Germany has become the world’s biggest buyer of gold amid fears of economic meltdown across the eurozone.
Figures from the World Gold Council (WGC) reveal the country invested a record £6billion in gold bullion and coins as well as in exchange-traded products.
Analysts say improved availability, low prices and growing demand due to loose monetary policy, economic uncertainty and volatile geopolitical factors are the three key reasons behind the German investors’s gold rush.
PG View: The Germans have real reasons to be concerned, but U.S. investors remain complacent. If the Eurozone melts down, there will be far-reaching implications for the global economy.