Gold rush in Germany?

pmbug

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Apparently there is a picture that was tweeted of huge lines of people queued up in front of a bullion store in Germany that has generated a bit of a buzz:



https://twitter.com/marcfriedrich7/status/1209074606494998529?s=03

Not sure exactly what's happening over there, but at least one German news outlet says that it is related to some anti-money laundering laws that were recently passed and due to come into effect soon:

...
In mid-November, the German parliament decided on a package of measures to combat money laundering: the limit for the anonymous purchase of precious metals with cash is to be reduced from 10,000 euros to 2,000 euros. The law passed the Federal Council on November 29 and will enter into force on January 1, 2020.
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... WELT asked Degussa. “The long lines are actually based on lowering the cash limit. 98.5 percent of customers want to buy gold again for less than 10,000 euros without registering. Few buy jewelry or buy any other gift, ”said Kerstin Botschek, Degussa branch manager in Cologne.

And Degussa is obviously not an isolated case. Pro Aurum also reports a large number of visitors in the last days of 2019. "The line of waiting customers extends to the front of the building on the sidewalk", the company describes on its website the situation of the past few days in Munich.

"While other retailers have already closed their shops due to a lack of goods, the employees are fighting to ensure that everyone who is interested gets coins or bars - even if it is often not exactly what the customers actually wanted to buy," continues Pro Aurum.

The high demand apparently also affects the premium for coins and bars. According to a report by the industry portal "Goldreporter", the average premium for gold coins of the Krugerrand variety was 6.16 percent on Monday - an increase of 83 percent compared to October 25 this year.
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More: https://translate.google.com.au/tra...e-Schlangen-vor-den-Gold-Handelshaeusern.html
 

11C1P

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`

That's just silly, everyone knows gold is useless & has no value. I know this cause people on the interwebz tell me that all the time. Apparently you also can't eat it, so it is even less valuable that paper money or cyber kredits, which are both apparently quite nutritious.

.
 

pmbug

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rblong2us

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you need to think long term Bug

you will live longer so more years of full earning potential plus you can put all those extra kids you werent planning on, to work as well (-;
 
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