Bullion sales hit record in rush to safety

The US Mint sold 92,000 ounces of its popular American Eagle coin last month, almost four times what it sold a year ago and more than it shipped during the whole of the first half of 2007.

Other countries' mints have also reported strong sales. “Large purchases of coins are perhaps the ultimate sign of safe-haven gold buying,” said John Reade, a precious metal strategist at UBS.

“We estimate that investment demand [into gold] could double in 2009 compared to 2007,” said Mr Reade. “Purchases of physical gold have jumped over the last six months as investors' fears about the current financial crisis . . . have intensified.”

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