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Gold is a popular investment in German portfolios. But it has yet to become truly mainstream. The insights uncovered by our research reveal an opportunity for Germany’s gold investment market to grow: more than one-third of active German retail investors are open to the idea of investing in it for the first time.

Within Germany we conducted:


online interviews with investors across the country

Germans have faith in gold’s durability

German investors share a widely-held belief in gold as a safeguard against inflation: those who own it commonly do so as a means of wealth protection and source of long-term returns.



Attitudes to gold

Safeguard against inflation/currency fluctuations
Never lose its value
Trust more than currencies of countries
Makes me feel secure long term

And the market has scope to grow

There is a significant opportunity for the market to develop further: 36% of German retail investors say they are warm to the idea of investing in gold, having never bought it before.



Germany* 24% 41% 36%

Considering investing in gold
Has invested in the past

Considering investing in gold
Never invested in the past

Won't consider investing in gold

* Numbers do not add to 100 due to rounding

Trust could be improved

The possibility of buying fake or counterfeit gold is a persistent concern among those who have not invested in gold before. They need reassurance that the product they are investing in is genuine and certified. Gold investment retailers that can clearly demonstrate integrity and transparency should stand to benefit.



Concern around purity and authenticity of gold is a key barrier

I worry about buying fake or counterfeit gold
The purity of the gold is not guaranteed
I don't trust the businesses selling the products

Potential investors see affordability as a barrier

Total 18-24 y.o. 25-34 35-44 45-54 55-65 27% 31% 22% 25% 28% 31%

It's not affordable to me.

Investors need a clear roadmap to gold investment

Potential gold investors in Germany do not feel confident about how to invest in gold, and feel it is financially out of reach. Clear communication around gold as a straightforward, easily accessible investment with affordable entry points should encourage engagement among this audience.



Ethical considerations

ESG concerns are a challenge for potential German investors. Raising awareness of the gold mining industry’s progress in supporting the UN’s Sustainable Development Goals may help to ease these concerns.



ESG concerns rank closely behind Trust as a barrier to gold investment

Education (Including affordability)

The insights we share in this report provide the industry with the tools it needs to develop, enhance and - ultimately - grow gold investment in Germany.

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