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Uncertainty about the future of Greece and the value of the euro is causing many Europeans to decide to buy gold, according to Bloomberg. Greece in particular is experiencing a storm, as the British Royal Mint sold twice as much there in the month of June Gold Coins as normal. These are mainly the gold British pounds.
The Greek population no longer trusts the bank and is therefore increasingly opting for precious metals as an alternative way to store assets.
It's not just the Greeks who are buying more gold to secure their wealth. In the Netherlands, too, we saw a sharp increase in the demand for precious metals. "Last weekend, sales were four times higher than normal," Thus stated Vincent Kersten of Hollandgold. "We were already prepared for the crowds by keeping some extra stock, but we didn't expect it to go so fast," Kersten added.
Greek savers are looking for a safe haven now that Greece has put capital controls in place. Last Sunday it was announced that the withdrawal of savings will be limited to €60 per day and that Greek banks will remain closed throughout the week.
"The most common investment coins are sold out," Daniel Marburger of Frankfurt-based Coininvest told Bloomberg. "When they heard that the Greek banks were going to be closed for a while, they started to see that it is not a bad idea to keep some savings in the form of gold."
The Gold price shot up on Monday morning due to the news from Greece, but by the end of the day, the price was back to last week's closing price. The panic quickly subsided, but the run on gold in Europe continued unabated for the rest of the day.
The sales figures of most mints have yet to be announced, but the preliminary figures from the US Mint show that the demand for gold coins is indeed picking up again. In June, for example, the U.S. Mint sold 61,500 troy ounces of gold Eagle coins, the largest volume since January.
