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UK Royal Mint: Greeks Buying Gold Due to Political Instability

goldThe demand for gold coins has increased significantly in Greece over the last three months, as Greek investors are looking for a “safe haven” in light of the country’s political instability, notes the British Royal Mint.
According to Bloomberg, the Royal Mint has not published any official data regarding the sales of gold coins. However, the Bank of Greece, which sold 5849 gold coins in January argues that the numbers do not show any signs of “abnormal activity.”
“There has been a noticeable increase in demand in this last quarter,” stated Lisa Elward, head of gold sales at the Royal Mint, to Bloomberg.
Meanwhile, Matthew Turner, an analyst at Macquarie Bank Ltd., commented that gold is a good thing to hold if the currency is expected to lose value. “It would be understandable for Greeks to buy gold coins because they are afraid of losing their money,” he added.
The online CoinInvest, a website that specializes in selling and buying gold and silver coins and bars to individual and institutional investors, recorded increased sales in Greece during the election period in January.
The political situation in Greece has been in turmoil after the Greek Parliament failed to elect a new President of the Hellenic Democracy, a fact that lead the country to early national elections, giving power to anti-memorandum SYRIZA.
SYRIZA leader and the new Prime Minister of Greece announced on Sunday that he would not agree to any more bailout plan extensions or austerity measures. Meanwhile, Eurozone leaders, particularly Angela Merkel in Germany, insist on further bailout plan extensions, as well as a full debt repayment.

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