28 June 2013
,  by James Doran thenational.ae
There is not enough space on airlines flying in to Dubai to meet the rapidly rising demand for physical gold in the emirate since the price plunged to record lows this week.

The price drop led to a rush of buyers for Dubai gold from the Middle East, South East Asia, the Balkans, Turkey and parts of Europe according to Tarek El Mdaka, the managing director of Kaloti Gold in Dubai.

"I cannot find a place for transporting gold on Emirates, on BA on Swiss Airlines this weekend," Mr El Mdaka said.

"I am shipping in one-and-a-half to two tonnes of gold every day and it is going straight out."

Mr El Mdaka added that gold is in such short supply in Dubai that he is able to charge a US$3 premium per ounce.

"In the last week or so that has gone up from $1.25, $1.50 to $1.75. But now it is $3. We are really squeezed."

Physical gold from Dubai has been selling strongly since the price of the yellow metal first plunged in April.

But this week it has taken another historic tumble, creating a buying opportunity for small- time investors looking for gold bars, coins and bullion.

Yesterday the price edged up a little with the spot price rising 0.5% in early trading to $1,232 an ounce.

On Wednesday, however, it fell 4%to $1,221.80, the lowest price in three years, capping a 12% decline in the past eight trading sessions.

Some parts of the Dubai market are not so buoyant as those in which Kaloti operates, however.

Gerhard Schubert, the head of precious metals trading at Emirates NBD said that grades of gold known as 995, which would ordinarily be sold into the Indian market, are currently stuck in Dubai.

The Indian government has implemented import restrictions that have been backed up by the All India Gems and Jewellery Trade Federation in an effort to shore up the tumbling rupee.

"A lot of India's gold comes in from Dubai and all of that is stuck here right now," Mr Schubert said.

Mr El Mdaka, who does not sell into the Indian market, agreed.

"The squeeze on physical gold in India would have a big effect on Dubai.

Luckily though, there is a lot of demand coming from the rest of the world to soak it up," he said.

Views: 718

Replies to This Discussion

If you can you need to get it now also. The price is fixing to take off. This set back in precious metals is almost exactly like the smash of 2008. So if it continues to follow the pattern then it is set for a huge rise. 

RSS

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

Doc Vega, Chris of the family Masters, cheeki kea and 3 more were featured

 

Latest Activity

rlionhearted_3 posted photos
25 minutes ago
steve commented on Parrhesia's video
Thumbnail

Electric vehicle fire hazards

"These cars a just a bad joke, there is nothing good or beneficial these death traps/money pits.…"
36 minutes ago
Parrhesia posted a video

Electric vehicle fire hazards

Safety officials said lithium batteries cause the fires to burn hotter, longer and take more water to extinguish.
1 hour ago
steve commented on Parrhesia's photo
Thumbnail

Clear Sign A Church Has Allegiance To State, Not God

"The CREATOR calls HIMSELF                   …"
1 hour ago
steve commented on Bob of the Family Renner's photo
Thumbnail

Your Holocaust Historic Realities Have Always Been One Jewish Psyop After Another

"Is it me or does this prancin faggot look like lenin "
1 hour ago
steve commented on Bob of the Family Renner's photo
Thumbnail

Your Holocaust Historic Realities Have Always Been One Jewish Psyop After Another

"And on and on the juws beg for money for "holohoax survivors" what a fkn magic trick…"
1 hour ago
steve commented on Doc Vega's blog post This is What Happens When You Abandon Your Allies in Afghanistan
"So you support the thieves that want to STEAL ORES( by the by DRCongo is where most cobalt is…"
1 hour ago
Doc Vega commented on Doc Vega's blog post Any Truth to Rumors of Paul McCartney's Death? You'd Be Surprised
"Burbia, interesting, one might recall that John Lennon was abandoned by his Dad and his mother died…"
4 hours ago
Doc Vega commented on Doc Vega's blog post This is What Happens When You Abandon Your Allies in Afghanistan
"Steve, you are exactly right, but just because I reported what EV manufacturers want to do with…"
5 hours ago
Burbia commented on Ragnarok's video
6 hours ago
Burbia commented on tjdavis's photo
Thumbnail

Too Much Info

"You know, it really makes sense a sicko like the "president" hires weirdos like these."
6 hours ago
Burbia commented on Doc Vega's blog post Any Truth to Rumors of Paul McCartney's Death? You'd Be Surprised
"Its really understated that George Martin was the fifth Beatle. His role with the Beatles was…"
6 hours ago
tjdavis posted blog posts
8 hours ago
tjdavis posted photos
8 hours ago
Parrhesia posted photos
9 hours ago
tjdavis posted videos
10 hours ago
steve commented on Parrhesia's photo
Thumbnail

But It's Not A Gay Thing

"I wonder how they got a vaxxine ready in a matter of minutes, it's almost like they planned…"
12 hours ago
Bob of the Family Renner posted photos
13 hours ago
Parrhesia commented on Parrhesia's photo
Thumbnail

Say It: "The Jabs Don't Work"

"They should have gone to South Africa where the jabs are 100% effective."
17 hours ago
Parrhesia commented on Parrhesia's photo
Thumbnail

Are Monkeys Being Offended?

"According to the article, it was "some critics".  It's my opinion these critics…"
17 hours ago

© 2022   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted