World’s Largest Gold Refiner Runs Out of Krugerrands

Posted by Kendall Harmon

Rand Refinery Ltd., the world's largest gold refinery, ran out of South African Krugerrands after an ``unusually large'' order from a buyer in Switzerland.

The order was for 5,000 ounces and it will take until Sept. 3 for inventories to be replenished, said Johan Botha, a spokesman for Rand Refinery in Germiston, east of Johannesburg. He declined to identify the buyer.....

``A lot of people are worried about the dollar, they're worried about inflation and now we have geopolitical risk with what's happening in Russia,'' said Mark O'Byrne, managing director of brokerage Gold and Silver Investments Ltd. in Dublin. O'Byrne said his company's sales are up fourfold this year, heading for a record since its founding in 2003.

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Filed under: * Economics, PoliticsEconomy

Posted August 29, 2008 at 8:25 am [Printer Friendly] [Print w/ comments]

1. Clueless wrote:

Isn’t is strange how physical gold (and silver) has now run out, but the price of gold (and silver) is _dropping_? 

Did I learn nothing in Economics 101?

To all those out their with “paper” silver and gold, ya better unload it now.  Eventually the PM users will figure out that they can’t make a cell phone or a missile with a paper promise and will start hoarding. 
With Gold and Silver Eagle rationed for the first time in history, and now even Krugerrands sold out, the industrial users will be worried.

So whose swimming without their (PM) “shorts”?

I sure hope nobody has their dough in JP Morgan

August 29, 12:24 pm | [comment link]
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