'Unseen' and 'unprecedented' demand for bullion by rich
Wealthy investors hoard bullion
By Javier Blas in Kyoto
Published: September 30 2008 19:00 | Last updated: September 30 2008 19:00
Investors in gold are demanding “unprecedented” amounts of bullion bars and coins and moving them into their own vaults as fears about the health of the global financial system deepen.
Industry executives and bankers at the London Bullion Market Association annual meeting said the extent of the move into physical gold was unseen and driven by the very rich.
“There is an enormous pick-up in investment demand. I have never seen a market like this in my 33-year career,” said Jeremy Charles, chairman of the LBMA. “The gold refineries cannot produce enough bars.”
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