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Why Are People Turning to Gold?
Since Lebanon’s financial collapse, people have lost access to their savings. Some depositors haven’t been able to withdraw money for years. The value of our gold feels more real than digits stuck in a frozen account.
So folks are turning to what feels like a safe haven: gold.
Before the crisis, Lebanon had over $30 billion in reserves. Most of that’s gone. But Lebanon’s gold reserves—about 286 tons—are still intact. The Central Bank controls them, and by law, they can’t be sold or used.
Before the crisis, Lebanon had over $30 billion in reserves. Most of that’s gone. But Lebanon’s gold reserves—about 286 tons—are still intact. The Central Bank controls them, and by law, they can’t be sold or used.
Gold is not a Luxury. It is a Lifeline.
People are not buying gold to show off. They’re buying it because they’re scared.
Some are picking up small coins or jewellery, just a few grams at a time. Others are converting their cash reserves or even selling off real estate to move into gold.
Why? Gold is a precious metal that holds value in uncertain times.
When the Lira drops again (and again), demand spikes. People rush to buy, sometimes wiping out inventories in a single day.
There’s also growing interest from buyers who hope prices will keep rising. Speculators are betting on the yellow metal to climb even higher.
And it’s not just in Lebanon.
Across the Middle East, gold has become a common strategy for protecting wealth.
Gold Prices Are Way Up
Let’s look at the numbers.
- In 2019, gold was around $1,500 an ounce
- In 2025, it passed $4000, a new high
That’s a sharp rise in just a few years.
What’s behind it?
Big global players like China and India are buying tons of gold to reduce their reliance on the U.S. dollar. The International Monetary Fund has even noted this shift, with many countries reevaluating their investment of the reserves.
And when countries buy gold in bulk, international prices go up. That affects you too.
If you already own gold, great. If not, getting in now is more expensive than ever.
3 Big Problems You’ll Face When Buying Gold in Lebanon
It’s not as simple as walking into a shop and buying a ring
1. There’s Not Enough to Go Around
What gold does Lebanon own? Locked away.
The gold in the market? These items come from traders, jewellers, or imports, which aren’t easy due to the economy and currency issues
This leads to:
- Shortages of gold in the form you want
- Higher prices due to limited supply
- Settling for jewellery instead of bars or coins
Sometimes, all you’ll find is what’s left in the display case.
2. Finding a Dealer You Can Trust Is Hard
Scams happen. Fake gold. Overpriced gold. Bad deals.
To stay safe:
- Go to well-known jewelers or dealers with a good reputation
- Ask about the gold’s purity and weight
- Get a receipt
- Check prices online first
If someone rushes you, won’t answer questions, or makes it sound too good to be true—walk away.
Peace of mind is worth the extra cost.
3. Prices Change Overnight
Gold prices are tied to the global market. If the U.S. Federal Reserve makes a move, gold prices move too.
On top of that, local fear or rumours can cause spikes even if nothing happens globally.
Let’s say you plan to sell your car to buy gold. By the time you finish the sale, gold prices might’ve jumped. That’s how fast things change here.
So You Got the Gold. Now What?
Buying it is only half the battle. Now you need to keep it safe.
1. Use a Vault or Safe Storage Service
Best-case scenario? Store your gold in a professional vault.
Banks or private companies offer this. These places have absolute security, tracking systems, and insurance. They’re built for this.
If you go this route, make sure:
- You know what’s included
- You check insurance coverage
- You understand fees and access policies
Even the Central Bank keeps most of its gold in secure vaults—some in Lebanon, some abroad.
2. Thinking About Keeping It at Home? Be Careful.
It feels good to have it nearby. But here’s the risk:
- Break-ins are more common now
- Break-ins are more common now
- If something happens, you’re on your own
Even the best home safe can’t protect you from everything. And if people find out you’re keeping gold at home? That’s a whole other problem.
2. Insure It Wherever You Keep It
Gold is valuable. If you lose it, you’ll feel it.
Some vault services include insurance. If yours doesn’t or if you keep your gold at home, get a separate insurance policy.
Think of it like insuring your car or house. You might never need it, but if something goes wrong, you’ll be glad you had it.
Final Thoughts
Gold is one of the few things people in Lebanon still trust. And it makes sense—it’s real, it holds value, and it isn’t tied to broken systems.
But it’s not simple. You’ve got to:
- Deal with rising prices
- Find a safe, honest seller
- Store it properly
- And protect it like it’s your last lifeline
Because for many, it is.
If you’re thinking about buying gold, go slow. Ask questions. Stay alert. And don’t risk more than you can afford to lose.
No one’s going to look out for your money better than you will.
3- Frequently Asked Questions
Are there shortages of physical gold in Beirut Governorate?
Yes, occasional shortages of physical gold can occur in Beirut. High demand, combined with potential import restrictions, means that a dealer may not always have the desired amount or type of gold available. It is wise to connect with a reputable dealer who can manage supply challenges effectively.
What are the safest methods for storing gold in Lebanon?
The safest methods involve professional safekeeping. Using secure vaults at trusted financial institutions or private companies is highly recommended. These options offer superior security to home storage. Always ensure a comprehensive insurance policy covers your stored gold for complete peace of mind.
How can Lebanese residents liquidate their gold assets?
To liquify gold assets in Lebanon, you can sell them to a trustworthy buyer, such as a reputable jewellery store or a known gold trader. The process is an indirect transaction where you exchange your physical gold for cash, but be aware that market volatility can impact the price you receive.