Gold Bar Worth More than Half Million Euros Presented in Zagreb

Total Croatia News

The bar is almost 12.5 kilograms in weight.

Marking the entry on the Croatian market of the Moro&Kunst company and the 800-year-old Austrian mint Muenze Oesterreich, a large gold bar weighting 12.44 kilograms (400 ounces) was presented on Tuesday in Zagreb. The bar is worth more than half a million euros, reports Večernji List on December 13, 2016.

Director Ivan Moro said that the Moro&Kunst company, which trades with investment gold and other precious metals, has been present at international financial markets for 20 years. It is one of the leading gold traders in Southeast Europe. “We will represent Austrian mint Muenze Oesterreich, which has been known around the world for 800 years for its superior processing of precious metals and the production of coins, being probably the most famous in the world”, said Moro.

He added that their gold coin “Vienna Philharmonic” is the four-time best-selling gold coin in the world. “After the entry of Croatia into the European Union, together with the mint we started thinking about entering the Croatian market, and now we have finally decided to do it. We are providing to all investors a safe and stable environment in order to allow them reliable trading in accordance with the highest international standards”, said Moro.

The presented gold bar is marked London Good Delivery, which guarantees the highest quality of gold, and is the only one traded on the leading international markets. Gold bars of such standards are bought mainly by central banks for storing gold reserves and mints.

During the presentation, it was pointed out that global powers keep a significant percentage of their cash reserves in gold. Most gold reserves and gold bullion is kept in the American vaults – 8,133.5 tons of gold, or 653,818 gold bars. The United States are followed by Germany and the International Monetary Fund. Among the top ten countries with the highest gold reserves in their central banks are Italy, France, China, Russia, Switzerland and Japan. On the other hand, according to the World Gold Council, Croatia has no gold reserves.

Director of the Austrian Office for Foreign Trade Sonja Holocher-Ertl said that from January to the end of August, trade between Austria and Croatia amounted to 1.7 billion euros, which was three percent more than in the same period a year ago, while by the end of 2016 the trade exchange could amount to around two billion euros. At the same time, Croatian exports to Austria have increased by 11 percent. On the other hand, Austrian exports to Croatia will remain at about last year’s levels, at around 1.37 billion euros.

Austria remains one of the major investors in Croatia, and it is estimates that the many years of Austrian investment in Croatia have provided jobs for almost 30,000 workers. The largest Austrian investments are in the IT and financial sectors, retail and tourism.


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