• Spain has approved the budget for a new issuance of gold bullion coins.
• 40 million euros in high-quality gold pieces will be purchased by the National Coin Factory.
• The World Gold Council reported that investment demand for gold increased by 10%, reaching 1,107 tons.

Spain Approves Resources for Gold Bullion Coins

The government of Spain has approved resources for a new issuance of gold bullion coins to satisfy an estimated higher demand for these instruments. The Spanish National Coin Factory will purchase 40 million euros in high-quality gold pieces, significantly more than previous series issued before.

Spanish National Coin Factory Prepares Issuance

Spain is preparing an issuance of a new gold bullion coin to satisfy the market’s demand. In February, the government approved a budget of 40 million euros (almost $43 million) to be used by the National Coin Factory to purchase high-purity and quality gold to mint these coins. This suggests that traditional investors may have become interested due to the low risk and volatility associated with it and the coins themselves.

Gold Demand Sees Boost in Spain

This is the third batch of issuance that the Spanish National Coin Factory is preparing, making it one of if not the largest issuer according to quantity of gold purchased. The other two batches were issued in 2021 and 2022, with 12,000 and 15,000 units respectively being coined with budgets not exceeding 10 million euros (almost $10.7 million). These coins are sold directly by the factory at prices based on current gold prices plus a 10% coinage fee taken by them as well.

Global Increase in Gold Investment

The rise in demand for such investments is not exclusive to Spain; according to reports from World Gold Council, a markets insights organization, global investment demand hit an 11-year high in 2022 at 1,107 tons – with most attributed towards central banks but still seeing a 10% increase from private investors as well.

Conclusion

These figures show that there is no sign of stopping when it comes to investment into gold; this makes perfect sense given its relative safety compared to other assets as well as its stability against inflation which make it attractive even during uncertain times like these where economic factors can be unpredictable at best.