The market in Bulgaria has been over 15 years old and in Europe the Bulgarian is the third largest buyer of gold – after the German and the Pole. “So far we are about BGN 800 million. And this year we will exceed a billion in buying investment gold,” Tonev said.
The expert explained that the price of gold is rising globally and investors are paying attention. The price growth began in 2019, it is essential and increased every year, and it is particularly large in 2024 as this year.
“The war in Ukraine is also a price factor, it began in February 2022 and in the middle began buying gold from central banks. They are a major player, a smart player. When they buy, investors also buy,” the specialist recommended.
He pointed out that the central banks bought 1080 tonnes in 2024, and for this it would be about 1000 tonnes.
“Buying signals a high financial culture. And the Bulgarian is the last survivor of hyperinphalulation, 1997 Viden’s winter. I would call the Bulgarian” cautious investor “and I give the great demand for investment gold in our country,” he said.
According to him, Bulgarians who have money in cash will turn them into gold and therefore there is additional demand, “people who buy gold instead of euro.”
Tonev explained that investment gold has a sample of over 900, which is over 90% gold in the product-a bar, “and in Bulgaria all bars are 3 or 4 nine, which shows 24 carat gold.”
The expert recalled that investment gold is attractive because it is not due to taxes – it is exempt from VAT and duties worldwide.
The tax is only due if it is bought and sold more expensive, because then there is a profit.
It is not very risky to store gold bars at home. In the last 15 years, there has been only one theft of investment gold from a home.
“For the smaller investments, up to BGN 40,000, for two bars of 100 g and one ounce from above, often Bulgarians store at home. For a greater investment is a good bank cartridge, prices for it are reasonable,” Tonev explained.