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.
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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