Global demand for both gold and silver has soared as investor’s across the global scramble to buy retail sized bars and coins. Demand has been so strong many of the world’s leading mints have simply run out of products.

Central Banks have also stepped up their purchases. In August alone the Russian Central Bank bought another 1 million ounces of gold. That’s equivalent to 31 tonnes or a tenth of the UK’s total gold holdings. In 2015 alone Russia has bought 112 tonnes, bumping their total reserves to over 1,300 tonnes.

Gold demand is China is as strong as ever with 74 tonnes of deliverable gold removed from the Shanghai Gold Exchange in just one week. At this rate Chinese demand will reach 2,500 tonnes in 2015.

As gold sales soar, holders of U.S. treasuries are liquidating their positions. Country after country are trying to diversify out of U.S. treasuries and the U.S. dollar. With stocks markets falling and emerging markets in turmoil any significant sell off in the U.S. bond market would have far reaching consequences for the global economy.

Gold is currently trading at £735.48 per ounce, silver £9.67 per ounce, platinum £618.08 per ounce and palladium £405.64 per ounce.