Gold is once again in the spotlight in Portugal, with more and more people selling old pieces or bars in exchange for money. The phenomenon occurs both for financial reasons and for interest in investment, in a year marked by unprecedented prices, motivated by instability in international markets and consistent purchases by banks.
According to SIC Notícias, bracelets, rings, earrings and bars are the items most sought after by buyers. According to the same source, the gold business has also expanded online, allowing transactions to be carried out quickly and affordably. The publication adds that many of the pieces are typical Portuguese or antiques that are no longer used, and that they can achieve profit margins of up to 800% on resale.
Record prices and historic appreciation
The same source states that in mid-October gold surpassed 4,000 dollars per ounce, a value never reached before. On the first day of November, the price stood at 111.50 euros per gram, compared to around 80 euros in the same period of the previous year. The publication adds that experts warn of uncertainty regarding the maintenance of these appreciation levels.
Since the beginning of the year, the price of gold has risen more than 53%, driven by factors such as the geopolitical situation, a weaker dollar and demand from central banks. The same source states that Portugal is currently the sixth country with the highest amount of gold per person in the world.
Banco de Portugal has more than 300 tons of gold
According to , as of October, Banco de Portugal’s gold reserves totaled 383 tons, according to data from the World Gold Council analyzed by BestBrokers.
The publication adds that, at a price of 4,018 dollars per ounce, these reserves are worth around 54.3 billion dollars, equivalent to 46,835 million euros at the current exchange rate.
Portuguese are taking the opportunity to sell their gold
According to the same newspaper, this represents approximately 36.75 grams of gold per person, corresponding to around 4,090 euros per inhabitant. The increase in the value of gold encourages the Portuguese to transform forgotten pieces into income, whether in physical stores or through online platforms.
The current context highlights the historical appreciation of gold and the growing interest of the Portuguese in selling old pieces, at a time when the metal has record prices and significant national reserves, creating considerable profit opportunities.
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