Kiwis rush to buy gold

January 15, 2009

Commodity Online
NEW DELHI: Like the rest of the world, New Zealand is also on a gold buying spree.

According to reports, investors in New Zealand are rushing to buy gold now. Analysts said prices of gold are expected to soar this year as people buy gold as an alternative to the US dollar.

Demand for physical gold has soared by 300 per cent in the wake of last year’s financial crisis and supply is becoming tight in New Zealand.

With the price of gold almost doubling between 2006 and March 2008, many investors are choosing the metal as a safe haven in light of weak equity markets.

A number of mints, including the Perth Mint, the South African Mint, the US Mint and the Royal Canadian Mint have suspended orders for short periods as a result of high demand for gold coins.

The US Mint has introduced a new system of gold coin pricing as a result of increases in the price of gold bullion.

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