In 2022, when the terrible war in Ukraine began, the demand for precious metals increased very rapidly – 7 times. Latvian residents simply emptied their investment gold warehouses. Last year, a new trend was observed – people began to pull out rings and earrings from their chests and sell them. What was the year 2023 for the precious metals market, and what are the predictions for 2024? TVNET+ explained it to industry experts.
Starting from 2020, the demand for gold bars and coins in Latvia increased by 70%, and for investment gold – by 50%.
However, another trend was observed last year – the active sale of gold jewelry. In itself, jewelry is not the best investment when it comes to savings for a “non-white day”. This is because the lion’s share of the product price is the labor value and the markup. Buy these products just like scrap metal – even if it came from a famous jeweler. Also, “household” gold usually has different alloys and is of a lower grade than gold coins or investment gold.
In Latvia last year there was an increased interest in the sale of gold products. Partly this was due to the desire to get rid of obsolete jewellery, but there were also customers who said they were doing it out of necessity. Funds were needed to cover economic expenses, including repayment of the mortgage loan.
Sold jewelry purchased in the early 2000s. Since the price is high, it is a good deal. Currently, it is possible to get 33 euros for one gram of 585th grade gold, and more than 42 euros for one gram of 750th grade gold.