Investors around the world are flocking to bullion dealers amid fears that the Russian-Ukrainian war may spread beyond the borders of Ukraine, and as prices of all kinds of commodities are soaring.
In Germany, Austria, and Switzerland gold retailer Philoro reported long lines.
“When the crisis in Ukraine started, we saw massive orders,” Rudolph Brenner, founder of Philoro Edelmetalle GmbH told Bloomberg. “People are buying everything.”
Gold and silver sales rose 235 percent in the first week of the war and continued to climb at Singapore’s Silver Bullion Pte Ltd., according to founder Gregor Gregersen, who told Bloomberg, “Investors are thinking along the lines of a worst-case scenario with the war in Ukraine and are finding it prudent to buy physical safe-haven assets.” One ounce bars of gold are selling at as much as $100 above the market spot price, according to the news service.
New York’s Empire Gold Buyers, which typically purchases fine jewelry and watches for cash now has 30 percent of its customers asking that they receive gold bullion, rather than cash, for their valuables.
Surging demand for precious metals comes on the heels of a strong 2021 when global demand for bars and coins hit 1,180 metric tons, according to the World Gold Council, an eight year high.