Monday, October 27, 2008

Sellers of paper gold, buyers of real gold

Gold and silver coins are selling at one of the widest premium to spot, and now, even in Dubai, there seems to be a shortage of gold. Only on Wall Street is there such a discount. Maybe that's what Wall Street wants the public to think:

Dubai: A massive rush at jewellery shops has led to a shortage of gold at some outlets, prompting some shopkeepers to overcharge customers, Gulf News has learnt.

Jewellers are seeing a huge rush of buyers as gold prices are currently at a two-year low.

Shopkeepers said the rush, a combined result of the Hindu festival of Diwali and lower
prices. has resulted in a shortage of gold bars. But they denied any hoarding by outlets.

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