The Euro is the official currency of the European Union, but not all member states have adopted it as their official currency. The Euro was first released in 2000.
The European Central Bank, or ECB is responsible for the issuing of Euros and for managing the community's debts and inflation rates. The ECB is not responsible for issuing any precious metals coinage.
European gold rates fluctuate significantly depending on the Economic climate. During the economic crisis of 2011-2012, gold prices increased by more than 60%. The same is true of gold prices during the Covid-19 outbreak in 2019-2021.
Gold has reached the following all-time highs:
| Gold Price All-Time Highs in Euros | ||
| Ounces | Grams | Kilograms |
| €1,743.82 | €56.07 | €56,065.12 |
The only gold coins issued by a European country are the Philharmonics, which are denominated in Euros, and are issued by the Austrian Mint. These are the most popular gold coins in Europe.
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The European Union
The European Union is a group state that encompasses 27 European countries. Of these 27 countries, 19 have officially declared the Euro their national currency. While economies vary vastly across the EU, the Euro remains a stable and high-value fiat currency that ranks second on the list of most traded currencies in the world.
The Economy of the EU
The European Union doesn't technically have its own economy. It's a group state made up of 27 vastly different countries that came together under one common cause: To create a stronger, more stable environment for each of the group's members.
This means that, while each member tends to have a fairly stable economy, investments should take into account the individual economy of a country and not the EU as a whole.
The Currency of the EU
The EU first minted the Euro, or EUR for Forex trades and values, in 1999. The purpose was to create one stable currency that could be used across multiple European countries as the union began to take on new members and build a more stable political and economical environment.
Out of 27 countries recognized as full EU members, 19 have chosen to fully adopt the Euro as their currency of choice. With the Euro being the official currency of so many nations, it has quickly become the second most popular currency to trade in, and it is valued slightly above the number-one ranking US Dollar.
Regardless of which country you spend Euros in, the currency maintains the same value. This is one of the main benefits countries gain by joining the EU. While their previous currency may have been unstable and of low value, switching to the Euro produces an economic boost through a much more proven currency that allows for easy international trade.
The Euro is not used or accepted in every European country, though. Eight full EU members still use their own national currency, and some of them do not recognize the Euro. In any case, conversions will be applied to international investments using the Euro, and this may impact your investment. Make sure to check out other complete guides to see what currency is used in a specific country.
Buying Gold in EUR
The only gold coins issued by a European country are the Philharmonics, which are denominated in Euros, and are issued by the Austrian Mint. The Austrian Mint also produces a number of bullion bars for investors. Other countries in Europe also produce gold and silver bars, most notably Germany via its significant refineries, Degussa and Heraeus. Less prominent refineries also exist throughout Europe.
Buying bullion as an investment class is very popular in Europe. Many Europeans purchase gold during a financial crisis or periods of uncertainty, and it is common to purchase gold incrementally in order to build up your holdings.