Who Generates the Demand for Gold?


The UK Royal Mint has published the physical gold sales data for 2020. The report shows that the demand has grown considerably year-on-year, with millennials particularly eager to buy gold last year.

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Millennials are those born between the late 80's and the late 90's, now aged between 25 and 40. According to the Royal Mint, their demand for gold grew by 32% in 2020 relative to 2019.

November and December stand out, with the sales of gold bars weighing 1 gram and 5 grams increasing by 53% year-on-year. Overall, gold sales in the last 2 months of 2020 were 51% higher when compared to the same period a year earlier.

As representative of the Royal Mint Andrew Dickey pointed out, 'Gold continued to shine in the last quarter of 2020 as people looked to precious metals for safe-haven investments, but also for savvy Christmas gifts. Sales of 1 and 5-gram gold bars increased by 53% year over year.'

The Royal Mint has made it easier to buy precious metals online and increased the product range. All around the world, central banks are pursuing a policy of quantitative easing, by pumping unlimited liquidity into the markets. This means that investors will continue to look to gold to preserve their savings – and Andrew Dickey predicts that the demand for precious metals will keep growing well into 2021.

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