Germans are buying lots of gold!
“When the going gets tough, Germans Buy Aussie Gold” per the Brisbane Times in Australia
Last fall we reported on Germany’s budding love affair with gold. It appears this is more than just a one-night fling.
In 2016, Germans poured €6.8 billion ($8 billion) into gold investment products, in 2016, with 22% of German investors buying gold. Germany has established itself, over the last 10 years, as a 100 ton-plus per year market for gold bars and coins
This is a radical transformation according to The World Gold Council about the German gold market
In 2017 that trend continued.
Gold exports from Australia rose up sharply in 2017 because Germans do buy a lot of their gold from Australia, theyspent $8 billion on gold investment products in 2017.
In December of 2017 there were surging sales in gold and silver, data given by The Perth Mint.
According to data released by the mint, the sale of gold coins and gold bars rose 13% to 27,009 ounces in the
final month of 2017. Silver fared even better, with sales surging 61% to 874,437 ounces, up from
544,436 ounces in November
At the World Money Fair in Berlin last week, precious metal sales were up.
The Perth Mint had a booth open at the fair. Now this is just a few days before the stock market started to tank.
German investors began piling into gold in the wake of the 2008 financial crisis. That led to extremely loose monetary policy.
Germany has been in a negative interest rate environment for several years, and the Bundesbank has done billions in quantitative easing. Two and five-year government bonds have traded at negative yields since 2015. Analysists as the World Gold Council said this shouldn’t surprise us in the least
German investors, as much as 42% agree, that they trust gold much more than national currencies
From one investor:
“Gold is still, compared to other investments, the safest investment opportunity because it is economically independent, as it’s accepted worldwide.”
Meanwhile, gold and silver sales in North America have been tepid. Do the Germans know something we don’t?
Continued popularization over President Trump’s promise of economic growth and tax cuts, many Americans abandoned gold last year.
Big mistake, they should start buying gold again.
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