Due to the current regional uncertainties, Lithuanians are hoarding more gold bars and coins. According to the manager of the mint, during the crisis, investments are often directed to gold, informs the Lithuanian public media LRT.
The only mint in the Baltics has few gold products left – only a few gold pendants, coins and gold bars.
“People joke that money disappears quickly, but gold is stable and easy to sell,” mint director Linas Veikalas tells LRT TV.
Compared to last year, gold sales have increased several times in 2022.
A particularly rapid increase in sales can be observed after the war started by Russia in Ukraine.
“Historically, the value of gold always increases when there is a crisis, which is the opposite of securities or bonds. It is more of a crisis investment tool,” says Veikals.
“Looking at the whole situation in general and taking into account today’s inflation, an increase in the price of gold is expected, which will automatically lead to an increase in its demand.”
When the war started, the price and demand for gold rose literally by the hour, say jewelry stores Premiere creative director Vytautas Jonutis.
Investment gold was forced out of the market. Meanwhile, jewelers have not increased the prices of gold products so far.
“Currently, it can be observed that people come and want the purchase to be a piece of jewelry, and for it to be an investment as well. People are becoming more selective, and they no longer spend money left and right just to buy something,” says Jonutis.
According to Jonut, the price of gold depends on the exchange and can fluctuate daily.
an important factor at the moment is the Russian gold embargo.
of the company Eurodatawhich sells investment gold and coins online, commercial director Eriks Daukša says that since the end of February, the demand for gold has increased tenfold.
“People have ordered gold even by pre-ordering, and the waiting time has been about a month or more,” says Daukša.
Gold bullion remains the most popular way to buy the precious metal. People invest in larger rods weighing up to a hundred grams.
“A ten-gram bar costs approximately 600 euros, a 1-ounce (28.34 gram) bar costs approximately 1,800 euros, while a 50-gram bar currently costs 2,900 euros, while a 100-gram bar costs 5,600 to 5,700 euros,” informs Daukša.
Coin prices range from a few tens of euros to around three thousand euros.
Read the full article in English: https://www.lrt.lt/en/news-in-english/19/1758001/amid-economic-uncertainty-lithuanians-are-turning-to-gold
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