Dutch gold analyst Koos Jansen reports that the largest newspaper in the Netheralands, “De Telegraaf”, had an article in the March 22nd financial section about the growing number of young Dutch abandoning traditional savings accounts in favor of physical gold.
The article, titled “Jeugd koopt goudstaven” (“Youth Buy Gold Bars”) quotes the owner of an online bullion company as saying that the number of young people buying physical gold tripled last year.
“It’s the new generation that can’t get a mortgage, but do have a student loan. They spend each month, for example, €200 or €300 on physical gold” said Marleen Everts of GoldRepublic. Young Dutch have little to no confidence that the government pension funds will be there by the time they retire. Jaap Raijamns of GoldStandard said this growing group of young professionals note that they can’t rely on on traditional private retirement accounts either: “Saving like their parents did hasn’t been smart for years. They prefer to put some physical gold in the vault.”
(ed note: Many Europeans are aware of the new “bail-in” rules for EU banks, and are protecting themselves accordingly)