Demand from Middle Eastern and Asian countries is not purely from safe haven buying.
(1888PressRelease) July 22, 2011 - MIAMI, FL - Watching the price of gold go up, then down a little, then up again, may be what excites speculators but it seems that many people worldwide are buying gold either for its intrinsic beauty or for its security value, if not both. In both Asia and the Middle East, for example, there is a huge demand for gold that shows no sign of slowing down.
Iran is apparently having its own little 'gold rush' as - no matter how high the price - Iranians are eager to buy as many gold coins as possible. Owning gold gives a feeling of financial security that they clearly do not enjoy if their wealth is tied up in their country's currency. Gold is also an important part of both Chinese and Indian culture and, as both countries experience massive growth, demand for gold is expected to increase. In China gold is a symbol of lavishness and sales of gold are particularly high around the time of the Chinese New Year when gifts of gold are given to family members.
Perhaps the prize for the most obscenely extravagant use of gold, however, should be awarded to the Malaysian businessman who commissioned a 3 billion pound yacht - that would be approximately 4.8 billion dollars - built using 100,000 kilos of platinum and gold. Given that boats are a notorious way to lose money faster than you can earn it, not to mention their propensity for being either stolen or wrecked, this could hardly be deemed a 'sensible' investment. It seems there is no end to the lengths people will go to, when under the spell of precious metals.
Few gold buyers would envision using their gold to build a shiny yacht but the allure of gold as a beautiful, and tangible, insurance policy is undeniable. Pan American Metals of Miami offers its clients the opportunity to own physical gold bullion, either for home delivery or for delivery to a repository for safe-keeping. Both fully-funded and leveraged positions are available.
About us:
Pan American Metals of Miami, LLC is a group of traders, investors and brokers who combine many years of experience to help clients invest in bullion. PAMM provides an individual investment service and is based in Miami, Florida for convenient access to both North and South American investors.
Demand from Middle Eastern and Asian countries is not purely from safe haven buying. 
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