Israelis Buying up Gold and Silver in Record Numbers

April 22, 2020

< 1 min read

Has Israel joined a worldwide gold-rush?

Since the coronavirus crisis kicked in, sellers in the Holy-Land can’t seem to keep up with the demand.

Israel’s most established precious metals distributor, The Israel Coins and Medals Corporation, reports that they are now running out of supply for the first time since their establishment in 1958.

The company, which was owned by the Israeli government until its privatization in 2008 is currently experiencing a demand that they simply weren’t ready for.

And despite the fact that actual data on the sales increase was not available, Artur Boxer, the company’s CEO told Breaking Israel News that since the coronavirus lock-down began, he has seen an unprecedented spike in online gold, silver and precious metals sales.

As their countrywide storefronts have been forced to close down sue to the Health Department’s regulations, all sales must now be done through their website. But if anything, the recent economic uncertainty seems to have only fueled business. That’s why, despite selling online exclusively, Boxer says sales have increased “hundreds of times over” although he would not offer any specific data.

Boxer also added that he expects supply to replenish in a few weeks.

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