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As gold hit US$1,700, The Perth Mint bullion website set a new record itself. On Monday the site had its biggest day since launching in October 2010, setting a record for the value of gold and silver bullion sold online. In contrast to a few months ago when investors were piling into silver, gold is now accounting for more than 75% of the money invested in precious metals via the site. Currently, nine out of our top ten selling bullion products by revenue are gold! The record level of activity is testament to the robustness of the website and we’re looking forward to serving even more online clients when we issue the 2012 Australian Lunar Dragon gold and silver bullion coins on 1 September. The price of gold is soaring again. Gold futures for August delivery gained $13.10, or 0.8 percent overnight to settle at $1,562.30 an ounce on the Comex in New York . The previous record was $1,557.10 on May 2, when the intraday price reached an all-time high of $1,577.40. “It’s a continued flight to safety into gold,” Frank McGhee, the head dealer of Integrated Brokerage Services LLC in Chicago told Bloomberg. “People are worried the debt crisis will spread to Spain, Italy, and ultimately, the U.S.” The Herald Sun spoke to Perth Mint wholesale manager Neil Vance Friday about our recent gold sales. Not surprisingly, the Mint had experienced increased demand for its physical gold products since the start of the global financial crisis, Neil said. But as he pointed out, a really interesting factor is the different kinds of clients now looking to buy bullion bars and coins. “Gold used to be the classic wealthy class asset to hold but now there are people from all walks of life entering the gold market," he said. "We literally have a huge range of clients, everyone from someone at home, to a young working woman wanting to park $5,000 in savings, through to self-managed super funds looking for a stable investment with growth possibilities.” Helping ordinary people get a slice of gold action are the many methods of acquisition now available. While prospecting is still alive and well across many states, the less adventurous can buy gold over the phone, on the internet, from a shop, a managed fund or through shares in a gold producer, the paper said. “Look at your budget for your monthly living expenses. Stuff like food, water, transportation, clothes, heating oil, etc. Add it all up to find your average monthly cost of living. Multiply that number by six, and then buy a mix of gold and silver bullion equal to that six month estimated cost. Why six? Assume we enter into a real life, 'as seen on TV' currency crisis, with food riots and long lines at the gas station, wheelbarrows filled with cash to buy a loaf of bread, etc. In this circumstance I estimate that at the VERY least, you'll want to have enough gold and silver to cover six months' worth of your living expenses. Six months would give you enough time to figure out the next step - whether that's moving in with relatives across the country, or finding a new home in a different area - even moving overseas, or starting a large garden or small business that would be in demand in the aftermath of a currency crisis. Hopefully, six months of living expenses isn't more than 5% of your net worth - it's probably also an affordable amount to get started with. Anything more than that six month supply is extra security for your bottom dollars. I wouldn't advise putting more than 30% of your net worth in gold or silver. That's way too many of your eggs in one basket.” The Perth Mint, home of Australian precious metals since 1899, produces gold and silver coins and Gold bullion to suit all types of investment, and is a highly-regarded Australian institution. Please visit the official site to gold bullion
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