Thursday, June 23, 2011

Surge in gold and silver ownership worldwide as doomsday nears

Author: Lawrence Williams

The doomsday scenario resulting from multiple national defaults is horrific to contemplate and more and more people are at last beginning to climb into gold and silver as protection .

LONDON - As the implications of the global financial crisis are at long last beginning to filter through to the general public, the move to dump cash and other savings forms in favour of gold and silver - notably in the easily accessible and sellable coin form is now really beginning to gather momentum and is becoming a major driver of the precious metals markets.

We have long known that the rising, and rapidly expanding, middle classes in Asia have an almost inbuilt propensity to keep a significant proportion of their savings in gold while the less costly silver is now beginning to come into the equation. This has been emphasised recently with the news that the people's Bank of China has already had to virtually more than double its minting of its gold and silver Panda series of coins, despite the previous quota for this year itself already being double last year's with the populace buying gold and silver as a hedge against the onset of inflation there.

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