Significant increase in gold purchases by German citizens in Poland

The Treasury Mint has recently observed a significant increase in gold purchases by German citizens who come especially to Poland to buy gold products, the company informs.

The World Gold Council report shows that in the first half of the year over 90 tons of investment gold and jewellery were sold in Germany. But Polands western neighbours buy “royal metal” also outside the country, more recently also in Poland.

German citizens favoured by low Zloty

“German citizens are certainly favoured by the low zloty exchange rate, but other regulations on reporting transactions to relevant offices, including tax offices, are more important.

In Germany, for several years, this has to be done with transactions above EUR 2,000 (previously it was EUR 15, and then shortly EUR 10,000), in Poland you can buy gold anonymously up to EUR 15,000 “- explains Jarosław Żołędowski, president of the Treasury Mint.

“Gold coins and medium-sized bars sell best, and they are easy to sell all over the world, of course also in Germany,” he adds.

This year, the price of gold expressed in euro has increased by 7%, to more than 1,720 euros per ounce. The record was set in early March when the price exceeded € 1,900. The market price of an ounce of gold in Polish zlotys is currently close to PLN 8,200 and is over PLN 1,000 lower than the peak on March 8. However, it remains by over 10 percent. higher than at the end of last year.

Meanwhile, in the Mint’s online store, you currently have to pay 8702 zlotys for the Krugerrand. Britannia, the Australian Kangaroo or the Canadian Maple Leaf are slightly cheaper, while the Vienna Philharmonic is slightly more expensive.

Poles also invest in gold more often

Poles also invest in gold more often. Last year, 14 tonnes of gold were sold, and this record result will probably be beaten. “In our country, the popularity of gold has definitely increased over the last 2-3 years” – points out Żołędowski. “High inflation and the war in Ukraine are still factors that contribute to the high level of demand for this metal,” he said.

Source: Bankier


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