The Greeks Are Running Towards Gold As The Retail Demand Increases By 123%

British-Gold-Sovereign

The Greeks Are Running Towards Gold As A Safe Heaven As The Retail Demand Increases By 123% (Sprout Money, Feb 15, 2015):

But wait, we should have a look at the CBG’s statement that there was no demand increase. According to the official numbers from the Greek Central Bank, it sold almost 5,900 golden British Sovereigns in January whilst it sold a total of 7,857 coins in Q4 2014. If we would extrapolate the 5,849 coins in January, we would end up with a quarterly sales rate of 17,500 coins, or more than TWICE the sales for Q4 2014. That’s a 123% increase, but the central bank is stating it hasn’t seen a noticeable increase. Maybe their and our definitions of ‘noticeable’ are different, but if the demand for gold suddenly more than doubles, we wouldn’t really describe it as ‘no change’.

Gold-101

Leave a Comment