Gold: New rally in its prices – Why Greeks are buying pounds –

The Greeks continue to “get rid” of the golden pounds they keep in the chests, at a time when gold has reached historically high prices.

Gold prices rose to a record high on Friday, extending a multi-year rally as investors flocked to an investment haven that has been considered a safe haven for millennia.

The precious metal’s price momentum is underpinned by expected rate cuts from major central banks, which tend to boost demand for the yellow metal that doesn’t yield tangible earnings such as dividends or interest.

Apart from this, escalating tensions in the Middle East and uncertainty surrounding the US presidential election are proving to be another factor supporting the precious metal. The trading price is expected to hover in the $2,500-$2,800 range in the coming months, BMI predicts.

The golden pounds

Analysts report to OT that behind the rise of the golden pound is the great uncertainty in the global economy, with geopolitical tensions sending many investors to the traditional safe haven of gold

Gold pounds seem like an investment, but their price is prohibitive for many. On the contrary, there are more people who sell, to be able to cover emergency needs.

According to the daily price bulletin, on 18/10/2024 the Central Bank buys the golden pound at 567.98 euros and sells it at 678.02 euros.

The figures of the Bank of Greece (Bank of Greece) are revealing, according to which the massive liquidations of pounds continued in the 9 months of January – September, with sales being multiple times the purchases for another year.

The BoE has bought from citizens in the nine months of 2024 the amount of 35,972 gold pounds (9,795 pieces in the first quarter, 13,917 in the second and 12,260 in the third quarter).

In contrast, citizens in the third quarter of 2024 were bought by the BoE 1,558 gold pounds, in the second quarter 1,533 and in the first quarter 1,581. In total, in the nine months of 2024, the Bank of Greece sold 4,672 golden pounds.

How to buy gold pounds

From 21 October 2024, the Bank of Greece will accept direct credit transfers for the purchase of gold British pounds, collector coins and commemorative coins, as well as for the distribution of euro coins from its Head Office and branches.

The public will be able to make credit transfers from accounts to Payment Service Providers within the Single Euro Payments Area (SEPA) for transactions of up to €100,000. Direct payments provide an environmentally friendly, economical, transparent and secure method of transacting with the Bank.

For the purchase of gold pounds and collector’s coins, the use of cash is allowed for transactions up to €500. The information on the official website of the Bank of Greece applies to the distribution of euro coins.

The identification of customers will be carried out based on the requirements of the applicable legislative framework for the prevention of money laundering and terrorist financing.

Source: ot.gr