Biggest bank in Romania sells 3 tons of gold in eight years

BCR, the biggest bank in Romania, has sold over 3 tons of gold in the last eight years since it made this service available in Romania. BCR started selling gold during the financial crisis in 2008, when investors were looking for safe alternatives to place their money. According to BCR representatives, gold sales have increased this year, as the gold price has started to increase again, after several years of decline. Moreover, the higher risks on financial markets and low or even negative yields offered by government bonds on major European markets have also made gold more attractive, according to BCR representatives. Some 60% of BCR’s clients for gold are men between 30 and 50 years old. The best-selling gold products are the ducats and the 10-gram ingots. However, those who have more money to invest and plan to keep the gold on a long term prefer bigger ingots, between 100 grams and 1 kilogram. Meanwhile, those who want to resell sooner generally buy 20 gram ingots, according to BCR. Many also buy gold coins as gifts for special occasions, such as baptisms, birthdays, or weddings. BCR sells Munze Osterreich- ingots produced by Swiss company Argor Heraeus. The ingots are available in sizes from 2 grams to 1 kilogram. The bank also sells Vienna Philharmonic, Krugerrand, and Ducat coins. Another bank that sells physical gold in Romania is Piraeus Bank. The official gold price has increased by more than 25% in the past seven months, reaching USD 1,326 per ounce (as of August 25), up from USD 1,050 per ounce in January. In 2012, the price of gold went over USD 1,800 per ounce, up from some USD 650 per ounce in early-2008, before the financial crisis erupted. Romania’s National Bank ranks 1st in Eastern Europe for gold reserves editor@romania-insider.com