In the financial section of the biggest newspaper in The Netherlands, De Telegraaf, an article was published on March 22 about a growing Dutch population investing in physical gold; a young generation is becoming more aware of finance and is acting accordingly. This generation no longer chooses to save in saving accounts, but prefers to buy physical gold. “They see their parents don’t receive their promised pension and they expect themselves to get even less. They spent each month, for example, €200 or €300 euros on physical gold.”
The article is titled “Youth Buys Goldbars“. From De Telegraaf:
More and more young people are buying gold coins and bars to ensure their retirement. According to a Dutch gold dealer: “The number of these customers has tripled in 2013.”
According to Marleen Evertsz of GoldRepublic, an online trading platform for physical gold, the young gold investors have little to none confidence in traditional pension funds. They prefer something tangible. “It’s the new generation that can’t get a mortgage but do have a student loan. They see their parents don’t receive their promised pension and they expect themselves to get even less. They spent each month, for example, €200 or €300 euros on physical gold.”
I notice the same developments in my surroundings (I’m young and Dutch). It’s the generation who reads news from the internet instead of the mainstream media, vividly spreading awareness about economics, that is changing its views about prudent saving from pension funds to hard assets such as physical gold and silver.
“These are often young entrepreneurs who can just afford to invest a little in gold”, says Jaap Raijmans, gold dealer at Goudstandaard, of this growing group. “Saving like their parents did hasn’t been smart for years. They prefer to put some physical gold in the vault.”