Quick Take: Demand for Gold Rises in Singapore
NEW YORK (TheStreet) -- Has physical demand been able to shine as well as gold futures have over the last several weeks? Telling TheStreet's Joe Deaux what he's seeing is Miguel Perez-Santalla, vice president of BullionVault.
With gold future prices up about 8% since July 8, Santalla said that demand for physical gold has been brisk as well, although he did admit that buying has begun to slow a bit with the sudden surge in prices.
Specifically, there have been a lot of buyers in Singapore. While demand from the U.S. and Europe has been strong, those outside the Western Hemisphere are also interested in owning the metal long term.
Gold coins have also seen strong demand, but that has tapered off lately. He added that the public tends to pull back from buying after quick runs to the upside, waiting to see if the move will hold.When gold prices plummeted near the end of June, Santalla said that many new buyers were entering the market and looking to build long-term positions in gold. "We're closer to the bottom than the top," he added. He said that he expects the demand for physical gold will continue growing into August and that it is now a "buy the dips" kind of market for the yellow metal. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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