BullionVault, whose users hold some $2.1bn of physical gold, has reported a 20% jump in the number of German customers in July and August - as German 10-year government debt, the Bund, saw its yield fall to -0.59% by 9 August on concerns of a shrinking trade surplus in Europe's biggest exporting economy.
The provider of onling buying and selling of gold and silver said that historically, Germany investors ranked fourth behind UK, US and French users of its services. However, when ranked by new investors, so far in 2019 Germans have ranked second only to those from the UK.
German investors are opening accounts, then transfering euros to BullionVault accounts to buy gold, silver and platinum at 'live' prices.
Adrian Ash, director of research at BullionVault.com said: "The absurdity of investors paying to lend money to Eurozone governments is worsening as institutions try to find a safe haven from the economic turmoil ahead. Vaulted gold offers an increasingly cost-effective alternative, a proven store of value which unlike debt cannot be written off or created at will. Being tangible property, gold doesn't risk banking default or bail-ins. BullionVault's new German customers tell us that owning physical bullion outside their government's jurisdiction is a big appeal."
According to the World Gold Council, gold demand globally in the first half of 2019 rose 8% on the same period last year, to some 1,123 tonnes, driven mainly by central bank buying and growth in gold-backed ETFs.