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We will keep you informed on a weekly basis of the latest developments regarding delivery times. As already discussed, due to the recent increase in demand for physical precious metals, the waiting time has increased sharply. In this update, we update you on the current situation in the market and expected delivery times.
Due to an increased demand for coins and bars, delivery times with our suppliers have also increased. We can report positive developments in this area. For example, the major smelters in Switzerland are in talks with local authorities about restarting production. More than a week ago, several smelters there had to shut down production due to the coronavirus.
These smelters are an important link in the global gold market, as they refine and melt down large volumes of gold. Not only do they melt down the large 400 troy ounce gold bars into smaller gold bars, they also process scrap gold and impure gold from the gold mines. If these smelters are put back into operation, it could significantly ease the pressure on the gold market.
Due to the increased demand for coins and bars, delivery times have increased significantly. As a result, premiums have also risen somewhat, although we see large differences here. If you want to receive the precious metal quickly, you will pay a much higher premium for it than if you are willing to wait longer for your order. We expect smelters and mints to increase their production and that the shortage in the market will eventually ease. As a result, the premiums on coins and bars will also decrease in the long term. For the time being, we see no reason to pay a much higher premium for your precious metals.
The gold bars we sell are produced by smelters in Germany. Due to a sharp increase in demand, long delivery times have arisen here. You can now order gold bars from us again, but the expected delivery time is 6 to 8 weeks.
Gold coins come from mints in the United States, Canada, Austria, and Australia, among others. The delivery times for these products depend on the production capacity of the mints and the availability of transport capacity. Due to the huge demand, you cannot order gold coins from us at the moment. Have you recently placed an order for gold coins? Then take into account a delivery time of 4 to 8 weeks.
Silver bars are sold less often due to the VAT of 21%. You can order these bars, the delivery time is approximately 4 to 6 weeks. Silver in combination with storage in Switzerland is more readily available, especially the 1,000 troy ounce silver bars. We can give birth to these 2 to 3 weeks purchases for you.
The demand for silver coins has also skyrocketed recently. This week we have a new load Silver coins from various years received. These coins are Directly available, while stocks last. For new coins and all other silver coins in our range, we expect a delivery time of 8 to 12 weeks.
Do you want to sell your precious metals? Please contact us by phone or by email Contact us for an attractive offer.
In our previous update, we made a distinction between orders placed before and after March 15th. Orders placed before that date have already been delivered or will be delivered in the near future. For new orders, the delivery times as stated above apply. We are still not taking orders for platinum and palladium. Outstanding orders will of course be delivered, but there are also longer delivery times than usual.
Finally, we would like to inform you about the fact that our delivery service Mikropakket will no longer deliver on Saturdays in the near future. This is due to measures against the coronavirus. As a result, Saturday delivery is currently not possible.
