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Germans holding record amounts of gold

Germans holding record amounts of gold

Tue Apr 16 2019


With interest rates low and stocks considered a risky bet, German households are placing ever more of their hopes in gold.


Private individuals hold 8,918 tonnes of the rare metal in total, up 246 tonnes from 2016, said researchers at the Steinbeis Research Centre for Financial Services, who conducted the research for Germany's Reisebank and based the estimate on surveys with 2,000 households.


Some 4,928 tonnes were held in gold bars and coins and the rest in jewellery.


Nearly three quarters of all Germans said they held gold, either in jewellery, coins or investment vehicles like Xetra-Gold on the Frankfurt stock exchange or Euwax Gold in Stuttgart.


German stock exchange operator Deutsche Boerse has also reported record investments in gold, with nearly 181.5 tonnes sitting in their vaults at the end of 2018.


The Reisebank survey found that 39 per cent of Germans chose to keep gold in safe deposits at a bank.


Put together with the German central bank's gold reserves, which stood at 3,370 tonnes at the end of last year, Germany holds about 6.5 per cent of worldwide gold reserves, worth 458 billion euros ($A722 billion) at the start of April.


The uptick in holdings comes despite gold prices falling off their record high of $US1,921 per ounce reached back in 2011.


Source: https://www.news.com.au/