Growing Supply of Gold in Iceland Skip to content

Growing Supply of Gold in Iceland

It is becoming increasingly common that people in Iceland take their old or new gold jewelry to the goldsmith’s to see what it’s worth. Goldsmith Magnús Steinthórsson said he pays ISK 1,000 (USD 8.77, EUR 6.95) for each gram of gold.

“People come to me with all kinds of jewelry that has been lying in drawers and cases for a long time,” Steinthórsson told Fréttabladid.

“I began asking for gold some time ago but I have never experienced such a high supply as in this country in January and February.”

The world market price of gold is around ISK 4,000 (USD 35.06, EUR 27.78) per gram. Steinthórsson denied that he is taking advantage of people’s financial difficulties.

“People are getting rid of stuff that they have kept for a long time in a sensible way, rather than out of desperation,” Steinthórsson stated.

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