Thursday, August 13, 2020

Germans bought more than 80 tons in the first half of the year

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In view of the Corona crisis, the Germans fled in gold in the first half of the year. They bought a total of around 83.5 tons of the precious metal – in the form of coins or bars.

According to a report by the “Frankfurter Allgemeine Zeitung”, the Germans bought a lot of physical gold in the first half of the year. They bought bars and coins with a total weight of 83.5 tons from January to June, the newspaper reported on Friday, citing the World Gold Council. This was an increase of more than 100 percent compared to the same period last year.

Internationally, however, the demand for gold in the form of bars and coins declined, as the World Gold Council announced on Thursday. It dropped by 17 percent to almost 400 tons. According to the information, there was a “clear east-west division”: sales fell in most countries in Asia and the Middle East, and increased in the west.

Gold price reached record high

Gold is seen as a safe investment given the market uncertainties caused by the Corona pandemic. However, physical gold is less suitable for private investors than so-called gold ETCs. These are special Securitiesthat replicate the performance of gold.

The price reached an all-time high of $ 1,944.71 an ounce a few days ago. One ounce is 31.1035 grams.

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