German precious metals dealers report a rapid increase in demand for gold and silver following the announcement of a harsh nationwide lockdown.
Gold and silver / Lockdown
Gold and silver in the form of coins and bars are experiencing an enormous surge in demand at German precious metals dealers. On Wednesday, a nationwide lockdown goes into effect in this country to curb the high COVID-19 infection numbers. The Robert Koch Institute reported 27,728 new infections within 24 hours this morning. Last Sunday, the prime ministers had agreed on the closure measures in coordination with the Federal Chancellery. The German precious metal trade is also affected by this. And the reports a rapid increase in demand for gold coins, gold bars and silver coins.
Precious metal retailers
Henry Schwarz, managing director of Anlagegold24 explains to Goldreporter: „On Sunday when the renewed big lockdown was announced, our daily turnover doubled within minutes. This shows me what a great value precious metals have in the lockdown situation.“ Dominik Kettner, from Kettner Edelmetalle, reports: „The demand for us has tripled to quadrupled. And Andreas Heubach of Heubach Edelmetalle in Schwaig near Nuremberg also confirms: „The demand is huge – on the doorstep and also online“. With the recently already tightened security requirements for retailers, fewer customers per sales floor have recently been getting into the stores.
Raphael Scherer, Managing Director of Philoro Edelmetalle GmbH reports, „With the announcement of the hard lockdown last week, demand increased significantly once again. We recorded a strong rush of customers in all branches and there were long queues in front of the branches. Online business also picked up strongly, although not as strongly as store business.“ And he elaborates, „Demand for coins and bars was significantly stronger throughout the year than in the previous year. With the start of the lockdown light in November, demand for precious metal products increased sharply once again and precious metal producers barely kept up with production.“
„People are hoarding gold,“ says Tim Schieferstein, managing director of Solit Management GmbH (GoldSilberShop.de). „Especially in our retail store in Mainz, but also at our regional on-site partners, we were able to record a real run on Monday. The customers stood at times circa 50 meters in line. Memories of the strong run on the occasion of the lowering of the cash border for anonymous purchases in the last December become awake „.
Translated with www.DeepL.com/Translator