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- Author of the entry: Mennica Skarbowa
- Date of entry:
"Since the start of Russian intervention in Crimea, we have seen a significant increase in interest in gold bars and coins," saysBartłomiej Knichnicki, managing director of Mennica Skarbowa. Revenues in March were more than 50% higher than in the whole of February and more than double those in March 2013.
Even 1-gram bars are sold.
- Interestingly, we are seeing growing interest in smaller bars, even 1-gram bars, which Poles are willing to buy in quantities of up to 100, paying significantly more than for a single 100-gram bar, adds the guest on PR 24.
Bullion coins are most commonly sold, their value depending on the precious metal they contain, and they are minted continuously.
The National Bank of Poland has recently resumed the sale of collector coins through external distributors, and now we have a series of coins commemorating the canonization of John Paul II, which are extremely popular. In addition to investing in precious metals, we are also investing in collector's value, as the mintage was limited. Five thousand gold coins were minted.
The Amber Gold scandal did not harm the market
Contrary to appearances, the Amber Gold scandal also contributed to higher gold sales. "We were all afraid of this, but it turned out that Poles realized that paper, virtual gold is not real gold. Instead of a decline in confidence, there was a change in behavior, because investors understood that if they wanted to invest in the yellow metal, they simply had to buy physical bars," saysBartłomiej Knichnicki.
The approach of buyers has therefore changed. More people are buying bars, and customers increasingly want to meet with the seller and collect the goods in person.
They also buy gold around the world.
Others around the world are also buying gold. China and India generate more than half of the annual demand for gold worldwide. Last year, citizens of these countries bought approximately 1,000 tons of gold in the form of jewelry, bars, and coins.
This was possible despite the Indian government raising customs duties on investment gold imports to 10%. Indians were buying so much gold that India introduced customs duties to curb the outflow of cash from circulation.
The Chinese central bank does not provide official information on its gold purchases, but unofficial sources indicate that this is one of its ways of diversifying its investments, replacing the purchase of dollar bonds.
Gold as an investment: it is worth having 10-20 percent in your portfolio
Gold can be one of the elements of a diversified investment portfolio for each of us. According to the World Gold Council, a well-constructed portfolio—calculated on the basis of several decades of analysis—should contain between 10 and 20 percent gold.
Investing in gold is also a good way to secure future pensions, especially in the context of an unstable pension system.
Gold for a golden retirement?
As you can see, the government can seize citizens' retirement savings, impose additional taxes on real estate, and confiscate savings accumulated in bank accounts, as was the case in Cyprus. Gold, however, offers protection against such measures.
In addition, it protects us against inflation by increasing in value when empty money is printed. Investing in gold is rather long-term, but also liquid, which means that if we buy a gold bar today, we can sell it at any time.
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