Austrian Mint Running Around the Clock on Gold Coin Demand

Bloomberg reported that in order to keep up with demand for gold coins, Austria’s mint has hired extra employees and is operating 24 hours a day. The United States, United Kingdom and Australia are also seeing increased demand for bullion.

As quoted in the market news:

Global mints are manufacturing as fast as they can after a 28 percent drop in gold prices last year, the biggest slump since 1981, attracted buyers of physical metal. The demand gains helped bullion rally for five straight weeks, the longest streak since September 2012. That won’t be enough to stem the metal’s slump according to Morgan Stanley, while Goldman Sachs Group Inc. predicts bullion will ‘grind lower’ over 2014.

‘The long-term physical buyers see these price drops as opportunities to accumulate more assets,’ said Michael Haynes, the chief executive officer of American Precious Metals Exchange, an online bullion dealer. ‘We have witnessed some top selling days in the past few weeks.’

Click here to read the full Bloomberg report.