Demand for physical gold has soared. Okay, so that hasn’t shown up significantly in the spot gold price yet but that’s likely to come soon, some analysts say.
“Physical gold is disappearing off the market at a terrible rate. As soon as that really starts to hit I think gold goes through the roof,” Jim Walker, founder and CEO of Asianomics told CNBC. “That’s one of our biggest longs for the year.”
Mints from Austria to the U.S. and U.K. have reported huge demand for gold coins in recent months as a slump in gold prices last year spurred buying of physical metal.
The Perth Mint, which runs Australia’s only gold refinery, said on Monday that sales of gold coins and minted bars rose 10 percent to 64,818 ounces of gold in January in the latest sign of firm demand for gold bars and coins.
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Mingze Wu
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