The rush for bars and coins at many traders is enormous. This precious metal is particularly in demand in the corona crisis.
- The rush at gold traders in Corona times * is enormous.
- Psychology plays a role here.
- Safe ports are needed in times of crisis - for many, this includes gold.
Large crowds of gold traders in Corona times
Gold * is often in high demand in times of crisis. A few gold bars in the vault? Here psychology plays an important role: just the sight gives some people a feeling of security.
According to a report by the German Press Agency (as of April 24), many investors have invested their savings in gold in the corona crisis. According to its own statements, the trading firm Pro Aurum sold 6.2 tons of bars and coins in March , four times as much as in the same month of the previous year. "In April, the same tonnage is emerging almost to the ounce," dpa quotes a spokesman. And Der Spiegel had also reported the rush for the precious metal.
At Degussa Goldhandel, orders have at times quintupled, according to the company, according to the dpa report. "The demand from private investors for physical gold in the form of bars and coins has increased enormously since the outbreak of the corona virus," it said. It had been at a very high level in the previous months.
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Corona crisis: Many people buy gold bars and gold coins
According to the reports, it can also be observed that in the corona crisis there are a striking number of customers going to gold dealers and pawnbrokers. But not for the reason that they wanted to sell precious metals or to lend objects out of money. On the contrary: people would buy. For example gold bars or gold coins *.
If you decide to buy, you should first find out whether the time is cheap at all. The disadvantage of gold, experts say: The precious metal does not generate ongoing income. The profit depends solely on the development of the price. The gold price can also fluctuate widely. The experts at Stiftung Warentest are therefore warning that investors could lose as much with gold as with a stock deposit.
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Gold coins and gold bars - what Stiftung Warentest advises
In addition, retailers often charge a surcharge for the purchase. The smaller the gold bars and coins, the higher they are, an investigation by the magazine "Finanztest" (03/2020) shows: For a 1-kilogram bar, buyers pay an average premium of around one percent over the current market price. For a 1 gram bar, it was often more than 20 percent. "Finanztest" recommends a minimum of 50 grams for gold bars and one troy ounce for standard gold coins - this corresponds to 31.1 grams of pure gold. Commemorative and collector coins are therefore not worthwhile, since the surcharges for the material value are very high.
According to the banking association, the prices for investment gold such as bars or coins depend on weight, fine gold content and coinage, as dpa also reports. Accordingly, they should not be more than ten percent above the current gold price. So buyers should pay attention to the current price.
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Buying gold: It's always worth comparing
Anyone who prefers the "small" around the corner instead of the more well-known traders should, as RND.de reports, also pay attention to one thing: "The trader should be certified, that is, be a member of the professional association of German coin trade, for example. This guarantees that the purchased gold coins or bars are real, among other things. "
It's always worth comparing . "The certification of the trader is probably even more important with the second option of buying gold. On the Internet," RND.de also says. Because prepayment must be made there. You can easily get the best price from comparison portals. "But when buying online, the focus should not just be on the cheapest price."
RND.de continues: “The ID card.” Since the beginning of 2020, a precious metal trader has been obliged by the German Money Laundering Act to buy from a gold purchase value of 2,000 euros to have the ID presented. "
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