Bulgaria Ranks Third in Europe for Gold Ownership Amidst Record Prices

Business » FINANCE | March 13, 2024, Wednesday // 17:57
Bulgaria: Bulgaria Ranks Third in Europe for Gold Ownership Amidst Record Prices @Pixabay

Bulgaria emerges as a surprising leader in the realm of gold ownership, securing its position among the top three countries in Europe per capita, as revealed by financial expert Max Baklayan in an interview with BNR. Against the backdrop of soaring gold prices on the stock exchange, Bulgarians are showcasing a remarkable affinity for physical investment gold, driving significant demand in the market.

Baklayan attributes the recent surge in gold prices to a confluence of global factors, including the uncertainty surrounding the US elections and geopolitical tensions. The price of gold has skyrocketed to a record high of ,192 per troy ounce, bolstered by the Federal Reserve's contemplation of interest rate cuts and escalating conflicts worldwide.

Amidst a backdrop of internal political discord in the US and lackluster economic indicators in both the US and Europe, gold has emerged as a safe-haven asset, drawing heightened interest from investors worldwide. Notably, BRICS member states have displayed a notable appetite for investment gold, collectively purchasing over 800 tons from their central banks in 2023 alone.

Intriguingly, Bulgarians stand out for their substantial per capita ownership of investment gold, trailing only behind Germany and Poland in Europe. This distinction underscores the nation's robust interest in tangible assets, reflecting a broader trend of diversification and risk mitigation among investors.

Baklayan underscores the distinction between paper gold markets and physical gold ownership, emphasizing the tangible demand evident in the latter. Bulgarians' significant presence in the physical gold market underscores their steadfast commitment to wealth preservation and investment diversification.

econ.bg

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Tags: Bulgaria, gold, investment, trends

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