This week, Reuters reported that the world’s largest gold refinery, Rand Refinery Ltd, has run out of South African Krugerrands.
The Krugerrands were first introduced in 1967 at the South African Mint. The blanks of the Krugerrand are supplied by Rand Refinery, and minted by the government.
The sold out status is apparently due to an “unusually large” order from an anonymous buyer in Switzerland. Who is the buyer, and what does this mean?
The order was for 5,000 ounces. This size order took from August 28th to September 3rd for inventory replenishment.
Gold coins and gold bullion bars have become more popular with investors as a hedge against inflation. Apparently, conflict between Russia and Georgia has increased demand as well.
Demand of gold is 25% higher this year than last with investor demand up for gold collectible coins and gold bars.
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