After suffering a massive 28% loss last year, gold prices have begun to rebound in 2014 as investors are eager to scoop up the yellow metal at a steep discount. Strong global demand has helped gold rally for five straight weeks, which is the longest such streak since September 2012. And now a new report reveals that sales of gold coins have become so strong in recent weeks that many global mints are struggling to keep up with demand — despite manufacturing gold coins as fast as they can. According to Bloomberg:
“Austria’s mint is running 24 hours a day as global mints from the U.S. to Australia report climbing demand for gold coins… Austria’s Muenze Oesterreich AG mint hired extra employees and added a third eight-hour shift to the day in a bid to keep up with demand. Purchases of bullion coins at Australia’s Perth Mint rose 20 percent this year through Jan. 20 from a year earlier. Sales by the U.S. Mint are set for the best month since April, when the metal plunged into a bear market.”
The report also adds:
“The U.S. Mint, the world’s largest, sold 89,500 ounces so far this month. The Austrian mint that makes Philharmonic coins, saw sales jump 36 percent last year and expects “good business” for the next couple of months, Andrea Lang, the marketing and sales director of Austria’s Muenze Oesterreich AG, said in an e-mail.
“The market is very busy,” Lang said. “We can’t meet the demand, even if we work overtime.”
FTMDaily believes that precious metals will resume their uptrend in 2014 as more investors demand exposure to the under-owned asset in their own portfolios. Precious metals are on sale. And based upon the strong demand we are currently witnessing, the next major leg up in gold and silver is still in the warm-up phase.
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