Lithuanians turn to gold for economic uncertainty – Baltic News Network

Due to regional uncertainty, Lithuanians are hoarding gold bars and coins.Lithuanian state broadcaster reports that mint chiefs say it is common for investments to flock to gold during crises LRT.

The only mint in the Baltics has very few gold items left in its store, with a few gold-plated angels, coins and gold bars.

Mint director Linus Baikaras told LRT TV that while gold is stable and easy to sell, people tell jokes that the money runs out quickly.

Compared to last year, gold sales in 2022 have increased several-fold, he said.

In particular, the rise followed the start of the war in Ukraine.

«Historically, gold is always highly valued in times of crisis, which is in contrast to securities and bonds. It was a rather risky investment vehicle. », explains Linas Veikalas.

If you look at the whole situation and look at today’s inflation, we would expect the price of gold to rise, which would automatically lead to an increase in demand for it,” he explains.

When the war started, the price and demand for gold literally went up by the hour, says Vytautas Jonutis, creative director of jewelery shop Premiere. Jewelers, on the other hand, have yet to increase the price of their gold products.

«What I’ve noticed is that people are coming in and wanting to make it into jewelry and wanting to invest in it. No more throwing money left and right,” he says.

According to Jonutis, the price of gold varies between stock exchanges and can fluctuate daily.

One of the key factors, he adds, is Russia’s gold ban.

Demand for gold has increased tenfold since the end of February, according to Ericas Dausha, commercial director of Eurodata, which sells investment gold and coins online.

“People were waiting for gold even with pre-orders, and there was a wait of about a month or more,” he says.

Gold bars are still the most popular form of purchasing precious metals. People are investing in big things that weigh up to 100 grams.

“A 10-gram bar is around €600, a 1-ounce bar is around €1,800, a 50-gram bar is now €2,900, and a 100-gram bar is €5,600 to €5,700,” said Eurodata Erikas commercial director.

Coin prices range from a few dozen euros to around 3,000 euros. Lithuanians turn to gold for economic uncertainty – Baltic News Network

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