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Gold Prices in Danish Krone
Although gold is a dollar denominated commodity, the yellow metal can be bought and sold using any currency. If you are in Denmark, you may see the price of gold quoted and traded in Danish Krone, and possibly some other key currencies as well. The price of gold is typically quoted in prices per ounce, gram and kilogram.
The Danish Krone is the official currency of Denmark, Greenland and the Faroe Islands. The Krone was first introduced in 1875. The currency is oftentimes referred to as the Danish crown, since krone literally means crown.
The Danish Krone is pegged to the euro via the EU’s exchange rate mechanism.
The Government of Denmark is characterized as a parliamentary representative democracy and a constitutional monarchy, with Queen Margrethe II being the head of state. The cabinet of Denmark exercises executive power, and is presided over by the Prime Minister. The nation has a multi-party system, with two major parties and a few other parties of significance. The government is focused on efficiency, and the public seems to have a high level of satisfaction with the government’s transparency and accountability. Denmark is reportedly regularly considered one of the least corrupt countries in the world according to some international organizations.
Denmark has a diverse economy that relies heavily on human resources. The country’s main exports include manufactured goods, fuels and chemicals. The nation reportedly has one of the lowest levels of income inequality, and maintains an unemployment rate below the Euro area average.
The Greenland economy is small and mixed and is very dependent on support from the Danish Government.
The largest employer in Greenland is various government administrations. The second largest employer is the fishing industry. Greenland has also been involved in hunting and whaling, which has become quite controversial in recent years. The area is also involved in mining and energy.
The Faroe Islands are located between the Norwegian Sea and the North Atlantic. The islands have an approximate area of about 541 square miles with a 2016 population of just under 50,000.
The Faroe Islands have been a self-governing country within the Kingdom of Denmark since 1948, although Denmark still maintains control over defense, policing, the currency, justice and foreign affairs. The islands also have an independent trade policy.
Gold Pricing in Danish Krone
If you are buying or selling gold in Denmark or Greenland, chances are that your transaction will be made using the local currency. Gold is usually quoted per ounce, gram and kilo, and its price is in a constant state of flux.
Regardless of whether gold is traded in Krone, euros, British Pounds or other currencies, the price of gold can be affected by numerous influences. Some of the major factors that can affect the price of gold include:
- Central bank activity
- Interest rates
- Currency markets
- Investment demand
Danish investors may look to gold as a means of portfolio diversification. Gold can potentially provide a meaningful hedge against a number of economic and geopolitical issues including inflation, weakening currency values, deflation and more.
The Royal Danish Mint
The Royal Danish Mint has been part of the Danmarks Nationalbank since 1975. The Royal Danish Mint became an independent institution in Copenhagen in 1739, and was previously operated on a subcontractor basis.
Administration of the Royal Danish Mint was transferred to the Ministry of Finance in 1849 when the absolute monarchy was abolished.
The Royal Danish Mint produces all Danish circulation coinage as well as commemorative coins.
An example of a Danish gold coin is the 1908-1912 Denmark Gold 20 Kroner Frederik VIII AU. This Danish gold coin features King Frederik VIII on its obverse. The reverse features crowned and mantled arms with date, face value and mintmark, as well as the initials of the designer.
These coins contain .2592 ounces of .900 pure gold.
These gold coins are not seen as often as many other types of popular gold bullion coins, and can make a great addition to any gold portfolio or coin collection.
According to Tradingeconomics.com, Denmark had gold reserves of 66.55 tonnes in the third quarter of 2016.