rush to gold shakes up french market
Last Updated : GMT 23:02:40
Arab Today, arab today
Arab Today, arab today

Rush to gold shakes up French market

Arab Today, arab today

Arab Today, arab today Rush to gold shakes up French market

Paris - Arabstoday

A surge in prices to all-time highs has galvanised the French retail gold market, for long a dusty corner beloved of coin investors, drawing in ordinary punters but also the unwelcome attention of armed robbers. In a week in which market jitters about debt risks hit France and its banking sector, growing demand was apparent on rue Vivienne, close to the old Paris stock exchange and home to Paris\' gold brokers where shops reported a wave of new customers. \"It\'s the first time I have seen people queuing, there\'s never been that,\" said Romain, a collector who regularly visits the gold merchants\' district. Among gold converts, Rachid, a barman working in the French capital, said he had bought over €2,000 (Dh10,485) in mini gold bars. Article continues below \"I\'m anticipating a future crisis and I think gold can go higher,\" he said. Gold prices hit a record above $1,800 (Dh6,612) an ounce last week as investors rattled by a debt crisis in Europe and the United States, and fears of a further economic downturn sought refuge in the precious metal. A series of records for gold since a global financial crisis in 2008 has already stoked interest in gold among a wider public, beyond the seasoned collectors who regularly flock to secure limited-edition gold coins issued by the French mint. Gold prices eased from their high on Thursday, cooled by a rebound in share prices and a hike in margins required for trading in US gold futures. But gold investment firms say the rally is far from over in a context of debt-laden governments and uncertain economic growth, with Goldmoney founder James Turk reaffirming his outlook for gold at $8,000 sometime in 2013-2015. CPoR Devises, the biggest supplier of gold to the physical market in France, said it had recorded a 50 per cent increase in the daily volume of transactions since July 15, with a clear bias towards buying. Cumulative sales of the company\'s mini-bars, which it launched last November to tap into growing interest in gold, reached the one-tonne mark last week, a spokesman said, with the smallest denominations — 50 and 100 grams — seeing the most units sold. CPoR\'s latest daily prices, which act as a benchmark for the French market, put the 50 gram mini-bar at €2,140, compared with €41,200 for the traditional one-kilo bar. The Napoleon, France\'s popular 20-franc collection coin, was quoted at €281. Paris brokers also reported selling interest from gold owners looking to profit from high prices. Internet dealers Some households have opted to sell jewellery or other objects via recently established internet dealers, but consumer associations warn that complaints have emerged from customers taken aback by low prices paid. A far more dangerous aspect of this interest in gold in France has been an extra motivation for armed robbers to target jewellery shops rather than more tightly protected banks. There were 183 armed robberies of jewellers in the first half of 2011, up from 138 in the year-earlier period, according to OCLCO, a French police agency that tackles organised crime.

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