One record following another continues to be “broken” by the golden pound, the price of which climbed last week to the historic height of 612 euros, while on Monday it was at 605 euros per piece.
Goldsmiths are watching the price “rally” that gold has been carrying out for the last two months, without being able to explain why the jump in the price of the precious metal is due.
According to the president of the Association of Craft Silversmiths, Jewelers and Watchmakers of N. Achaia, Adam Tsarouchis, the repeated revaluations may be due to the global turmoil and the effort of investors to find a safe haven. Others attribute the surge in prices to massive purchases by China and other nations, while others talk of speculators’ games.
What is certain is that gold has recently become even more unapproachable for consumers, while the effects are serious for goldsmiths. As Mr. Tsarouchis explained, gold is sold at the current prices given by the Bank of Greece every day. Therefore, those goldsmiths who had “closed” orders for the sale of gold jewelry in the previous weeks, which they had not had time to execute, will be lost today.
The current price of the precious metal has reached 72,000 euros per kilogram, when two months ago it was at 60,000 euros per kilogram, jeweler Giorgos Roros told pelop.gr. The rapid increase in the price of gold has also pushed the price of the golden pound to over 600 euros, which is a historical record, added the former president of the Patras Trade Association. He himself does not remember corresponding prices in the past.
At the beginning of 2010 when there was international economic turmoil and Greece was entering the memorandums, the golden pound made its first jump, from 185 to 370 euros. Specifically, in September 2012, one golden pound fetched 312.62 euros, while it was sold by the Central Bank at 377.20 euros, and in the same month of 2011, the sale price was 308.06 euros and the selling price was 371.03 euros.
The golden pound is now unattainable for many, says the president of the Association of Silversmiths, Jewelers and Watchmakers of N. Achaia, Adam Tsarouhis. These prices make gold an elusive luxury for prospective jewelry buyers and lead to the disappearance of the custom of “silvering” newborn children.
Investing in gold pounds is even rarer now, as price is not the only deterrent. The Bank of Greece has significantly limited sales to one piece from the five a month it previously allowed, while also asking for a lot of information.
According to TtE, in 2023 almost 40,000 golden pounds were sold by it, while several are “killed” in pawnshops and on the “black market”.
According to BoE data, in the fourth quarter of 2023, private individuals bought just 2,336 gold pounds from the central bank, despite consecutive gold records, while they sold 10,046 gold pounds to the BoE. Today’s gold price proves that they were in a hurry to sell.
From the data it appears that sellers are starting and decreasing year by year, however there are those who do not wish to sell yet, betting on a further rise in the precious metal.
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