Thursday, October 29, 2009

Austrian Mint Thinks Gold Coin Demand Will Decline

The Austrian's appear to be still producing solid independent thinkers, and I think they are correct, again (Given lack of Bernanke money growth).

The Austrian mint, the world’s largest marketer of pure gold coins, plans to slash output by 32 percent next year from a record, forecasting the end of the financial crisis will weaken investor demand.

Muenze Oesterreich AG aims to cut production of Philharmonic gold coins to 650,000 ounces in 2010 from an estimated 950,000 ounces this year, mint President Kurt Meyer said in Tokyo in an interview with Bloomberg. Output in 2009 is set to reach an all-time high for a second year after financial turmoil triggered by the collapse of Lehman Brothers Holdings Inc. spurred demand, he said.

The Austrian mint became the top marketer of pure gold coins, taking a 30 percent share in the global market in the three months ended Dec. 31, as producers in other countries failed to catch up with growing demand on a lack of available metal, Meyer said.

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