Montag,06.Februar 2023

German Precious Metal Dealers Report Huge Run on Silver Coins

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Deferred deliveries foreseeable
And: A short squeeze is indicated. “Deliveries are already delayed with one or the other supplier. In any case we will have sufficient amounts for private customers at our disposal, but in wholesale disposability is currently becoming scarce. There is high demand for silver Maple Leaf, Krugerrand and 20 to 250 gramme gold bars.”, Christian Brenner said to Goldreporter.

Temporarily Heubach Edelmetall wasn’t able to offer any more silver Maple Leafs. “We have sold vast amounts of Maple Leafs on Thursday and Friday. After they were sold out we sold some 6,000 to 8,000 ounces of US-Eagles, which is quite unusual”, Andreas Heubach said.

More quiet in Austria
The surge is not a pure German phenomenon. “Since we don’t offer differential taxation on silver coins in Austria we don’t feel price corrections to the same extent here as in the branch stores in Germany. Demand for gold is overproportionally high, analogous to Germany”, Philoro’s Christian Brenner said. The precious metals specialist’s head quarter is located in Vienna.

Insight: Late last week there was another harsh slump on precious metal prices. Silver prices fell more than 6 percent from Wednesday to Friday, which even when calculated in Euros was still a 5.3 percent plunge. On Friday night an ounce of silver was only $ 16.19 (€ 12.92). This was the lowest level since February 2010.

Gold ended last week’s trading at $ 1,172, an equivalent of 935 Euros per troy ounce, but calculated in Euros the gold price is still around 7 percent in the black. Annual loss on silver currently amounts to 17 percent, respectively 9 percent (in Euros).



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