Gold Demand Trends, published on May 20 by World Gold Council reported a staggering $20.9bn US dollar demand for gold in the first quarter of this year. This almost a 20% increase over the first quarter of 2008, and close to a double, compared to 2004. The credit crisis crippled financial markets is one of the factors contributing to the Gold Rush.
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On July 14, 2008 World Gold Council reported that at the end of the second quarter of 2008 the gold price remained virtually unchanged from its level at the end of first quarter, at $930.25/oz on the London PM fix. “The average quarterly gold price, at $896.29, was $28/oz lower in the second quarter than in the first, which had seen the gold price jump to a new record high of $1011/oz due partly to safe-haven buying at the time of the Bear Stearns crisis. But the gold price resumed its upward trend from mind-June onwards, fixing at $968.00/oz on the London pm fix on 14 July 2008.” That report was posted a mere month ago. The situation has somewhat changed since the report’s release, the price of gold steadily decreasing throughout August.
The Gold Rush appears to be slowly dwindling out, gold stocks slowly losing ground since beginning of August. Analysts predict this slight downward trend will continue in the near foreseeable future. For those looking to cut a profit from the physical gold, there is still time to jump on the wagon and sell gold bars, gold coins, or simply old pieces of gold jewelry, which are losing luster and gathering dust in the box.
Price of gold will eventually climb back up, the ‘eventually’ stretching far and blending into horizon. “Sell high, buy low” – well, that tried and tru