• Germany's news in English
 

Germans hoarding mountains of gold

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
EU-US trade talks prompt German ire
Photo: DPA

EU-US trade talks prompt German ire

In much of Europe any mention of TTIP might receive a blank stare, in Germany the proposed US-EU free trade pact is likely to prompt a volley of angry words. READ  

Auschwitz expert slams Nazi justice record
Photo: DPA

Auschwitz expert slams Nazi justice record

Oskar Gröning, 93, a former Nazi known as the "bookkeeper of Auschwitz", goes on trial in Germany on Tuesday in what could be the last Nazi war crimes trial while an expert calls the country's judicial record 'miserable'. READ  

Turkish Airlines: married pilots are safer pilots
Photo: DPA

Turkish Airlines: married pilots are safer pilots

The general manager of Turkish Airlines has urged single pilots to marry, after the Germanwings tragedy blamed on a pilot with psychological problems. READ  

Germany and Greece
'It hurts when Germans call Greece a failed state'
Thanasis Glavinas outside one of the German parliament's buildings. Photo: Private

'It hurts when Germans call Greece a failed state'

With the war of words – and cashflows – between Greece and Germany showing no sign of dying down, The Local meets one young Greek who's come to see what the Germans have to teach about running a country successfully. READ  

Interior Minister wants quicker deportations
'Loitz doesn't need any asylum seekers' reads the graffiti. Photo:DPA

Interior Minister wants quicker deportations

Interior Minister Thomas de Maizière called on Friday for state governments to speed up deportations of failed asylum applicants, in the latest round in a war of words between the federal government and the states. READ  

VW CEO survives despite departure rumours
Photo: DPA

VW CEO survives despite departure rumours

Volkswagen CEO Martin Winterkorn has dodged a broadside from company chairman Ferdinand Piech which many thought would unseat him from the troubled car maker. Instead, the steering committee has offered him an extension to his contract. READ  

Bayern doctor quits in spat with Guardiola
Tension on the touchline: Guardiola, Schweinsteiger and Müller-Wohlfahrt Photo: DPA

Bayern doctor quits in spat with Guardiola

The resignation of iconic club doctor Hans-Willhelm Müller-Wohlfahrt on Thursday evening threatens to unleash internal chaos at Bayern Munich after their Champions League humiliation at the hands of FC Porto. READ  

Deutsche Bahn flirts with drivers' strike deadline
An InterCity train in Hannover's main train station. Photo: DPA

Deutsche Bahn flirts with drivers' strike deadline

Rail operator Deutsche Bahn has until 3 pm on Friday to respond to demands from the Train Drivers' Union (GDL) for a "reasonable provisional result" in talks over pay, conditions and union representation. READ  

Liberals: Data retention unconstitutional
Deputy leader of the Free Democratic Party Wolfgang Kubicki. Photo:DPA

Liberals: Data retention unconstitutional

The deputy leader of the Free Democratic Party (FDP), Wolfgang Kubicki, called the government's plans to store communications data 'unconstitutional' and said he will fight the proposals in court. READ  

Germany honours Warsaw Uprising fighters
Leszek Zukowski (c) participated in the Warsaw uprising. Photo:DPA

Germany honours Warsaw Uprising fighters

Germany on Thursday awarded its highest honour for the first time to Poles who fought the occupying Nazis in the ill-fated Warsaw Uprising of 1944, one of World War II's bloodiest episodes. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Politics
A Greek learning politics in Germany
Features
The battle of the "Gates of Berlin"
National
Germany's favourite baby names of 2014
National
Germany's 'very poor' lobbying record
National
VIDEO: Mario Draghi suffers anti-ECB confetti attack
Politics
Merkel's 15 years at the top of German politics
Shutterstock
Sponsored Article
10 things you didn’t know about Zagreb (and why you should go)
Features
Spice up asparagus season with The Local's serving suggestions
Sponsored Article
What expat parents should ask before choosing a school
Travel
Lowest of the low: how woman exploited Germanwings crash
Sport
Football and the €30,000 firework
Technology
Why scientists oppose killer robots
National
Germanwings co-pilot 'searched suicide info'
Technology
Electrifying 'Ostalgia'
National
Which city is Germany's worst for drivers?
National
'Cannibal cop' gets 8 years
Can the 'nightmare' of a pilot downing a plane be prevented?
National
LIVE: Co-pilot suspected of crashing plane
Pupils mourn lost classmates
National
Freed after 25 years on death row
National
Cologne Cathedral returns from space
Features
Paddy's Day, Berlin style
Is your workload 'out of control'? You're not alone...
National
Why east Germans are happy to get it on on camera
National
What would you do with a 250-year-old pretzel?
Features
Just why is the German flag Schwarz, Rot, Gold?
Business & Money
Getting German workers and bosses thinking positive
National
Uplifting thoughts to get you through the last week of winter
National
Who wants the Olympics more - Hamburg or Berlin?
National
Last-minute drama of Germany's Eurovision 2015 entry
National
German photographer takes world's top prize
Features
Meet the woman getting Germans to drink more – and better – beer
Gallery
Get inspired for International Women's Day with German heroes
Green party proposes first-ever cannabis legalization plan
Gallery
In pictures: Germany's seven most livable cities
National
Singapore canes Germans for train graffiti
Politics
Surprise! Germans love feeling like they run the EU
Politics
Anger over plan to show women what men earn
Travel
Munich tram fans bicker over new bell
Features
Kafka: puzzling translators 100 years on
Business & Money
France or Germany: Which country really is the best country to work in?
Photo: Police
Rhineland
Student driver crashes tank into family garden.
Photo: DPA
Politics
There was a notable absence at the Anti-Semitism Commission
National
How Dresden bombing still divides Germany, 70 years on
Photo: DPA
Gallery
Take a cute break with this gallery of baby animals
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

7,184
jobs available
Toytown Germany
Germany's English-speaking crowd