In these countries you are already a millionaire with 1 kilo of gold

If you buy gold in the Netherlands, you lose about 5,600 euros for 100 grams. That sounds expensive, but gold is expensive and of course not just a material. For a kilogram you currently pay about 56,000 euros. But in some countries the rate is many times higher. In fact, in some countries you have to be a millionaire to buy a kilo of gold.

The Dutch company GoldRepublic is now offering crypto holders an extraordinary opportunity to do so: Every new user receives a gram of gold worth 56 euros for free.

The euro remains a relatively strong currency

This is because the euro has been a very strong currency so far. Although inflation in the Netherlands was a whopping 17% in 2022, you can still buy quite a lot with the euro.

It also helps that the Dutch economy is relatively strong and the European financial sector is respected. Gold is also a kind of sanctuary in times of panic, but investors seem to think that there is not much going on there at the moment. This all contributes to the (relatively) strong euro and relatively low gold price.

Gold is also a handy indicator of how the economy is doing. The measurement method is not perfect, but since gold is accepted almost everywhere in the world, it can give a reasonable assessment of the state of a country.

Foreign buyers of gold are far worse off

Some other countries might be jealous of the euro. Because some countries have known a weak currency for years. Think Mexico, Russia and Brazil, but now Turkey fits into that list too.

For example, according to Gold Rate 24, the price of gold in Brazil is 301,386 Brazilian Reals (BRL). The minimum wage in Brazil is also many times lower than in the Netherlands. According to TradingEconomics, the minimum wage in Brazil is 1,320 Brazilian reals and in the Netherlands it is just over 1,900 euros per month.

Mexico is also notorious for its weak currency. Here the currency is significantly weaker, a kilo of gold costs 1,044,775 Mexican pesos (MXN) at the current exchange rate. This is because Mexico has historically struggled with extremely high inflation. Things are not too good in Turkey either, as the Turkish Lira (TRY) collapsed in late 2021. Since then, the price of gold, measured in Turkish lira, has more than tripled to TRY 1,662,887.

One would say that the situation in Russia is not much better at the moment. There are few countries where the economy (and population) has held out as much as Russia (under its own steam, of course). The price of gold is thus 6,140,773 Russian rubles (RUB). Since 2014, the price of gold in Russia has increased fourfold.

countrygold price
Netherlands (Eurozone)56,203 euros
Brazil301,386 BRL
RussiaRUB 6,140,773
Turkey1,662,887 ATTEMPTS

After reading this article, have you become interested in gold as part of your portfolio? Register for free with GoldRepublic and secure your free gram of gold worth 56 euros by registering and making your first attempt.

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