Refinitiv Newscasts - Inflation drives new gold rush at Austrian Mint
14/12/2022 16:08
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_0tq9rmg1&referenceId=tag:reuters.com,2022:newsml_RW674014122022RP1_930&pageId=RefinitivNewscasts Source: Reuters Description: The Austrian Mint, one of the world's oldest and biggest producers of gold bullion coins, is unable to keep up with demand as people rush to find a safe haven for their money amid surging inflation and economic fears caused by war in Ukraine. Francis Maguire reports. Short Link: https://refini.tv/3UYVYYi Video Transcript: When the global economy struggles, people often turn to gold. One big beneficiary of that is the Austrian Mint, as one of the world's oldest producers of gold bullion coins. Founded in 1194, it's currently undergoing a boom period, and even struggling to keep up with demand. That comes as people rush to find a safe haven for their money, due to surging inflation and economic fears caused by the war in Ukraine. Gerhard Starsich is CEO of the Austrian Mint. It's a cascade, it started with the Covid pandemic, where people were uncertain. Then in February when Russia attacked Ukraine, that boosted sales again, and over the summer and autumn, the rising inflation, that boosted sales again. And now we have our traditional Christmas business, because gold coins are also a popular Christmas gift. Currently it's the case that every gold coin that comes off the press is already sold. By the end of November the Mint had sold more than 1.8 million ounces of gold. Its closing in on the record of more than 2 million set in 2009 after the global financial crisis. The Mint's shop has had a long line outside every day for months. Renate, a pensioner, was among those standing in line. You don't have to be a prophet for anything, prices just go up and then of course you want to have safe things because the stock market is not hundred percent secure either. Gold is a certainty in the back of your mind, a safety measure or safety factor, I would say. The Mint said customers were of all ages and from all walks of life. And it's not just a home audience buying up the gold. Around a third of the Mint's sales are to foreign buyers