27 June 2013

Dubai: Not Enough Space On Flights To Carry Gold From West To East

Dubai is a hub for gold flowing from West to East.

But no gold for Germany can be found.

Could it be an unofficial bail-in? 

Curiouser and curiouser.

The National UAE
Gold rush 2013 style has Dubai scrambling
By James Doran
Jun 28, 2013

There is not enough space on airlines flying in to Dubai to meet the rapidly rising demand for physical gold in the emirate since the price plunged to record lows this week.

The price drop led to a rush of buyers for Dubai gold from the Middle East, South East Asia, the Balkans, Turkey and parts of Europe according to Tarek El Mdaka, the managing director of Kaloti Gold in Dubai.

"I cannot find a place for transporting gold on Emirates, on BA on Swiss Airlines this weekend," Mr El Mdaka said. "I am shipping in one-and-a-half to two tonnes of gold every day and it is going straight out...."

Read the rest of the story here.