The Truth About Buying Gold In Europe
Gold demand in Europe is extremely high. Sovereign gold coins, as Bloomberg covers, were selling at double the five-month average in June, according to the UK Royal Mint. Sales last week were the highest since Cyprus limited cash withdrawals in 2013. The Germans, French and Greeks are leading the buying.
“Most of our common gold coins are sold out,” Daniel Marburger, a director of Frankfurt-based CoinInvest.com, told Bloomberg. “When people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold.”
Some analysts have claimed that there are no gold coins in Europe. It started with Martin Armstrong’s blog here, as people seemingly misunderstood what he was talking about. He cleared that up.
Some people have misread my posting on an observation in Spain. The retail sale of gold coins was virtually nonexistent in Spain. This is not a shortage of gold. In Italy, bullion coins were being sold in stores.
It is France that is after gold coins, demanding no cash sales and reporting on buyers and sellers. Even the rare coin shows have left Paris for the dealers refused to comply with such reporting. The French were driving to Belgium to deal in gold and the French government was complaining about that.
Even the banks are requiring an explanation for every deposit in an account to get a mortgage in the USA. Gold refiners are now required to report to the U.S. government every shipment of gold, reporting where it comes from and where it went.Others echoed this sentiment.
Others financial analysts parroted the reports, but on Reddit a discussion thread started immediately to analyze the notion of problems getting gold in Europe. In this thread, which can be found here, numerous commenters highlight that there are no problems buying gold in Europe.