German magazine Goldreporter has revealed that precious metals dealers all over Germany experienced unusually high sales volume last week and over the weekend on the backs of lowered prices for gold and silver. Wholesalers are reportedly already planning for delayed deliveries.
Andreas Heubach, CEO of Heubach Edelmetalle in Nuremberg said “On Thursday and Friday people had to draw numbers in order for us to control the run… both days we sold each around 40,000 silver ounces – incredible. Demand is back – and hysteria as well”
Christian Brenner, CEO of Philoro Edelmetalle GmbH in Leipzig and Berlin said “The run is tremendous, even today on a Saturday.”
René Lehmann of Münzland in Dresden said “Run is not the right expression. We’ve seen up to 80 percent of our regular customers taking advantage of the slide to build up more positions. On those two days, on Thursday and Friday, we made approximately 50 percent of our monthly revenue”
After already high sales for September, sales for over-the-counter retail gold in October was up 100 percent with online sales increasing more than 300%. The buyer-to-seller ratio has been reportedly at 50 to 1.
“On Thursday demand had improved considerably. On Friday we had 250 percent more business (tickets) than on average in the weeks before. But it were rather gold bullion and coins that people focused on. Silver demand rose about 1.5 times.“ stated Robert Hartmann, CEO of Pro Aurum.