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Inflation, uncertainty fuel new gold rush at ancient Austrian Mint
By Francois Murphy
Reuters
Wednesday, December 14, 2022
VIENNA, Austria -- 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.
"Demand for gold has never been as high as this year," the Mint's Chief Executive Gerhard Starsich, told Reuters in his ornate office in a Vienna building where coins have been struck since the 1830s. Behind its quiet facade lies a warren of workshops where modern machines melt metals and thump out money.
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"At the moment, every gold coin that comes off the coining press has already been sold," Starsich said. "Right now we could sell three times as many as we are able to produce."
The Mint's shop, a modern corner of the building, has had a long queue outside daily for months. Among those standing in line was pensioner Renate, one of the few willing to talk about her purchasing habits.
"I'm from an older generation. Whenever things get a bit uncertain, we come back to gold coins and tell ourselves we'll always be able to sell them," she said. "Gold has that safety factor."
Starsich said customers were of all ages and from all walks of life. Around a third of the Mint's sales are to foreign buyers.
The Mint was founded in 1194 to strike coins from the silver paid as a ransom for Richard the Lionheart, after he had been seized and held captive by enemies near Vienna. ...
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