• Germany's news in English
 

Germans hoarding mountains of gold

The Local · 12 Dec 2012, 12:23

Published: 12 Dec 2012 12:23 GMT+01:00

Even though Europe's largest economy has weathered the world economic crisis relatively well, Germans have still been extra jittery about their savings, a study by the Steinbeis Research Center for Financial Services in Berlin revealed.

Around 32 percent of the gold owned in Germany in the form of bars and coins was accumulated since the financial and economic crises began, the study concluded.

Commissioned by precious metal trading group Heraeus, the study also found that people with surplus cash are becoming gold-greedier. The number of Germans with a net monthly income over €4,000 who say they intend to invest in gold has doubled in the current year.

On average, every German owns around 117 grammes of gold, comprising 55 grammes of jewellery and 62 grammes of bars and coins, the study, which surveyed 2,000 people, found. Taken together with gold securities, the average German owns some €5,750 of gold.

Including the German federal bank's gold holdings, that means the Germans have gathered seven percent of the world's gold.

Gold is considered a safe investment in times of economic stress because the precious metal is thought to keep its value over a long period, can be collected and kept safe personally, and can be traded easily.

Some 69 percent of Germans have invested in gold, and roughly half of these keep at least some the metal in their homes. Around 47 percent keep their gold in a private locker in a bank. Around nine percent, meanwhile, keep some of their precious metals with a specialized gold trader.

Rich people are more likely to invest in gold bars, while those on lower incomes are more likely to buy gold coins.

The Local/bk

The Local (news@thelocal.de)

Your comments about this article

15:34 December 12, 2012 by reallybigdog
Hum and to think that this news would spark an idea in criminals at home and abroad to believe that there is gold in them der homes they could be a stealin!! Jump to Dec 2013..... a sharp spike in home related break-ins across Germany has officials completely stumped as to the cause, more news on this story at 11.....
16:51 December 12, 2012 by IchBinKönig
Germans trying to protect their financial well being from the people they elect. But why does the articles headline use the word 'Hoarding'? It makes it sound like they are doing something wrong. Not sharing, Greedy, like Scrooge McDuck. Is it a sin now to want to be financially independent? without the Government fleecing you at every turn? I guess to some, it is a sin.
17:20 December 12, 2012 by Berlin fuer alles
Sounds like I am not the only one who does not trust Dr. Merkyl and Mr. Hyde's financial policy.
17:29 December 12, 2012 by raandy
Gold is commodity to have during turbulent financial times. The Germans are thinking more about the possibility of a currency problem in the future than a economy collapse.

I wonder where they learned about hoarding gold? Six thousand euros worth for the average German is substancial.
17:49 December 12, 2012 by GloriousNewsComrades
As Lenin said,

¦quot;The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.¦quot;

The Rich people are hoarding, hiding and protecting their money from the Proletariat's Government. It is time for the Proletariat to reclaim this Gold! This is why Gold is illegal in all Communist countries. Come, comrades, it is time!
19:11 December 12, 2012 by Englishted
According to the bible (very old untrue story) greed is one of the seven deadly sins,also known as the capital vices hence capitalism (ok I made that bit up but it is true though ).

There you are king old chap.
20:52 December 12, 2012 by Tonne
I do love averages; they tell you so little! In Germany in 2008, 10% of the population owned 53% of the wealth and 50% owned less than 1% of the wealth, and the proportion of wealth owned by the richest 10% was growing.

So, "on average every German owns €5750 of gold"? I think not.
21:59 December 12, 2012 by Bigfoot76
The test group is clearly flawed. This is very poor statistical/study work done by Steinbeis Research Center for Financial Services.
23:39 December 12, 2012 by gorongoza
Hey, you guys at The Local are now reporting nonsense. You talking of the average German "hoarding some EUR.6 000,00 gold" ! THIS STUDY IS TERRIBLY FLAWED.

Native Germans I know are experiencing hardships at the moment and for you guys to splash such a headline "mountains of gold" is an insult to these souls. Average German - how did this study arrive at this average thing? Utter BULLS..T !
03:36 December 13, 2012 by Hendrich Stein
If you look at the charts amid its spikes and falls, historically, gold has remained a flat investment relative to currency.

Banks neglect this who are increasingly hoarding gold today. It is not an investment until it is sold at a higher value than it was bought. Historically, excluding today's bubble like many in the past, it is no investment at all, and usually worth what it was back in the 1800's relative to that currency for example.
22:00 December 13, 2012 by blacksunne88
I'd like to hear about the mountains of German gold hoarded in the American Fed in New York, and the sizable piles in Paris and London, too. THE LOCAL should do an expose of these hoardings. Is the money still there? Why does the Fed refuse to allow German officials to inspect it? have the solid gold bars been replaced with gold plated simulacra?
00:56 December 15, 2012 by Paul Felix Schott
MOUNTAINS? MAYBE LITTLE HILLS OK STOCKPILES. IT SHOULD BE FOOD & WATER ,

And knowledge of the Lord's Word Read the Bible.

Help others and read the Lord's word to them while you still can.

The Lord's Little Helper

Paul Felix Schott
Today's headlines
German court: Ban on refugee demos must stay
Anti-refugee demonstrators carry a sign accusing Chancellor Angela Merkel of being a "traitor to the nation" this week in Heidenau. Photo: DPA

German court: Ban on refugee demos must stay

23 hours ago

Update: A German court on Friday night reinstated a ban on rallies in an eastern town hit by violent anti-migrant protests, overturning an earlier decision that found the restriction to be "illegal".

Footballers gone wild
Neuer's 'glass palace' angers idyllic village
Tegernsee is a famous beauty sport. Photo: DPA

Neuer's 'glass palace' angers idyllic village

18 hours ago

Villagers in the picturesque Bavarian region of Tegernsee are bristling at World Cup-winning Germany goalkeeper and Bayern Munich star Manuel Neuer's plan to build a huge glass villa on the shores of their beautiful lake.

Interview
'Berlin is kind of like the best American city'
Canadian composer and performer Owen Pallett. Photo: Brian Vu

'Berlin is kind of like the best American city'

18 hours ago

The Local speaks with Oscar-nominated Canadian musician Owen Pallett about performing at legendary Berlin club Berghain - and just why the world's artists are so fascinated with the German capital.

Germany name squad for crunch Scotland match
Liverpool's Emre can has been called up to the Germany squad to face Scotland and Poland. Photo: DPA

Germany name squad for crunch Scotland match

19 hours ago

Liverpool's uncapped defender Emre Can was on Friday called up to the Germany squad for the world champions' forthcoming key Euro 2016 qualifiers against Poland and Scotland.

How Brits in Germany are facing Brexit fears
How will life for Brits in Germany change if the Brexit happens? Photo: DPA

How Brits in Germany are facing Brexit fears

22 hours ago

Greece is the talk of the town this year. But in 2016, it will be Britain questioning its EU membership. The referendum outcome could be life altering for many Brits living in Germany.

Honest senior rewarded for handing in €12,000
An 87-year-old pensioner found the cash in the bin. Photo: DPA

Honest senior rewarded for handing in €12,000

20 hours ago

After throwing away €12,000 this week, a landlord in North Rhine-Westfalia thought he'd made one of the most expensive blunders of his life. But the money made it home safely, police said on Friday – and all thanks to an honest pensioner.

Elite cops' hazing ritual: eat ice cream off thighs
A Cologne SEK unit on deployment in 2013. Photo: DPA

Elite cops' hazing ritual: eat ice cream off thighs

23 hours ago

Officers from Cologne's elite Spezialeinsatzkommando (SEK) police unit should be punished for hazing practices they inflicted on new members, an official in North Rhine-Westphalia (NRW) said on Thursday.

Knut autopsy could help human disease sufferers
Knut died in front of visitors at Berlin Zoo in 2011. Photo: DPA

Knut autopsy could help human disease sufferers

1 day ago

Four years after Berlin's celebrity polar bear Knut died, a neuroscientist has discovered the cause of death - an autoimmune disorder which affected his brain.

Army buys in new guns to replace defective G36
A German soldier armed with a G36 rifle during training exercises in Poland. Photo: DPA

Army buys in new guns to replace defective G36

1 day ago

Some German soldiers will be carrying different weapons within a year as the Defence Ministry scrambles to replace standard rifle which loses accuracy under hot temperatures.

Climate change
Sweltering summer has climatologists sweating
Dried out soil in Bavaria. Photo: DPA

Sweltering summer has climatologists sweating

1 day ago

Heat over 40 degrees, weeks without rain, sudden storms and flash floods – in the summer of 2015 Germany experienced all these things. Are these extremes set to become the norm?

RECEIVE OUR NEWSLETTER AND ALERTS

National
Weekend of anti-refugee violence shocks Germany
National
Half of Germans 'have had sex in their car'
Society
Deadly stew spooks home vegetable gardeners
Politics
The man who brought two Germanies together
Features
Where to get your culture fix in Cologne
Education
Fairytale world of Brothers Grimm brought to life
Rhineland
Thieves leave 1,000 open beers untasted
National
Way to some Germans' hearts is through their wallets
National
Germany's biggest challenge: European refugee crisis
Travel
Where to get your adrenaline pumping in Germany
Technology
Could thieves hack into luxury cars?
What to watch out for when snapping your lunch
National
German lefties through history
National
The fight over prostitution heats up
National
Merkel: migrants, not Greece, are the real challenge
Features
How I explained the Queen to the Germans
Education
Why Germany does 'back-to-school' traditions better
National
Germans are ‘not how foreigners think’
National
A mum and daughter reunite 70 years after WWII
Sport
Bra stops bullet in hunting mishap miracle
National
Cows trample German woman to death in Graubünden Alps
Business & Money
Start-up helps new Berliners short cut bureaucracy
National
The 1,000s of Germans massacred after the Second World War
Sport
Germany star scores own goal with PR gaffe
Features
'Women-only' parking: sensible or sexist?
Politics
Satire and reality blur in parody party's strife
National
13-year-old boy detained for trying to join Isis
Culture
Berlin restaurant serves up Greek Crisis Menu
Rhineland
Doctor on trial after woman wakes in morgue
Society
Six odd things Germans do in the summer
Society
Police bust kinky Bavarian couple over painful love-making
Politics
Merkel brings Palestinian girl to tears
Hamburg
Amateur archaeologist finds Nazi gold hoard
National
Could Merkel learn a lesson in love from this doppelganger?
Travel
Why you should stay in Germany for the summer holidays
Sport
German press tell Schweinsteiger 'good riddance'
National
Hamburg gets a bouncing 100kg baby girl
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

7,058
jobs available
Toytown Germany
Germany's English-speaking crowd