"Gold climbed $33.90 or 2.37% yesterday to $1,464.30/oz and silver surged
+4.83%.
Gold has surged 4.9% in dollar terms so far this week and is headed for its
biggest weekly gain in one-and-a-half years. Gold has recovered in all
currencies and is up by 4.8% in euro terms and 3.7% in sterling terms.
Therefore, gold has recovered nearly half of its recent sharp decline and is
now just 7% below its price ($1,560/oz) prior to the futures induced sell off on
April 12th and 15th.
The manipulated sell off on the COMEX has led to bargain hunting and a surge
in physical coin and bar buying internationally. Gold bullion inventories on the
COMEX are being depleted rapidly (see chart and data below) and certain bullion
products are either out of stock or production and distribution has been
suspended.
The gold sell off has stoked a frenzy among coin, bar and jewelry buyers from
China to India and the U.S. and Europe.
Government mints and refineries around the world have confirmed that demand
for bullion coins and bars is surging and they are struggling to keep up with
the demand as are brokerages who are running out of stock, particularly of
smaller coins and bars.
The Perth Mint has experienced “unprecedented activity” and one of its
busiest weeks ever. Some customers are experiencing “long delays” in securing
certain bullion coins and bars.
The Perth Mint have suspended production of many silver bullion products
(2013 Australian Lunar snake silver bullion coins - 1 kilo, 10oz, 5oz, 2oz,
1/2oz and 2013 Australian Kookaburra silver bullion coins - 10oz. 1oz and 1/2oz)
but is continuing to offer 2013 Australian Kookaburra silver bullion coins (1oz
and 1 kilo).
Many bullion dealers internationally have been cleared out of stock and
buyers have to be less selective in which coins and bars they buy. This is
leading to rising premiums on coins and bars and to delays in buyers receiving
their bullion.
The U.S. Mint’s sales of gold coins are heading for the highest in almost
three years following the biggest plunge in futures prices since 1980..."
at http://www.zerohedge.com/contributed/2013-04-26/mints-refineries-brokerages-out-stock-comex-gold-inventories-plummet
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