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Why invest in gold and why use a Voima Account

Gold 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

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.

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.

Gold is an extremely liquid asset class

The average daily turnover in the 2010s:

Market Daily turnover
S&P 500 €195B
Gold €160B
German Bunds €25B
Nasdaq Helsinki €0.4B

Who owns gold

See what some large institutional investors think of gold.

🇺🇸 The United States 8,133 t
🇩🇪 Germany 3,355 t
🇮🇹 Italy 2,452 t
🇫🇷 France 2,437 t
🇷🇺 Russia 2,299 t
🇨🇳 China 2,011 t
🇨🇭 Switzerland 1,040 t
🇯🇵 Japan 846 t
🇮🇳 India 787 t
🇳🇱 The Netherlands 612 t
🇸🇪 Sweden 126 t
🇩🇰 Denmark 66.55 t
🇫🇮 Finland 49.02 t
🇮🇸 Iceland 1.98 t
Voima's Customers 1.20 t
🇪🇪 Estonia 0.25 t
🫵 You Starting from a milligram
Invest in gold now


Read why invest in gold with Voima

Voima Account

  • Exchange and store physical gold and silver
  • Storage outside the banking system
  • 24/7 liquidity
  • Gold bar withdrawal within 24 hours

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.



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 applciation is required.