Tags: gold | demand | mint | Austria

Austrian Mint Expects 'Good Business' on Gold in Coming Months

Friday, 07 Jun 2013 11:10 AM

Muenze Oesterreich AG, the Austrian mint that makes Philharmonic coins, expects “quite good business” for gold in the next couple of months as central banks continue to print money and on wealth-protection demand.

While mints from the U.S. to the U.K. reported a surge in sales after gold’s plunge into a bear market in April lured buyers, the Austrian mint sold the same amount of ounces from January to May 2013 as in the first five months of 2012, Marketing and Sales Director Andrea Lang said in an e-mailed response to questions from Bloomberg yesterday.

“We expect quite good business for the next couple of months,” Lang said. “Same good reasons for buying gold as a year ago are still valid. Global stimulus forecasts and effectively negative interest rates are helping gold, as well as the fact that it is seen as a safe haven.”

Gold entered a bear market in April as some investors lost faith in the traditional store of value. Futures in New York slumped 13 percent in two days and have recovered 6.8 percent since the April 16 low to trade at $1,411.80 an ounce.

The U.S. Mint said this week its gold and silver coin sales may be a record this year if demand continues at the current pace. The mint sold 12,000 ounces of American Eagle gold coins this month, compared with 70,000 in May and 209,500 ounces in April.

In contrast, investors in exchange-traded products sold $6 billion worth of gold last month as they put more money into stocks and bonds, ETFGI Ltd. said June 5. Sales from gold ETFs so far this year have surpassed combined inflows over the past two years.

“Because it is seen as an anchor of stability, even central banks are investing in gold,” Lang said. “Private investors in particular have realized that physical gold is perhaps an even safer asset than ETFs.”

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Markets
Muenze Oesterreich AG, the Austrian mint that makes Philharmonic coins, expects quite good business for gold in the next couple of months as central banks continue to print money and on wealth-protection demand.
gold,demand,mint,Austria
316
2013-10-07
Friday, 07 Jun 2013 11:10 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved