Greece's Piraeus Bank, the only domestic bank selling gold toretail clients, in the first week of December alone sold 10 kg ofgold in gold bullion and 300 British gold pounds, quantities thatused to be registered in one month. The total value of sales standsat almost half a million euros.
Gold has this week hit new all-time highs against the NBRexchange rate, climbing to 147 RON per gram, up 40% from the startof the year.
Though traditionally the alternative of investments in gold is seenas a safety net meant to protect against inflation, 2010 is thesecond year in a row when the precious metal is offeringhard-to-match yields to investors, amid an economic environmentwith modest price increases.
"Clients' interest in putting available cash in this asset has beensteady during the entire year, with average monthly sales of450,000 euros. Nevertheless, there have been stepped up investmentsin gold as a portfolio diversification way and as a safe havenespecially in times of economic uncertainty, directly correlated torising prices," says Alina Piciorea, head of the corporate andretail sales at Piraeus Bank Treasury.
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