STORY: Security, above all and also in economic matters, is currently a valuable asset for many people in Europe and worldwide. Investments in gold seem to be the obvious choice – as is the case here in the Austrian capital of Vienna. The motive of many investors: the preservation of value in uncertain times of galloping inflation. Gerhard Starsich, general director and board member of the Austrian Mint AG, which is responsible for issuing and minting coins in Austria, knows this too. This also includes bullion coins in gold, silver and platinum. “It’s a cascade, it started with the Covid pandemic, where people were unsettled. Then, in February, when Russia attacked Ukraine, that boosted sales again, and in the summer and autumn the rising inflation. That has boosted sales again.” By November, the AG had sold around 1.8 million ounces this year. The number is already scratching the record of two million ounces set in 2009 and could possibly break it in December. “It’s a global phenomenon. We could currently sell three times what we can produce, including in the United States.” The US is the largest gold coin market in the world. And what do customers say here in Vienna? “I also chatted with the people here, it’s the fear that something could happen to the money. Then you just think you’re investing in gold in a secure asset. The future will tell.” “I read that inside, there was gold 5,000 years ago. Let’s hope that it will still be there in 5,000 years. It’s considered very crisis-resistant.” “Gold is a, in the back of your mind I’d say a certain safety measure or a safety factor.” So gold as a means of countering an uneasy feeling about one’s own assets. And the traditional Christmas business may also be another reason for the record-breaking sales of the precious metal. Either way: According to the board of directors of Münze Österreich AG, every gold coin that comes out of the press here in Vienna has already been sold.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
