We talk a lot about gold demand in China, India, and Russia. It’s not just countries buying gold that makes the market, there are a lot of individual people out there buying and selling gold. Here’s a quick quiz for a sleepy Friday morning: Which countries’ citizens bought the most gold per capita in 2016?
The surprising answer is Germany! Germans apparently approve of the country’s ETC regulations (an ETC is almost exactly an ETF in the USA), as they bought a lot of those products last year. One big difference between Germany’s gold ETCs and ETFs in the US is that German laws require ETCs to be convertible for actual gold. Not “the promise that there’s gold under there somewhere”, but actual hold-in-your-hands solid gold. And apparently Germans take advantage of this feature from time to time.