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Demand for gold exceeds supply as Germans seek safe haven

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Demand for gold exceeds supply as Germans seek safe haven
Photo: DPA
08:48 CEST+02:00
German gold dealers aren't taking any more orders as demand for the commodity intensifies due to the global financial crisis, daily Berliner Zeitung reported on Wednesday.

“The demand exceeds our capacities by a great deal,” Heiko Ganß, head of precious metal company Pro Aurum told the paper, adding that the run on gold bars and coins is going on worldwide.

“The requests cannot be satisfied right now,” a dealer from the Düsseldorf WGZ Bank confirmed.

Delivery times are also suffering from the gold rush. “The demand for gold as a conservative investment has risen dramatically, Stephan Henkel, a gold dealer for Umicore told the paper, adding that delivery times have risen to between two and four weeks. “Right now the demand is about 10 times as high as in normal times,” he said.

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