Gold Price in SEK
Sweden is a rather unique European country bordering Finland and Norway. Despite its massive size in comparison to the rest of Europe, it only has 10-million citizens. This gives it one of the lowest population densities on the continent, and its citizens can enjoy a comfortable, well-maintained lifestyle due to its strong economy, ample job opportunities, and consistent GDP growth that ensures country-wide abundance.
Sweden's ability to thrive fiscally, sociologically, and in terms of foreign affairs makes it a major participant in the global economy, and it's a variable any investor or gold buyer should keep an eye on.
Currency in Sweden
Sweden has been using the Krona, SEK, or Swedish Crown as it is sometimes called, since 1873. It's a fiat currency similar to the US dollar and currencies in other large countries.
While the Krona is no longer backed by the gold standard and only retains value as a government note, it is still widely traded across most of the globe, and it's one of the most valuable fiat currencies available.
However, Sweden has been quickly moving away from cash transactions in favour of hands-free, digital transactions due to the prevalence of online buying, the convenience of card-based transactions, and the 2019 Covid-19 pandemic.
Due to this drop in Krona popularity, the Swedish government has been debating the potential addition of the e-Krona: A digital form of Swedish currency that would function similarly to cryptocurrency, but without the complex and expensive usage requirements.
This is not expected to have a large impact on the value of the Krona, but it may be something to pay attention to.
The Swedish Economy
Sweden's economy is mostly export-based, and it's one of the most consistently growing export-based economies in the world. Each year, the amount of revenue gained through exports raises by nearly 10%, and the overall Swedish economy raises by 1.3% with little fluctuation.
For exports, the country mostly sells machinery, agricultural food products, clothing, rubber, and furniture. However, these exports are supplemented by a minor resource-based portion of the economy built on iron, hydropower, and wood. While not exported, the resource-based economy drives internal job generation and a more self-reliant source of income.
Gold Production and Refining in Sweden
Sweden in Europe’s second largest producer of gold (Finland is the largest). However, European gold mining is very small on a global scale, and especially in comparison to countries like Russia, South Africa and the United States. The largest gold manufacturer in Sweden is Boliden AB. Gold is also a byproduct of copper mining, which is a major industry in Sweden.
Like many European countries, Sweden no longer issues any official legal tender currency in gold. In the late 1800s, Sweden produced gold Kroner coins, which had a gold content of just over 8 grams of gold. The coins were issued between 1877 and 1902.
Sweden’s central bank, the Riksbank, maintains gold reserves of approximately 125 tonnes of gold, which are stored at various locations around the world, although approximately half is stored at the Bank of England vaults.
Buying Gold in Sweden (Gold Price in SEK)
Gold isn't a major part of Sweden's export-based economy, but it is quickly climbing in value due to a sudden demand that is unlikely to go away. Industrial companies require gold for many of their developing technologies, and they're buying it at an unprecedented rate that only increases each year.
This makes it a prime opportunity for investors to buy gold in Sweden with an almost guaranteed increase in value annually. Buying gold in SEK now is likely to produce generous ROIs in both the short term and long term, and the ability to buy it at its current price will likely be gone for years to come.
However, some forms of gold will appreciate more than others. Gold is currently available in bars, coins, and consumer products such as jewellery, but coins are likely to be worth more per ounce and sell easier than either of the two alternatives.
Any form of gold is a solid investment in Sweden, but coins and bars are a great target should be the target of any serious investors looking to maximise their return on investment. Buying gold bars and coins is popular in Sweden.