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September 26, 2021

Silver, the new gold of not-so-rich Romanians

Silver might soon become the gold of average people, as more Romanians exchange their foreign currency for silver, fearing a return of the crisis, Realitatea.net reports. In the last year alone, the price of silver doubled and is closing 1,000 EUR/kg. “Processors registered an increase by more than 40% of sales towards the private sector of precious metals, which did not exist in the past. This means that the average Romanian chooses to invest his savings in precious metal,” explains Alexandru Adam, the manager of a company that sells precious metals. Silver could thus become the poor man’s gold, a shelter for the savings made by people earning small and medium incomes.

“There have always been such moves in times of mistrust in currencies, especially in strong currencies. Why should they turn towards silver? Because it is cheaper. And, as demand increases, the price goes up,” comments Adrian Vasilescu, counselor of the Governor of the National Bank of Romania (BNR).

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