Market Report

22 July 2016

Economics Finance Precious metals

OUR TOP ISSUES

This is a short summary of our fortnightly Degussa Marktreport.

"The history of the gold

standard is a voice forever
sounding the principles of
free and honest money. The
history of fiat money is little
more than a register of monetary follies and inflations."
Hans F. Sennholz, 1979, p.159.

The Demise of the Interest Rate the Comeback of Gold Money

Low interest rates are here to stay as central banks are unlikely to abandon
their ultra-expansionary policies anytime soon.

Extremely low interest rates drive up the demand for gold, especially from
gold Exchange Traded Funds (ETFs)

and make holding gold an increasingly attractive alternative to bank deposits such as time and savings deposits.

With cracks emerging in the global monetary architecture, staying invested

Gold price per ounce

in US dollars and all w orld currencies (ex cl. the US dollar)*

January 2007 bis July 2016

2000

in gold and stocks looks to be a sound strategy.

US interest rates have been held fairly low for some time now. The Federal Reserve (Fed) last raised the rate on 16 December 2015, but that was but a temporary reprieve. Rates' long-term backslide has since resumed.

1800

The policy of low interest rates - with no end in sight

Selected US interest rates in percent

1600
6

1400

1200

1000

800

600
07

08

09

10

11

12

13

14

Gold price per ounce in all other world

(excl. USD)
Gold price per ounce in USD
Source: Bloomberg; own calculations.
*Calculated from the gold price (USD/oz)
and the nominal trade weighted exchange
rate of the US dollar. The timeline was indexed at 5 September 2011 with a value of
1,900.

1
0
07

08

09
US 2-year rate

10

11

12

US 10-year rate

13

15

16

Federal Funds Rate

Source: Bloomberg.

The situation in the USA is emblematic of interest rates in many currency areas
these days. Borrowing costs have hit rock bottom or close to it. Ten-year government bond yields in Germany and Japan, for example, recently plunged into
negative territory.

22 July 2016

How stock valuations react to declining

interest rates
US Federal Funds Rate in percent and S&P
500
35

25

30

20

25

Interest rates decline across the board

Selected 10-year govt bond yields in percent
8
7
6
5
4

15

20

10

15

10

5
0
80 84 88 92 96 00 04 08 12 16

-1
99

Federal Funds Rate (LS)

00

01

02

KGV (RS)

Source: Thomson Financial.

The price earnings (PE) ratio is a rule of
thumb for forming a view about the stock
market's valuation. It is simply the price of
the stock market (P) divided by firms earnings (E):
(1) PE = P / E.
A PE ratio of, say, 20 means that it will take
20 years to recoup an investment on the
basis of firms current earnings. That said,
the higher the PE ratio is, the greater the
investors risk.
Equation (1) is the reciprocal of the profit
yield (r):
(2) PE = 1 / r.
The profit yield consists of various elements.
In the simplest case we can assume that the
profit yield is made up of a (relatively) riskfree rate (rf) plus a risk premium (z):
(3) r = rf + z.
The risk-free rate can be thought of as the
short-term money market rate for high
credit quality, and it is for the most part determined by the central bank. The risk premium hinges mainly on investor sentiment.
In the USA, the Feds zero interest rate policy has driven up the stock markets PE ratio
somewhat, but certainly not to extraordinary levels. Why? Perhaps investors expect
the Feds low rate policy to be temporary
and therefore believe that stocks don't merit higher valuations, or maybe the low rate
policy has actually driven up the risk premium in the stock market. This will be explored in greater detail on the next page.

03

04
US

05

06 07
Japan

08

09 10 11
Germany

12 13
Italy

14

15

16

Source: Bloomberg.

Rising asset prices

The global decline in interest rates has consequences. For one, it drives up asset prices. Take, for instance, the stock market. Future cash flows are being
discounted at a lower rate, thereby pushing up firms present value and thus
their stock prices.
Yields fall, asset prices rise
10-year US govt bond yield in percent and S&P 500
5,5

2300

5,0

2100

4,5

1900

4,0

1700

3,5

1500

3,0

1300

2,5

1100

2,0

900

1,5

700
500

1,0
07

08

09

10

11

12

13

US 10-year rate (LS)

14

15

16

S&P 500 (RS)

Source: Bloomberg.

What's more, lower rates reduce firms' borrowing costs, thereby fueling profits, which should then boost stock prices. By increasing their leverage, firms
improve their return on equity and encourage investors to buy shares and
drive prices up further.
Extremely low interest rates have another very important consequence: Bank
deposits look to be a far less appealing place to park money, which makes
gold an even more attractive option.
In recent decades, people could earn positive, inflation-adjusted yields on demand, time or savings deposits. This gave secured bank deposits a competitive
edge over gold and silver.

22 July 2016

Now that interest rates on bank deposits have all but evaporated, gold and silver are real rivals for time and savings deposits, which are typically held for the
medium-to-long term.

Marked increase in S&P 500 risk premium

US Federal Funds Rate in percent and stock
market risk premium*

These deposits have a credit or counterparty risk; gold does not. By definition,
gold cannot default. What's more, politically expedient machinations cannot
undermine gold's buying power.

25

Beyond that, gold and to some extent also silver have become a low-cost insurance for investors looking for a hedge against the evils of unbacked paper
money.

15

10
8
6
4
2
0
-2
-4
-6
-8
-10

20

10
5

Institutional demand for gold

Gold Exchange Traded Funds are an important gateway for institutional investors seeking exposure to the gold market, and demand for ETFs has increased
sharply since the start of this year.

0
80 84 88 92 96 00 04 08 12 16
Federal Funds Rate (LS)
Risk premium (RS)

Falling yields drive demand for gold ETFs, and vice versa
Gold ETFs (million ounces) and US 2-year rate in percent
6

90
80

70

60
50

40

30

20
10

0
07

08

09

10

11

12

ETF stocks

13

14

15

16

US 2-year rate (RS)

Source: Bloomberg.

This has a great deal to do with declining short-term borrowing costs in the
USA. That's not a huge surprise: Gold's appeal rises as short-term rates fall.
Closely linked: gold ETFs and the price of gold
Gold ETFs (million ounces) and the price of gold (USD/oz)
90

2000

80

1800

70

1600

60

1400

50

1200

40

1000

30

800

20

600
400

10
07

08

09

10

11

12

ETF stocks

13

14

Gold (RS)

Source: Bloomberg.

15

16

Source: Thomson Financial; own

calculation. *Calculated from the PE ratio of
the S&P 500. The Federal Funds Rate was
used as the risk-free rate. See previous page
for further explanations.
The above graph depicts the US Federal
Funds Rate and the risk premium in the
stock market. When the 'New Economy'
boom hit in the mid-1990s, investors'
exuberance sent the risk premium plunging
into negative territory, but it has been
edging up since late 2008. Investors appear
to be more mindful of risk. This is all the
more interesting as the rise in the stock
markets risk premium was accompanied by
the Feds unprecedented low rate policy.
It may well be that investors are more
concerned about risk because of the Feds
low rate policy. Economically speaking, this
wouldnt be all too surprising considering
the broader consequences of such a
monetary policy.
One is that artificially suppressed interest
rates encourage malinvestments,
irresponsible investor behaviour and boombust cylces. This may have kept investors
from pushing the valuation of the stock
market to far higher levels. The risk
premium rose and thereby prevented the
Feds extremely low interest rates policy
from catapulting the stock market valuation
to precariously lofty levels.

22 July 2016

Next Fed meeting on 26 & 27 July: Will

rates go up this time?
US Federal Funds Rate in percent and credit
spread* in basis points

On top of all that, ETF gold stocks have been closely linked to the actual gold
price (in US dollars per ounce), which would suggest that institutional investors wield considerable influence over the price of the gilded metal.

Low rates here to stay

650
600
550
500
450
400
350
300
250
200
150
100

8
7
6
5
4
3
2
1
0
90

95

00

05

10

15

Federal Funds Rate (LS)

Credit spread (RS)

Source: Bloomberg. *Yield of US BAA

bonds minus yield of 10-year US Treasury.
Grey area: Periods of rising credit spreads.
No one knows what the Fed will decide at
its 26 & 27 July policy meeting, but markets
expect it to yet again postpone the next
rate hike. (The last hike was on 16 December 2015 when the Fed increased its Federal
Fund Rate by 0.25 to 0.50 percent.) So why
is the Fed sitting on the fence?
On the one hand, many of its members may
be afraid that higher rates could adversely
affect the US economy. Rising short-term
US yield could also drive up the external
value of the US dollar, much to the ire of
Americas corporate world.
On the other hand, annual US core inflation
already reached 2.3% in June. If one is to
trust official statistics, the US labour market
has, for all practical purposes, returned to
full employment while housing and stock
prices keep rising, fueled by cheap credit.
It's equally important that credit spreads
have declined lately, providing the Fed with
a window of opportunity to bring rates up.
(Note that in the past the Fed did not raise
rates in times of rising credit spreads.)
We believe that the Fed wishes to raise
rates in July or later this year, moving it further from the zero line. However, it is unlikely to 'normalize' rates by bringing them
back up to levels seen before the
2008/2009 financial and economic crisis.

How long will interest rates remain in the cellar? Is zero percent even economically feasible for any prolonged period? Precious metals investors need answers to these key questions about low and nonexistent interest rates.
Central banks around the world have slashed their official rates to rockbottom levels, dragging long-term bond yields and other borrowing costs
down as well.
But there is more to this than meets the eye. Most central banks have started
buying long-term bonds by issuing new base money, which means they essentially control long-term yields.
Take, for instance, the European Central Bank (ECB). It ramps up its balance
sheet volume by buying up all sorts of bonds that are funded by issuing new
euro deposits created out of thin air.
How the ECB pushes down interest rates
10-year German govt bond yield in percent
and balance sheet volume of the Euro system* in billion euros
6

3500

3000

2500

3
2000
2
1500

1000

0
-1

500
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
10-year German gov't bond yield (LS)

Total balance sheet Eurosystem (RS)

Source: Thomson Financial. *National central banks plus ECB

As the graph below shows, the ECB's rising balance sheet volume is accompanied by a marked decline in bond yields. This drop in yields doesnt come
naturally; it is a politically engineered outcome.
Gold and stocks
Debt levels are fairly high in practically all major economies around the world,
so it seems unlikely that central banks will be willing or able to abandon their
extreme low interest rate policies anytime soonif ever.
Again, if monetary policy is to suppress interest rates, the (base) money supply
has to be increased. And that bodes well for the gold price further down the
line.

22 July 2016

Growing supply of money, higher price of gold

Gold price (USD/oz) and US money stock M2, in billion US dollars
2000

16000

1800

14000

1600

12000

1400
1200

10000

1000

8000

800

6000

600

4000

400

2000

200
0

0
59

63

67

71

75

79

83

87

Gold (LS)

91

95

99

03

07

11

15

M2 (RS)

Source: Thomson Financial.

Grey area: Period of central banks being net sellers of gold.

Over the long term, the gold price is largely driven by the quantity of money:
The more unbacked paper money there is sloshing around relative to a given
quantity of gold, the higher the latters exchange value should be against unbacked paper money.
In view of the inflationary ramifications of central banks policies, we also advocate holding on to shares in good companies. Most firms that have proven
their ability to do business successfully over the long haul are in a position to
earn positive inflation-adjusted returns on capital.
In fact, good companies are able to cope with higher inflation by raising their
prices if and when inflation drives up their input costs (energy, wages, etc.).
If investors manage to buy these stocks at low pricesthat is, at prices lower
than their intrinsic valuethey will enjoy a margin of safety that keeps the investment risk in check.
From where we stand, gold and shareholdings in good companies are sound
ingredients for a portfolio aimed to weather the storm caused by central
banks monetary follies.

22 July 2016

Precious metals prices, actual and projections (per ounce)

In US -dollar
I. Actual

Gold

S ilver

P latinum

P alladium

1,324.6

19.7

1,096.7

682.0

II. Gliding averages

5 days

1,327.1

19.8

1,094.9

668.1

10 days

1,334.1

20.0

1,095.7

653.6

20 days

1,337.9

19.6

1,070.5

625.5

50 days

1,289.1

18.0

1,024.2

580.9

100 days

1,269.0

17.1

1,011.5

580.9

200 days

1,195.9

15.8

953.8

564.7

III. P rojections
R ante
Low

R ange

High

Low

R ange

High

Low

R ange

High

Low

High

Q3 2016

1,175

1,320

17.6

19.5

850

1,130

640

700

Q4 2016

1,251

1,360

17.1

20.1

800

1,170

660

730

Q1 2017

1,279

1,390

17.8

20.9

1,040

1,220

700

760

Q2 2017

1,306

1,420

18.5

21.8

1,080

1,270

730

790

IV. Annual averages

2013

1,398

23.4

1,473

725

2014

1,252

18.6

1,370

805

2015

1,154

15.5

1,043

684

2016 (projected)

1,209

17.3

931

619

In Euro
I. Actual

Gold

S ilver

P latinum

P alladium

1,203.3

17.9

996.3

619.5

II. Gliding averages

5 days

1,203.5

17.9

992.9

605.9

10 days

1,206.7

18.1

991.2

591.3

20 days

1,208.3

17.7

966.8

564.9
519.8

50 days

1,153.2

16.1

916.3

100 days

1,129.7

15.2

900.4

517.1

200 days

1,078.7

14.3

860.2

509.6

III. P rojections
R ange
Low

R ange

High

Low

R ange

High

Low

R ange

High

Low

High

Q3 2016

1,058

1,189

15.8

17.6

766

1,018

577

631

Q4 2016

1,180

1,283

16.1

19.0

755

1,104

623

689

Q1 2017

1,279

1,390

17.8

20.9

1,040

1,220

700

760

Q2 2017

1,306

1,420

18.5

21.8

1,080

1,270

730

790

IV. Annual averages

2013

1,052

18

1,108

545

2014

949

14

1,036

611

2015

1,045

14

945

619

2016 (projected)

1,098

16

846

562

S ource: B loomberg; own calculations . P rojections of Degus s a Goldhandel GmbH (end of quarter); numbers are rounded.

22 July 2016

Precious metals prices and ETF holdings

Gold ETFs (million ounces) und gold price (USD/oz)
66

1380
1330

61

1280
1230

56

1180
1130

51

1080
46
22-Jul-15

22-Oct-15

22-Jan-16
Million ounces (LS)

22-Apr-16
Gold prices (USD/oz, RS)

1030
22-Jul-16

Silver ETFs (million ounces) and silver price (USD/oz)

655

20,5

645

19,0

635

17,5

625
16,0

615

14,5

605
595
22-Jul-15

22-Oct-15

22-Jan-16
Millionen ounces (LS)

22-Apr-16
Silver price (USD/oz, RS)

13,0
22-Jul-16

Platinum ETFs (million ounces) and platinum price (USD/oz)

2,9

1150

2,8

1100

2,7

1050

2,6

1000

2,5

950

2,4

900

2,3

850

2,2
22-Jul-15

22-Oct-15

22-Jan-16
22-Apr-16
Million ounces (LS)
Platinum price (USD/oz, RS)

800
22-Jul-16

Palladium ETFs (million ounces) and palladium price (USD/oz)

3,2
3,1
3,0
2,9
2,8
2,7
2,6
2,5
2,4
2,3
2,2
2,1
22-Jul-15

750
700
650
600
550
500

22-Oct-15

22-Jan-16
Million ounces (LS)

Source: Bloomberg.

22-Apr-16

Palladium price (USD/oz, RS)

450
22-Jul-16

22 July 2016

Commodity prices
S elected commodity prices
Actual price

Change agains t (in percent):

in US -dollar

1 week

1 mth

3 mths

WTI crude oil

44.31

-3.9

-6.7

B rent crude oil

45.87

-1.9

-4.6

Gas oline

134.85

-1.6

Heating oil

136.01

Gas oil

Volatility (in percent):

6 mths

12 mths

30 days

90 days

5.8

9.8

-28.7

44.8

37.6

9.9

15.2

-32.8

45.5

38.7

-15.5

-6.4

0.9

-29.5

41.1

34.6

-3.7

-3.3

9.6

15.3

-31.4

43.4

37.6

404.00

-4.0

-4.9

6.2

15.3

37.1

35.5

2.67

-4.7

10.7

20.7

8.1

-15.1

39.0

37.2
28.2

I. Energy

Natural gas
II. Agriculture
Corn

338.50

-6.6

-14.4

-8.2

-13.9

-21.4

35.8

Wheat

416.00

-4.4

-16.5

-15.1

-16.7

-34.1

24.0

27.8

S oy beans

995.75

-5.9

-1.2

7.7

11.5

2.8

37.0

26.8
30.6

Coffee

146.35

1.6

18.6

11.5

20.1

0.8

30.0

S ugar

19.50

-0.4

17.5

24.9

47.3

39.4

33.8

31.4

Cotton

72.39

10.0

15.4

25.3

17.9

9.4

26.2

19.9

Aluminum

1601.00

-3.7

-4.6

5.3

5.4

-5.3

16.6

17.0

Copper

4976.00

5.6

-1.5

2.7

9.1

-13.7

20.8

20.2

Zinc

2254.00

5.2

16.3

24.1

38.9

12.7

23.2

26.0

Lead

1862.00

2.5

3.2

9.2

8.4

5.8

19.5

22.4

55.80

0.2

-15.2

4.9

34.8

-9.3

1325.39

-3.0

2.5

7.5

18.5

12.9

18.3

16.2

19.70

-2.8

10.4

28.1

38.1

25.5

29.5

25.6

P latinum

1096.84

0.0

1.9

12.4

25.9

1.5

20.8

22.8

P alladium

681.90

10.3

9.5

21.1

36.5

1.1

24.4

27.4
17.4

III. Industrial metals

Iron ore
IV. P recious metals
Gold
S ilver

V. Ratios
Gold-s ilver

67.28

-1.1

-7.2

-16.0

-13.9

-10.0

22.2

Gold-platinum

1.21

-2.4

0.7

-4.3

-5.4

11.3

18.3

15.3

Gold-palladium

1.94

-11.6

-5.7

-11.2

-13.4

11.6

35.6

28.1

P alladium-platinum

0.62

10.5

6.8

7.8

9.1

-0.3

27.9

23.0

S ource: B loomberg; own calculations .

S&P commodity prices (in US dollar terms)

260
240
220
200
180
160
140
120
100
80
60
40
07

08

09
Total index

10

11
Industrial metals

Source: Bloomberg. Series are indexed (January 2007 = 100).

12

13
Energy

14

15
Agricultural

16

22 July 2016

Bitcoin, performance of various asset classes

Bitcoin in US-Dollar
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
12

13

14

15

16

Source: Bloomberg.

Performance of stocks, commodities, FX and bonds

(a) In national currencies

(b) In euro
-40

S&P 500
Nasdaq
Euro STOXX 50
FTSE 100
DAX
Swiss MI
Nikkei
Hang Seng
Bovespa
Russia
CRB Index
Gold
Silver
Crude oil
EURUSD
EURJPY
EURGBP
EURCHF
USDCAD
USDGBP
USDJPY
US gov't bond 7 - 10 yrs
US gov't bond 1 - 3 yrs
Euro gov't bond 7 - 10 yrs
Euro gov't bond 1 - 3 yrs
UK gov't bond 7 - 10 yrs
UK gov't bond 1 - 3 yrs
Japan gov't bond 7 - 10 yrs
Japan gov't bond 1 - 3 yrs

-20

20

40

60

5,9
1,3
-7,5
6,9
-6,1
-7,6
-12,6
0,2
30,7
9,3
4,3
24,9
42,1
24,6
1,6
-10,4
13,6
0,1
-5,0
0,0
-11,8

Source: Bloomberg; own calculations.

4,1
1,3
5,5
0,3
9,5
1,3
3,9
0,4

-60
S&P 500
Nasdaq
Euro STOXX 50
FTSE 100
DAX
Swiss MI
Nikkei
Hang Seng
Bovespa
Russia
CRB Index
Gold
Silver
Crude oil
EURUSD
EURJPY
EURGBP
EURCHF
USDCAD
USDGBP
USDJPY
US gov't bond 7 - 10 yrs
US gov't bond 1 - 3 yrs
Euro gov't bond 7 - 10 yrs
Euro gov't bond 1 - 3 yrs
UK gov't bond 7 - 10 yrs
UK gov't bond 1 - 3 yrs
Japan gov't bond 7 - 10 yrs
Japan gov't bond 1 - 3 yrs

-40

-20

20

40

60

4,4
-0,2
-7,5
-6,7
-6,1
-7,7
-2,2
-3,6
46,8
19,5
2,7
23,3
40,6
23,0
1,6
-10,4
13,6
0,1
-5,0
0,0
-11,8
2,5
-0,2
5,5
0,3
-4,1
-12,3
15,7
12,2

10

22 July 2016

Articles in earlier issues of the Degussa Market Report

Issue
Content
22 July 2016

The Demise of the Interest Rate - the Comeback of Gold Money

8 July 2016

Escaping the Euro Trap

24 June 2016

The Credit Cycle and the Price of Gold

10 June 2016

US Fed wants to raise rates further - investors should cling to gold and stocks

27 May 2016

The Illusion of Central Bank Independence and the Consequence for the Gold Price

13 May 2016

The Fight Against Secular Stagnation and What It Means for Gold and Silver Prices

29 April 2016

US dollar dominance - challenged by gold

15 April 2016

A World without Returns

1 April 2016

Helicopter Euros Hovering on the Horizon

18 March 2016

Gold and stocks protect against helicopter-euros

The Degussa Marktreport (German) and the Degussa Market Report (English) are available at:
www.degussa-goldhandel.de/de/marktreport.aspx.

11

22 July 2016

Disclaimer
Degussa Goldhandel GmbH, Frankfurt am Main, is responsible for creating this document. The authors of this document certify that the views expressed
in it accurately reflect their personal views and that their compensation was not, is not, nor will be directly or indirectly related to the recommendations
or views contained in this document. The analyst(s) named in this document are not registered / qualified as research analysts with FINRA and are therefore not subject to NASD Rule 2711.
This document serves for information purposes only and does not take into account the recipient's particular circumstances. Its contents are not intended to be and should not be construed as an offer or solicitation to acquire or dispose of precious metals or securities mentioned in this document and
shall not serve as the basis or a part of any contract.
The information contained in this document was obtained from sources that Degussa Goldhandel GmbH holds to be reliable and accurate. Degussa
Goldhandel GmbH makes no guarantee or warranty with regard to correctness, accuracy, completeness or fitness for a particular purpose.
All opinions and views reflect the current view of the author or authors on the date of publication and are subject to change without notice. The opinions expressed herein do not necessarily reflect the opinions of Degussa Goldhandel GmbH. Degussa Goldhandel GmbH is under no obligation to update, modify or amend this document or to otherwise notify its recipients in the event that any circumstance mentioned or statement, estimate or forecast set forth in this document changes or is subsequently rendered inaccurate.
The past performance of financial instruments is not indicative of future results. No assurance can be given that any views described herein would yield
favorable returns on investments. There is the possibility that said forecasts in this document may not come to pass owing to various risk factors. These
include, without limitation, market volatility, sector volatility, corporate actions, the unavailability of complete and accurate information and/or the circumstance that underlying assumptions made by Degussa Goldhandel GmbH or by other sources relied upon in the document should prove inaccurate.
Neither Degussa Goldhandel GmbH nor any of its directors, officers or employees shall be liable for any damages arising out of or in any way connected
with the use of this document and its content.
Any inclusion of hyperlinks to the websites of organizations in this document in no way implies that Degussa Goldhandel GmbH endorses, recommends
or approves of any material on or accessible from the linked page. Degussa Goldhandel GmbH assumes no responsibility for the content of and information accessible from these websites, nor for any consequences arising from the use of such content or information.
This document is intended only for use by the recipient. It may not be modified, reproduced, distributed, published or passed on to any other person, in
whole or in part, without the prior, written consent of Degussa Gold GmbH. The manner in which this document is distributed may be further restricted
by law in certain countries, including the USA. It is incumbent upon every person who comes to possess this document to inform themselves about and
observe such restrictions. By accepting this document, the recipient agrees to the foregoing provisions.
Imprint
Marktreport is published every 14 days on Fridays and is a free service provided by Degussa Goldhandel GmbH.
Deadline for this edition: 22 July 2016
Publisher: Degussa
Goldhandel GmbH, Kettenhofweg 29, 60325 Frankfurt, Tel.: (069) 860068-0, Fax: (069) 860068-222
E-Mail: info@degussa-goldhandel.de, Internet: www.degussa-goldhandel.de
Editor in chief: Dr. Thorsten Polleit
Degussa Market Report is available on the Internet at: http://www.degussa-goldhandel.de/de/marktreport.aspx

Munich (shop & showroom): Promenadeplatz 12 80333 Munich

Phone: 089-13 92613 18 muenchen@degussa - goldhandel.de
Munich (Old Gold Centre): Promenadeplatz 10 80333 Munich
Phone 089-1392613 10 muenchen-altgold@degussa-goldhandel.de
Nuremberg (shop & showroom): Prinzregentenufer 7 90489 Nuremberg
Phone: 0911-669 488 0 nuernberg@degussa-goldhandel.de

Frankfurt Headquarters
Kettenhofweg 29 60325 Frankfurt
Phone: 069-860 068 0 info@degussa-goldhandel.de

Pforzheim (refinery): Freiburger Strae 12 75179 Pforzheim

Phone: 07231-58795 0 pforzheim@degussa-goldhandel.de
Stuttgart (shop & showroom): Kronprinzstrae 6 70173 Stuttgart
Phone:: 0711-305893 6 stuttgart@degussa-goldhandel.de

Retail buying and selling outlets in Germany:

Retail buying and selling outlets around the world:

Frankfurt (shop & showroom): Kettenhofweg 29 60325 Frankfurt

Phone: 069-860 068 100 frankfurt@degussa-goldhandel.de

Zurich (shop & showroom): Bleicherweg 41 8002 Zurich

Phone: 0041-44-40341 10 zuerich@degussa-goldhandel.ch

Berlin (shop & showroom): Fasanenstrae 70 10719 Berlin

Phone: 030-8872838 0 berlin@degussa-goldhandel.de

Geneva (shop & showroom): Quai du Mont-Blanc 5 1201 Genve

Phone: 0041-22 908 14 00 geneve@degussa-goldhandel.ch

Hamburg (shop & showroom): Ballindamm 5 20095 Hamburg

Phone: 040-329 0872 0 hamburg@degussa-goldhandel.de

Madrid (shop & showroom): Calle de Velzquez 2 28001 Madrid

Phone: 0034-911 982 900 info@degussa-mp.es

Hanover (shop & showroom): Theaterstrae 7 30159 Hanover

Phone: 0511-897338 0 hannover@degussa-goldhandel.de

Singapur (shop & showroom): Degussa Precious Metals Asia Pte. Ltd.
22 Orchard Road, 01-01 Singapur 238885 info@degussa-pm.sg

Cologne (shop & showroom): Gereonstrae 18-32 50670 Cologne

Phone: 0221-120 620 0 koeln@degussa-goldhandel.de

London Sharps Pixley Ltd (member of the Degussa

Phone 0044-207 871 0532 info@sharpspixley.com

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