Gold Purchases in Germany Witnessed Dramatic Shift in Recent Years

SEATTLE (Scrap Monster): The most recent study from the World Gold Council (WGC) claims that during the previous several years, Germany's gold purchasing has seen a significant change.

According to the survey, two years ago, Germany ranked as the second-largest market for retail gold investments. In 2022, the nation's net demand for gold bars and coins was 185 tons. In 2023, the total demand dropped significantly to just 47 tons. According to the WGC report, German retail gold purchases fell to just 5 tons in the first half of this year.

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According to a recent online study conducted on behalf of the nation's gold trade association, 37% of investors have owned or invested in gold at some point. Gold is currently the third most popular investment, behind stocks & shares and savings accounts. It stated that the German investors' motivations for purchasing gold are obvious. Moreover, the survey discovered that investors are generally inclined to purchase gold in the future.

Of the respondents who have ever made an investment in gold, 13% had sold all or part of their holdings by the start of 2023. Making the most of gold's recent high prices was the main driving force for the selling. In the meanwhile, 18% of people traded gold to augment their income, due to rising living expenses.