BenefitsGold in portfolio

  • Offers competitive returns in both bull and bear stock market environments
  • An extremely liquid, over €120B/day market
  • Gold is the only asset class that does not bear a counterparty risk (BIS)
  • A truly global asset
  • The third largest reserve currency of central banks

Protection from inflationGold returns during low and high inflation

For the last 50 years gold price has reacted to differently inflatory environments in the following ways:

Inflation Gold appreciation
Less than 3% 7%
Over 3% 14%
Over 4% 21%
Over 5% 27%

Gold and other currencies

A graph which compares the valuation of the most important international currencies to gold from the year 2000 to 2022.
In an unusual manner, gold's value is not shown in any currency. Instead the currencies' values are shown in gold.
Therefore gold is shown in a straight line on 0%. All currencies have lost >75% of their value in gold.
The currencies in the graph are euro, US Dollar, Swiss franc, British pound, Japanese yen and Chinese renminbi.

Financial instruments such as stocks, bonds and apartments carry a risk of future cash flows, and along with this risk come the calculable returns. Gold, on the other hand, should not be compared to such investments. Just like other currencies, gold does not yield anything and thus there is no associated risk of future cash flows. In contrast to other currencies, gold does not have a central bank that could create it out of nothing. Thus gold is the only asset that truly does not carry a counterparty risk.

Investment returns measured in gold

What is often overlooked when evaluating investment returns is how currencies lose purchasing power when measured in gold. Even a substantial nominal return can end up modest or even unprofitable.

When measuring the real returns in gold from the beginning of 2000 to the end of 2021, it turns out that none of the major asset classes had positive returns.

S&P 500 & OMXHGI indices measured in gold from 2000 to 2021. Source: Nasdaq.
S&P 500 & OMXHGI indices measured in gold from 2000 to 2021. Source: Nasdaq.

During the high inflationary years of the 1970s the S&P 500 index gained 17% appreciation in dollars. When measured in gold, the S&P 500 lost 92% of its value. At the end of 2021, the S&P 500 index was at the same level as it was in 1965 when measured in gold.

S&P 500 index measured in gold from 1945 to 2021. Source: Nasdaq.
S&P 500 index measured in gold from 1945 to 2021. Source: Nasdaq.

Voima Account

  • Exchange and store physical gold and silver
  • Storage outside the banking system
  • 24/7 liquidity
  • Gold bar withdrawal within 24 hours
Open Voima Account
A laptop and a smart phone showing the dashboard of Voima's application.

Direct ownership of physical gold with a Voima Account

Large institutions and central banks own physical gold directly. This is contrasted with gold ETFs or gold futures, in which the gold is embedded in a complex structure of ownership.

A gold ETF is a share in a fund, whose holder in reality owns shares or zero-coupon perpetual bonds issued by the fund. Gold futures are derivative contracts. Both ETFs and futures are essentially IOUs, which involve a risk that the counterparty cannot meet their liabilities.

The ownership structure of gold should be as direct as possible to avoid counterparty risks. With a Voima Account, you own physical gold directly.

Voima Account pricing

Account fee 0.99%

Annually from gold holdings

Exchange euros for gold 1.99%
Exchange gold for euros 1.99%

Investment grade gold is VAT-exempt.


Open Voima Account


VoimaCredit™ enables you to get credit against the gold on your Voima Account. The gold serves as collateral for euro credit.

  • The gold on your Voima Account serves as the credit collateral.
  • You can get credit for up to 70% of the value of your gold holdings.
  • The effective annual interest rate is 4.9%.
  • The interest is paid quarterly from your Voima Account.
  • The credit is renewed automatically per quarter.
How can I apply?

The product is offered by Voima Gold Ltd's subsidiary Voima Gold Financing Ltd. An accepted credit application is required.

Invest in silverSilver account for companies

Voima also offers companies a tax-exempt silver account. Silver is an interesting investment, since it has historically outperformed gold when gold price rises.

Contact us

Contact usCustomer care +358 (0)9 612 1917

09:00–16:30 Helsinki time