Purchasing gold from central EU banks

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dchrys's picture
Status: Member (Offline)
Joined: Jan 6 2009
Posts: 20
Purchasing gold from central EU banks


Allow me to share my concers about purchasing gold bullion coins from central EU banks. In the country I live in (Greece), the central bank sells gold bullion in the form of gold Sovereign coins (UK). According to applicable law in EU, there is no VAT applied when gold is purchased as investment:


Nevertheless, there is a premium applied. Current status (27/4/2009) is that Bank of Greece buys gold Sovereign at 158.28 EUR and sells it at 188.48 EUR. This is 19,01% premium, which is in fact higher than the highest possible local VAT (19%). The premium used to be around 11% only 4 months ago !

On top of that, there is no high demand in local market - as the bank teller told me, there are more people coming to sell gold than to buy.

I have used some links in a previous forum post:


and found out that private on-line sellers require lower premiums. I really don't like the idea of purchasing gold on-line though.

What is your experience with purchasing gold from central banks in EU ? Is it a common trend these days or a local "privilige" ?



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