Austrian Mint Upsurges Gold Sales as Outgrowths in Demand

Austrian Mint

(Bloomberg) – Muenze Oesterreich AG, the Austrian mint that makes Philharmonic coins, bigger sales this year after falling gold prices fueled demand.

Sales of gold coins from January to July increased 79% from a year previous to 383,500 ounces, according to facts and figures e-mailed by the Vienna-based mint, almost equivalent those for the whole of last year of 400,000 ounces.

Mints saw sales jump after the cost of gold, 15% smaller this year, fell into a accept market in April. Rushing demand for jewelry, coins and bars in Asia assisted prices rally as much as 21% since the end of June.

Andrea Lang, the mint’s marketing and sales controller, said by telephone yesterday “As shortly as the gold price went down, numerous one-by-one buyers thought: ‘Now it’s the best time for us to get into the gold market,’” also added “As shortly as there’s a movement in the gold cost, persons are involved in the gold market.”

Gold, which increased for 12 successive years through 2012, slumped this year as some investors lost belief in the metal as a shop of value amid speculation the U.S. Federal Reserve would slow its bond-buying program. Bullion prices dropped to as little as $1,180.50, a 34-month reduced, on June 28 in London selling. Minutes released August 21 showed Fed policy makers were “broadly comfortable” in slowing down liability buys.

Gold increased 70% from December 2008 to June 2011 as the Fed pumped more than $2 trillion into the financial scheme by purchasing liability, expanding investors’ anxiety about currency debasement and accelerating inflation.