Of course, the all-out war in Ukraine in the past few weeks has created a lot of uncertainty and encouraged people to buy gold, but in previous months, the arguments in favor of buying were strong and quite understandable. Fear of accelerating inflation turned out to be the main motive for buying precious metals. For quite some time now, our clients have been aware of a stronger devaluation of funds than officially reported. Having gold and other metals in the form of bars and coins, they want to protect themselves from this in the best possible way. To me, owning gold makes more sense than ever.
The ECB's monetary policy has led to negative real interest rates and has also brought one thing to many investors: punitive interest on their savings. Those who want to compensate for high inflation are forced to take risks. The boom in the stock and real estate sector for several years is the best proof of this.