bump them to head of the line find out that it dont work that way in the physical markets

First come, First served everybody else is SOL.

Oh that will be fun, fun fun to watch.

T



theoretically, this will occur close to the time family members who have had to console us about our boating accidents start calling us because they want to buy some.

[cigarlover]

Bars and coins vs only coins... Wait until Comex and London can't deliver anything, and the ones who thought they bought gold in ETFs finds out how much their "ounces" are really worth... Then you will see real panic buying of epic proportions... We haven't seen anything yet!


The ETF's arent going to be an issue. People in the ETF want more paper and they will get it.

[gunDriller]

OK who's the geekiest gold geek here ?

we should be able to figure out, at the present rates of buying, how long before shortages are commonplace - even at the increased prices ?

it seems like gold stocks (inventory available to manufacturers like Austria mint) are decreasing. gold stocks can't reproduce and make baby gold, like fish stocks can.

it sounds like inventories will be getting tighter - even with the increased prices.

Apmex is down to 25 Krugerrands in stock (1 ounce)(random year). They're already out of 1 ounce Gold maples (random year). Then there tends to be a domino effect - people who were going to get Krug's or Maples go for the Eagles.

i figure if we had all the numbers, and the gold production numbers, and the inventory numbers, we'd have a better picture of the balance between production, existing inventories, industrial consumption, and investment consumption.

[JohnQPublic]

...Apmex is down to 25 Krugerrands in stock (1 ounce)(random year). They're already out of 1 ounce Gold maples (random year). Then there tends to be a domino effect - people who were going to get Krug's or Maples go for the Eagles...




GSUS-APMEX Precious Metals Retail Supply Index (http://gold-silver.us/forum/gold-silver-precious-metals/apmex-precious-metals-retail-supply-index/)

[Neuro]

Bars and coins vs only coins... Wait until Comex and London can't deliver anything, and the ones who thought they bought gold in ETFs finds out how much their "ounces" are really worth... Then you will see real panic buying of epic proportions... We haven't seen anything yet!


The ETF's arent going to be an issue. People in the ETF want more paper and they will get it.

Actually it will be an issue, when physical gold goes up in price, and ETF gold which is based on futures trading on Comex goes down, due to delivery failure. The demand for physical will grow exponentially... I think the decoupling has just started, when the physical is depleted from the likes of Austrian mint, with no real opportunity to get more from the exchanges, it will start to dawn on people who thought they bought a hedge for inflation and financial turmoil how royally screwed they were!

[undgrd]

Is there any obligation (legally) for the Austrian Mint to supply the market with Gold and Silver coins?

They may want to hold on to bullion as a government so you may see supply from them dry up before supply they have access to does. They could stop minting sooner even if they have bullion to stamp out blanks.

[gunDriller]

is it really panic buying - or are they just getting smart ?

they got screwed enough buying American mortgage backed securities. i'm surprised Europeans buy anything that comes out of America or London besides physical gold (that's been assayed to make sure it's not tungsten.)

the US & London financial centers have so totally un-earned the world's trust. Jeez, if I was a European, I'd want one of these on my breakfast table ~

http://www.apmex.com/Resources/Catalog%20Images/Products/45792_Obv.jpg

[Awoke]

I have only been into PMs for a couple years, but I don't understand panic buying. It goes against my logic. I watch the charts, and they are volatile on a daily basis. Manipulated beyond imagination sometimes, but they are dependably volatile.

When I see PMs chart upwards to high numbers, I don't run out to buy physical. Instead I sit on physical and play a small time paper game.

After seeing Gold or Silver cap out a record numbers, and the I see an aggressive dip in the price, then I buy physical. I don't get this whole "Panic buyer" mentality.

Buy low. Sell high. Seems simple. Am I missing something?

[Ironfield]

Not missing anything at all Awoke. It takes steady hands and a strong mind when it comes to investing. I just wish the "correction" shows up in the near future to further load up on the metals.

-Ironfield

[Neuro]

Awoke I think it depends on how you view gold, as an investment or as an insurance. If you see a trainwreck occurring and you don't have an insurance. Then it would seem prudent to rush out to buy said insurance no matter what the price is... If you allready are awake and got your insurance policy long ago you can afford to sit back, and even sell some of your investment... My guess is that a lot of the panic buying is coming from folks that have a lot of money, but until today have been asleep to the financial trainwreck we have in front of us. From their perspective panic buying makes perfect sense, possibly or even probably the immediate risk of the train derailing can be avoided and as things calm down gold will go down...