Record gold prices drive mass sell-offs of British gold sovereigns in Greece, with Bank of Greece data showing sales far outpacing purchases amid global economic uncertainty.

The Bank of Greece is the primary official channel for sovereign transactions, while Piraeus Bank serves as the second institutional outlet.

Investors can buy or sell gold sovereigns through two channels: the Bank of Greece and Piraeus Bank.

Before the emergence of the euro single currency gold coins, especially the UK sovereigns, were considered as a “hedge” against a depreciating local current (the drachma) and against inflation

Bank of Greece (BoG) reports nearly 36,000 buy back transactions this year up until the end of September in the country