DUBAI (Commodity Online): Gold demand in Dubai is proving so strong that gold dealers have raised their markups upto 750% to cash in on the investor frenzy. Uncertainties over global economy are making investors to purchase gold at any value. Most customers and retailers are trying to buy gold bars and coins. There is virtually no supply of 50 gram and 100 gram gold bars in the market. It seems wholesalers are releasing only one or two bars per day to their regular customers. If we have demand for 50 gold bars, our wholesaler is giving only one or two pieces per day. Even getting the second piece is difficult said Pearlju Baby Chungath, Owner of Chungath Jewellery at Karama Center, as per emirates24/7.com http://www.commodityonline.com/news...mium-on-buying-frenzy-in-Dubai-41695-3-1.html Whats an Airline Ticket to Dubai worth - I'm a seller.
Buying gold in Dubai is like buying polar bears in Africa. Everything in Dubai has a 750% markup...it has nothing, consumes everything.
You bet - this is a great melting-pot of input from all over, and having folks in many places around the world tends to give input that isn't biased by media opinion or preconception... incredibly valuable, and would like to echo the thanks to all who form part of this community!
So.......... I rang two places I have bought from in the past for Swiss gold bars. First place I asked for 1 oz bar price, but it was out of stock, they had 20g bar though. Second place I asked for the 20g bar price and it was also in stock. Both place the price was about $25 - $29 over spot for 20g bar. I did not ask about larger quantities. This is about same as when I have bought 20g bar from them in the past few months. Maybe there was some shortage on the market last week, but I can only assume it was short term and all is back to normal now. So nothing to see here, lets move on...........
Thanks for the update glam! I can only echo the comments above - it's so nice having friendly worldwide forum with great members and a wealth of experience (pun intended) to call on.
On re-reading the OP. I guess there could be higher margins on specific size bars, but it would not appear to be an across the market increase....... if at all. Like I said, I didn't ask about 50g or 100g bars.
My pleasure................. I enjoy this forum and everyone's posts and opinions so it's great to be able to some factual content when I can.
