• Call Contact
  • Help Help
Cart
 
Banner
BullionStar

BullionStar

In this blog, BullionStar shares what's happening inside BullionStar
as well as news and research from the local and global precious metals markets.

Oxi (No) is the Vote; Increased Demand For Gold

  • Date
  • Author BullionStar
  • Comments 4 Comments

PRESS RELEASE

 6th July 2015
For immediate release

Singapore: Demand for physical gold has increased significantly in the last week leading up to the Greek referendum and is expected to continue to increase following Sunday’s outcome of the referendum with 61 % voting No.

Mr. Torgny Persson, CEO of BullionStar Pte Ltd says: ”Demand for gold has more than doubled in the last week compared to previous weeks and is at much higher levels than what is normal for the season. We’ve seen a large influx of new customers not only concerned about the Greek situation but also concerned about the state of the global economy with its unprecedented debt levels.”

Gold refineries and wholesalers around the world are likewise reporting higher sales and people are concerned about the risk of looming gold shortages.

Mr. Persson continues “We are still well stocked on most products but replenishing is starting to become more challenging. If the demand continues, there’s a risk for delivery delays ahead.”

The Greek debacle shows the advantage of holding gold bullion when capital controls are introduced.

Gold is keeping its value over time, gold is liquid and gold is a great asset to preserve wealth and savings in over time.

Greeks saving in gold would have had their savings accessible with no risk of losing their deposits from a potential bail-in.

Mr. Persson on the gold price development: “The price of gold has been fluctuating in a narrow range this year, up 0.6 % since the start of the year. Increased physical demand doesn’t paradoxically enough always translate to increased prices as the price of gold is set on the paper markets. As part of a hedging strategy, when people choose to sell their paper gold and buy real physical gold, the price may actually decrease even though there is no net change in holdings.”

Snap3
Source: BullionStar Charts

Media contact:
Mr. Luke Chua, Sales Manager BullionStar Pte Ltd
E-mail: luke.chua@bullionstar.com
Phone: 6284 4653

We use cookies to enhance the user experience and to analyse traffic. Cookies are also used for the purpose of handling our system and services. By using our website, you accept that cookies are used. You can change the usage of cookies in your browser. The usage of cookies and the collection of customer information by BullionStar is guided by our Privacy Policy.