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Thursday, 27th May 2010 (99 views)
Many German investors are flocking to Switzerland to buy gold coins and bars, according to reports.
According to Investors Chronicle, the current demand is "unprecedented", even when taking the hyper-inflation of 1923 into consideration.
The news provider suggests this is because the metal retains its status as a safe haven asset for investors because of the current "crisis" surrounding the euro.
Since the onset of the recession in June 2007, the cost of gold - $1,200 (£833.58) per ounce - has increased by 90 per cent and although this is not as high as it has been previously, it is still greater than many other asset classes, the publication continues.
Germany is not the only place experiencing a rush for gold at the moment, as the Times recently reported that the Bank of Greece is selling more than 700 gold coins every day on the back of worries about the country's economic situation.
Source: http://www.gold.org/news/2010/05/27/story/14844/germany_experiences_rush_for_gold_coins/
