Thursday, December 11, 2008

Cash For Gold Smashes Records...

The Motley Fool website reported last week that “Gold Buyers Smash Records!”

Although spot price of gold has fallen 20% from the March 2008 high, demand is still up. Mints have been running at full capacity and ETFs are hunting for physical gold to back up investment demand. The World Gold Council released the following facts:

  • Gold demand in Q3 was at $32 billion, beating the 2nd quarter by 45%.
  • Investment demand, including ETFs, rose to $10.7 billion – double earlier demand in the year.
  • Retail investment rose 121% in Swiss German and U.S. markets.
  • France became a net investor in gold for the first time since the early 1980s.
  • Demand for gold jewelry hit a record of $18 billion, led by India, the largest consumer of gold in the world.
  • Supply has fallen 9.7% than earlier in the year.

The article also predicts that gold will preserve buying power as the dollar and euro face price inflation…..Also pay attention to the mining companies themselves – their shares are sure to rise…..

Read the article in its entirety here.

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