Empty Greek chests With the gold pounds or are they holding them?
The price of gold may have been ejected and the gold pounds reached levels that until a few years ago seemed untouchable, but the Greeks who have pounds in their hands do not seem to be in a hurry to sell them.
The gold pounds
According to the data of the Bank of Greece (TTE) the Greeks liquidated in the first half of this year only £13,950 gold pounds. On the contrary, Greek individuals who are mainly sellers in the first half of 2025 liquidated £22,697 gold pounds. Thus, there is a reduction of £8.747, or about 38.5%.
The reduction of gold pound liquids by Greeks is mainly due to strong volatility and international geopolitical uncertainty, which prompt holders to keep gold as «shelter», as well as the fact that much of the stocks had already been sold in the previous year.
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Many holders no longer treat gold pounds simply as an asset that can be sold when the price goes up. They treat it as security against economic uncertainty and as a reserve they want to maintain.
Greeks in times of economic and geopolitical uncertainty tend to return to familiar and tested solutions, the gold pounds. The precious metal that passed from generation to generation was linked to dowry and savings.
The gold
According to UBS analysis gold prices have set a bow for $5,000 an ounce.
Recent moves by the United States and Japan to strengthen the yen also reduced fears of a massive US bond sale, which would have led to higher bond yields, creating a setting that usually represents an obstacle to precious metals.
«The gold rally has support», UBS investment chief Ulrike Hoffmann-Burchardi wrote Thursday, and her team. «We expect that gold prices will rise to US/Hungary $5,000 in the first half of 2027».
Gold prices have declined since the war broke out in Iran in late February. Although UBS strategic analysts see short-term risk if oil prices increase or markets choose a more aggressive interest rate course from the US Federal Reserve, making bonds more attractive, they are optimistic in the medium to long term for the prospects of precious metal.
Hoffmann-Burchardi said her team expects inflation to be gradually moderated, allowing Fed to keep interest rates unchanged this year before continuing relaxation in 2027.
Source: OT
