Tuesday, October 04, 2011

Norwegians buying more gold

Another example of gold buying is in Norway where Norwegians are buying more gold than ever. This according to Martin Mesicek of goldsource.no, the largest gold bullion dealer in Norway,

According to Mesicek, "What I can report from Norway, and as you know we are not part of the euro system, we are experiencing an extreme increase in physical demand for bullion, both in silver and also in gold."

He continued. "As an example, I am experiencing longer than normal lead times for Silver American Eagles. Clients are now waiting three or four weeks to get them. Simultaneously, we are experiencing a shift in purchasing behavior. It used to be that our clients bought on the way up in fear of losing their chances to buy. Now we see the opposite. People are reluctant to buy on the big increases, but once we see the dips, we see huge orders. This is a major shift."

"You have to take into consideration that Norway is a very fiscally prudent country. We have a positive trade balance, we have one of the greatest sovereign wealth funds in the world, we are an oil exporter, we have a strong currency and only 3% unemployment." He said.

Norway is one of the few countries with a positive trade balance and just 3 percent unemployment. They are also an oil exporter and have one of the best sovereign wealth funds in the world. Despite this gold is more and more seen as a important asset A dramatic shift in financial thinking as more Norwegians buy gold.

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