Gold Tumbles Despite UK Mint Seeing Europeans Rush To Buy Bullion

Tyler Durden's picture

European investors are increasing purchases of gold as Bloomberg reports, Greece’s turmoil boosts the appeal for an alternative to the euro. Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an e-mailed statement.As one Frankfurt-based bullion dealer noted, "most of our common gold coins are sold out, when people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold."

Emailed statement from UK Mint...

“During June, we experienced twice the expected demand for Sovereign bullion coins from our customers based in Greece,” accord. to e-mailed statment from U.K. Royal Mint.

*  *  *

As Bloomberg reports,, an online retailer, said sales on Saturday and Sunday were the highest since Cyprus limited cash withdrawals in 2013, driven by a jump in German, French and Greek buyers.


Investors are searching for a safe haven after Greece imposed capital controls, closed banks and stopped selling gold coins to the public until at least July 6. German Chancellor Angela Merkel and French President Francois Hollande have signaled they’ve reached the limits of their ability to safeguard Greece, offering the government no further concessions to step back from the brink.


“Most of our common gold coins are sold out,” Daniel Marburger, a director of Frankfurt-based, said by phone. “When people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold.”


GoldCore, which buys and sells bullion, reported coin and bar demand increased “significantly” on Monday. Sales to U.K. and Ireland today are about three times the average level for the past three Mondays, according to an e-mailed statement from the Dublin-based firm.


BullionVault, which operates the largest online physical gold trading platform, reported a jump in sales during the first half of this year, a sign of a broader increase.


Customers globally added 1.4 metric tons of gold to their account, the biggest increase since 2012, the London-based company wrote in a press release. More clients want their gold stored in Switzerland, a country that isn’t in the European Union, Adrian Ash, head of research at BullionVault, said by telephone.

But despite this demand, gold "prices" are gettiung hammered after an initial spike...


How is this possible? Simple - Thank Benoit!

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This is it's picture

It's hammer time!!!! MC Hammer style!

Captain Debtcrash's picture
Captain Debtcrash (not verified) This is it Jun 29, 2015 8:49 AM

Well the central planners can't have gold perceived as a safe haven after all.  Gives more weight to the ridiculous concept touted by financial commentators and advisors that you should not own any.  The realization on gold's ability will be realized by the general investing public at the exact time they can not protect themselves with it due to no one selling. 

joseJimenez's picture

LOVE IT! They can keep manipulating and I keep buying

AllThatGlitters's picture

Gold has almost returned to where it started:

Live Gold Price:

Technicals no longer matter? Maybe they do. After a breakout, wait for the pullback to the breakout point, right? It's always been that way.

Let's see if it takes off from here. Can't really pass judgement until we see if there is a "confirmation" move back up, and through the initial peak.

LOL - I'm just having fund talking like a technical analyst.

I honestly don't know where gold is headed next, or when. I just know it's cheap.

BaBaBouy's picture

LIKE I Posted Yesterday, The FIRST THING That The World Keynesian Fiats Banking Cabale Will Do Is ""SELL PAPER GOLD"". This Is Their Prime #1 Defence And GOTO Move... SELL PAPER GOLD And Flood The PM's Markets Across The Globe...
NO Keynesian TROUBLE Here People, Move Along Now...

Took Red Pill's picture

Conventional wisdom has been thrown out the window. Just do the opposite of what you think should happen;

Haole's picture

Throwing wisdom out the window has become commonly conventional...

Save_America1st's picture

Funny how all the phyzz gold haters think gold is worthless when it's still 50% higher today in fiat dollar price than it was back during the 2008 collapse when it was around 850/oz.  And here we are now 7 years later at the collapse point once again, only this time it's all so many multiples and Trillions worse than 2008 that nobody knows how bad things are really going to get. 

Ask those gold haters if gold is worth more dollars today than back then because anything changed per each ounce of gold or if it's because all fiat has been depreciated by that much against gold since 2008 and watch them do backflips trying to figure out excuses for how that could possibly be.  lol

When they can't come up with anything factual or logical you'll get the standard, "Well, you can't eat gold!" response and then they'll probably call you a racist just for good measure.  LOL


jakesdad's picture

" "Well, you can't eat gold!"


well, you can't eat bits in a computer either but unlike physical gold they are trivially stolen (btw - paper gold is no less bits in a computer than a cds, stock, etc) and/or diluted.  I'm heavier (pardon pun) silver for now but & thinking about what's the right ratio and/or trigger points to rebalance.

fredquimby's picture

I'm heavier lead than both my gold or silver put together atm.

Soul Glow's picture

You can't eat bullets.

We'll on second thought.


Waylon Bits's picture
Waylon Bits (not verified) Soul Glow Jun 29, 2015 10:26 AM

Bitcoin is doing fine you dumb cunts!

UndergroundPost's picture

Bitcoin...can be hacked, erased, controlled by smart government programmers, stolen and duplicated. Nothing to hold, no physical possession possible, no historic track record of stability and will eventually corrupt (yes, the 2nd Law of Thermodynamics even applies to bitcoin.) You'd have to be as stupid as a Central Banker to put even a bit of faith in crypto-currency. Gold is the exact opposite. Nuff said beetchez

Kaervek's picture

Bitcoin can neither be hacked, nor erased, nor controlled, nor duplicated. There is no possibilty to counterfeit a single Bitcoin.

You can store your Bitcoin in ways that are simply impossible with gold, security-wise this technology is unprecedented. If some shitty exchange gets hacked, that's not "Bitcoin" getting hacked but some website. Websites get hacked all day. Today it is practically impossible to "hack" Bitcoin, you would need a server farm magnitudes stronger than everything Google and Microsoft could even offer together.

Physical possession of your keys is indeed possible, I don't know why you would lie about this, maybe you really don't know how Bitcoin works. I have my keys written down on a piece of paper and that is actually the only way to possess those Bitcoin of mine, so I'd call it physical. I could give you the paper and you would have total control over the money. What more do you want?

6 year track record of growth, the only downside being some volatility. Although within the last months price has stabilized unlike anytime before.

So you are holding out on one crazy investment opportunity - but you will also pay the price for your ignorance so it's all fine. I really like gold too, but it's not the only player out there.


Non Passaran's picture

It wasn't hard to know what must happen on a day like this. 

I hope to god stawks finish in green. Investors who display confidence certainly deserve to be rewarded for playing their part.

BaBaBouy's picture

BITCOIN Still Harder To Manip, Paper GOLD Is Just Bits And Bytes In The HFT Machines...

Praeda2's picture

Fitting name for a moron.

1% of the Bitcoin Community Controls 99% of Bitcoin Wealth

Should I show you some of the trading platforms for it as well? Are you just completely clueless?

Oh what you 'wrote last night' am sure we were all supposed to remember that. Guy who owns so little gold he can carry it with one hand. You know NOTHING about futures markets or hft or anything. You come from Howard Stern and Alex Jones websites. You don't belong here.

tmosley's picture

That article only shows that for every address with significant funds (more than a few dollars worth), there are a hundred out there with little or nothing in them.

That's like saying gold is bad because 99% of safes don't have any gold in them.

Having lots of empty addresses is good.  It suggests that people are using them as throwaway addresses to preserve their privacy.

You should be less biased.

BaBaBouy's picture

PAGE 14 Of The Official TROLLs Guide:

When You Have NO Valid Arguments To Make, Always Turn To Personal Insults.


daveO's picture

For how long can they manipulate? That's my question. I still believe they raided the US gold stash in mid April 2013, about 3 weeks after Cyprus. We'll probably see another leg down in the gold market within the next month. This would mean they still have some barbarous relics laying around in the NY FED vault. If we don't, the bottom may very well be here.

fockewulf190's picture

Isn´t options experation for gold tomorrow at the LBMA ?  Can´t have anyone be in the money now can they.

Salah's picture

But what happens when it's revealed the US has a secret base on the Moon with about half-million tons already mined/refined? 

You gold guys will really be in a world of hurt.

oddjob's picture

Extraplanetary mining?.....seems plausible that that is easier than a simple audit of Ft. Knox.

HowdyDoody's picture

Musk is the 'go to' man for space technology!

jaxville's picture

Captain.... You hit the nail on the head.   Buy it now while you can get it.  Few realize how little gold is available for the retail trade.  It would not take much buying to clean out all the retail inventory.  I suspect that if we saw panic buying on a large level,  the mints and refineries that produce retail product would be prohibited from supplying vendors and their output would be purchased only by the government or "official" buyers.

  Nothing for the public. Panic now while you can still get something done.

silvermail's picture

Our coins shop in Cyprus called KDG GOLD Coin.
Over the past two weeks we have sold all our gold stock. At the moment we have no gold, but people buy every day and we sell gold by prepayment.

Our customers are even willing to wait deliveries to save from looting their savings in physical gold.

jomama's picture

I'm impressed you made it through a post without plugging your product!

LawsofPhysics's picture

funny, because I am selling bitcoin today and buying more physical. Thank you very much.  Crypto currencies have been the best damn hedge against chaos so far, as long as you sell the peak and go to physical ahead of the crisis "resolution" and central bank jawboing...  Like fiat, the purchasing power of those cryptocurrencies can vary...

847328_3527's picture

Lets see what happens when China starts to price physical. Mention buying paper gold to a Chinese and they look at you shocked like, "Why would someone do that?!"

AllThatGlitters's picture

LOL.Fool me once....

Maybe a little speculator money goes to Bitcoin, temporarily. I suppose it may be a convenient transport method for the dumb money that waited to get funds out of Greece too.

But suckers don't think one step ahead. Do you honestly think real, meaningful weakth was sitting around waiting for default to arrive, then decided to dump it all in Bitcoin as an exit method? No. Real wealth isn't finding its way into Bitcoin - just gambler money, and like last time, even that won't stick around.


Freddie's picture

Gold is such a barbaric relic (sarc)

Kaervek's picture

Bitcoin is not about Greece, it's way bigger than that. If you don't realize it yet just take some more time and read up on it while I stack dem coins.

It's the next step in the evolution of money. Decentralized, anti-fragile, scarce.

timeless21's picture

Gold price is manipulated to stay low, the real price should be like 2k

laisla's picture

2k? my guy has all you need at $1235 an oz. S. Florida-come on down.

ATM's picture

My guy can find some but not much. Certainly not all I would like to buy and I'm just one small guy in one small town in one small state.

Kirk2NCC1701's picture

Per ZH articles and my posted research of a few weeks ago, this would indicate that those pesky Russian-American traders in Chicago and NY, (and of dubious heritage/reputation), are at it again.

Look, in case you haven't figured it out yet, or are still in Denial, there will be NO price spike in PMs until TSHTF, and the Global Reset occurs.  IOW... "The Manipulation will continue until it can't".  Deal with it, for Crissakes!

Ignatius's picture

The 'Usury Class' still at the wheel.

BandGap's picture

Yes, Captain. Any way we can direct phazer fire in their direction?

I have taken to disconnecting myself from the tendrils of this drama. Like I told the missus, who is now fully on board with recognizing this adventure, if we're wrong we'll still have something to show for it when everything is "fixed". Fixed? Hahahahahahaha

Kaervek's picture

Brother I think you are 100% correct, but what is your opinion on the new fix China wants to introduce by the end of 2015?

Will they force them into a war before this happens or what? I think they wouldn't introduce their own price if it wasn't fundamentally different from the current BS-valuation they call "price" in London - I mean can they really let this happen?

kensdad's picture

Not Grexit, not Prexit, not Brexit can stop the quarter end march to paint the tape.

sodbuster's picture

Yep- the criminal bankers and financiers are in charge, and the market is a f'n joke.

Silverhog's picture

Paper Gold market is a joke. Physical will be calling the shots soon. 

Random_Robert's picture

Physical bullion will not be calling the shots until you cannot find a single ounce for sale on Ebay...


This is the time for position building, and the lower the price goes, the larger your position should grow,

Latitude25's picture

Correction.  The premium on ebay will be MUCH higher than it is now. and after that you will not find it.

Kaervek's picture

That will be the moment a lot of people realize they have been fucked.


Good times.

ATM's picture

Not soon, but eventually.

Serfs Up's picture

Gee, I wonder who it could be doing all that stawk futures buying and gold selling?  Hmmm who could it be?

Dollar, stabilized.  Euro, stabilized.

Stocks, stabilized.

Gold, getting hammered.

"Predicting" this particualr outcome was as difficult as "predicting" which way a hammer will travel when dropped.