Portugal Crisis Props Up Gold Prices
goingbroke
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Reuters reported Tuesday that premiums for gold bars skyrocketed to their highest level in two years. China's new year kicks off Feb. 3 and people were buying ahead of the festival at prices $50 off their highs in U.S. dollar terms."I don't have any gold," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. "Premiums are very high. Some say they have no stocks on hand."
In Singapore, premiums for gold bars were at their highest in nearly 10 months at between 70 and 80 cents as stocks tightened and dealers struggled to meet inquiries not only from China but also from Thailand and India.
"There's a sudden surge in demand. Demand from China is very good and they are paying very high premiums. Refiners can't meet the demand," said a dealer in Singapore.
All the drama spells crisis and gold buyers like crisis.
In Singapore, premiums for gold bars were at their highest in nearly 10 months at between 70 and 80 cents as stocks tightened and dealers struggled to meet inquiries not only from China but also from Thailand and India.
"There's a sudden surge in demand. Demand from China is very good and they are paying very high premiums. Refiners can't meet the demand," said a dealer in Singapore.
All the drama spells crisis and gold buyers like crisis.
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