The Royal Mint reports sharp rise in millennial investors buying gold.
· New figures from The Royal Mint reveal a 53% increase in the sale of gold bars over the Christmas period.
· Overall sales of gold increased 510% at the end of 2020 as gold continues to gain mainstream appeal.
New figures released from The Royal Mint show a rise in people gifting gold for Christmas – with sales of 1g and 5g bars increasing by 53% year on year.
As the global pandemic continued to put precious metals in the spotlight, the Mint also recorded a 32% increase in millennial customers during 2020.
Turbulence in 2020 saw the popularity of physical and digital gold increase significantly at The Royal Mint, attracting thousands of new customers to their precious metals division. In the last quarter of 2020, The Royal Mint introduced special edition 1g and 5g gold bars for Diwali and Christmas, which contributed to significant growth as consumers sought out investment gifts.
Precious Metals Growth at The Royal Mint.
· The Royal Mint recorded a 53% year on year increase in the sale of its 1g and 5g gold bars during November and December (2020 vs 2019)
· During November and December overall sales of gold increased 510% year on year
· As gold continues to gain mainstream popularity, The Royal Mint recorded a 32% increase in millennials buying precious metals in 2020 (customers aged 22 – 37 years old).
Andrew Dickey, Divisional Director of Precious Metals for The Royal Mint said: “Gold continued to shine in the last quarter of 2020 as people looked to precious metals for safe haven investments, but also for savvy Christmas gifts. We saw a 53% increase in customers buying our 1g and 5g gold bars, which are designed as gifts to help people save for their future.
“The Royal Mint has been making it easier to access precious metals online, thanks to the growth of our digital investment products such as DigiGold and Little Treasures. As we go into 2021, various fiscal and monetary policies – both of which are traditional drivers of gold demand – will begin to unfold in an attempt to support the recovery of the global economy. With this in mind, we’re expecting demand for our precious metal products to continue to shine.”
Traditionally known for making coins, The Royal Mint has grown rapidly into the precious metals market over recent years.
It is now the primary producer of bullion coins in the UK, as well as offering a range of digital investment platforms which enable investors to buy and sell fractional gold without taking custody of the metal.
Its ‘DigiGold’ platform has proved particularly popular with millennials buying gold.
The Royal Mint.
The Royal Mint is the world’s oldest mint and is currently based in Llantrisant, Wales, UK.
The Royal Mint Limited is owned by Her Majesty’s Treasury, AKA HM Treasury or ‘the Treasury’, which is a department of the UK government responsible for developing and executing the government’s economic and finance policies.
It is under an exclusive contract, minting and circulating coins for use domestically and internationally.
It also produces precious metal bullion coins, various medals, and commemorative coins.
Read more about investing in gold here.