The government of Spain approved a budget of 40 million euros (almost $43 million) for the issuance of a new batch of gold coins.
The government of Spain has approved the resources for a new issuance of gold bullion coins, which will be directed to satisfy a higher estimated demand for these instruments. The Spanish National Coin Factory will purchase 40 million euros in high-quality gold pieces for this batch, a significantly higher amount of gold compared to the two series issued before.the issuance of a new gold bullion coin to satisfy the demand of the market for such instruments.
According to reports, the amount approved for this task is unusually high, something that hints at the demand the institution estimates the products will have when issued. Analysts speculate that this kind of product, traditionally marketed to national and international collectors, might have awakened the interest of more traditional investors due to the measured risks and low volatility associated with gold and the coins themselves.
Comparatively, the budget approved for these two first issuances did not reach the 10-million-euros mark. The coins, that are sold by the National Coin Factory directly, have a consistent price. The price depends on the price of the gold at the time of the purchase, and the coinage fee taken by the National Coin Factory, which is 10%.
The rise in the demand for gold-based investment instruments is not just a local phenomenon. According to the World Gold Council, a markets insights organization, the for the precious metal hit an 11-year high in 2022. While most of this volume was attributed to the rise in purchases by central banks, the institution also reported that investment demand for gold increased by 10%, reaching 1,107 tons.
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