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HomeBusiness NewsGold bar sales soar as millennials turn investors

Gold bar sales soar as millennials turn investors

by LLB Finance Reporter
19th Jan 21 3:43 pm

The Royal Mint have said they are seeing more young adults investing in gold bars which has risen by 53% over the Christmas period.

From November to December 2020 the Mint said that sales of 1g and 5g gold bars have increased by 53% YoY.

The Mint introduced a specialedition of 1g and 5g gold bars for Diwali and Christmas, which suggest there has been an uplift in giving gold as a present.

Since the pandemic started the Royal Mint has seen an uplift in people aged between 22 and 37 buying gold which is an increase of 32%.

The Mint also said that overall sales of gold has increased by 510% year on year, as gold is often a “safe haven” for investment.

Andrew Dickey, divisional director of precious metals for the Royal Mint said, “Gold continued to shine in the last quarter of 2020 as people looked to precious metals for safe haven investments, but also for savvy Christmas gifts.

“We saw a 53% increase in customers buying our 1g and 5g gold bars, which are designed as gifts to help people save for their future.”

He added, “As we go into 2021, various fiscal and monetary policies both of which are traditional drivers of gold demand will begin to unfold in an attempt to support the recovery of the global economy.

“With this in mind, we’re expecting demand for our precious metal products to continue to shine.”

 

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