Liquidation of gold sovereigns at the Bank of Greece (BoG) last year reached 52,241, up by 14.6 percent from the previous year, 2021, a development attributed to a tightening economic situation due to surging energy prices – which greatly contributed to unprecedented eurozone inflation – as well as high gold prices.
Nevertheless, the figure is a far cry from the 2007-08 period – down by roughly 85 percent.
Conversely, the number of gold sovereigns (the UK bullion) sold by the BoG totaled 11,236.
For 2021, the figure is 45,588 gold sovereigns liquidated, and 6,531 purchased.
Compared with a peak in 2010 – the year that witnessed the first institutional bailout for Greece – purchase of gold sovereigns in the country was down by 94 percent.
Although Greece’s central bank is essentially the only legal point for buying and selling gold sovereigns (along with at least one commercial bank), an “underground” market also exists for buying and selling of such traded coins, which means that only official transactions are recorded.
Liquidated sovereigns’ value was estimated at 20.3 million euros.
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