This summer's market mayhem caused Americans to buy gold bars and coins at levels unseen since the financial crisis.U.S. demand for gold bars and coins surged 207% during the third quarter, the World Gold Council said on Thursday. The skyrocketing demand signaled a level of interest in gold investment "not seen since the global financial crisis," the group said.
The U.S. Mint backs up that assessment. It said gold Eagle coin sales surged to nearly 400,000 ounces last quarter, the highest level in more than five years.
Gold watchers chalk up Americans' newfound love for gold to two major factors: prices looked relatively cheap and financial markets were in turmoil. In July gold prices fell below $1,100 an ounce for the first time in five years. Apparently many people decided it was too good an opportunity to pass up.