There are historical images that have been seared into the collective memory.
People push wheelbarrows full of banknotes through the streets. Families spend their wages immediately because the money is worth less just a few hours later. A lifetime of savings dissolves within a very short time.
The hyperinflation of 1923 is often seen as a closed chapter of history. But the actual lesson from it is timeless:
Not every crisis destroys wealth immediately.
But almost every major inflation eventually destroys trust.
Many people today define wealth through account balances, portfolios, or digital numbers.
This seems stable. Rational. Secure.
Yet historically, money itself was never automatically secure. Paper currencies function primarily because people have confidence in their stability. If this confidence is shaken, the perception of value suddenly changes.
Exactly for this reason, real assets often gained importance in times of crisis:
Gold, in particular, has repeatedly played a special role.
Gold has no balance sheet.
No quarterly figures.
No corporate strategy.
And yet, central banks worldwide continue to buy gold on a large scale to this day.
Why?
Because gold possesses properties that modern currencies cannot fully replace:
Gold is therefore less of an "investment" in the classical sense. For many people, it is more of a monetary insurance.
A hedge against risks that cannot be predicted exactly:
Of course, today's situation cannot be simply compared to 1923.
Germany is not experiencing hyperinflation like back then. Nevertheless, the framework conditions have changed significantly in recent years:
At the same time, global demand for physical precious metals is growing – among both private investors and central banks.
This points to an interesting development:
Many people are no longer just looking for returns. They are looking for stability.
Inflation often does not act spectacularly.
It rarely expropriates overnight.
It works slowly.
Year after year, real purchasing power declines. Assets become more expensive. Cost of living rises. Money gradually loses its strength.
The problem:
Nominally, much remains the same.
100,000 euros initially remain 100,000 euros in the account.
But what matters is not the number itself, but what you can still buy with it in the future.
It is precisely at this point that many people begin to engage with real assets.
Gold does not guarantee profits.
The price fluctuates.
Even gold can fall over longer periods.
But history shows time and again:
In phases of monetary uncertainty, physical possession gains importance psychologically and economically.
Perhaps that is the true strength of gold:
Not maximum return. But trust outside the traditional monetary system.
The story of 1923 is more than a historical anecdote.
It serves as a reminder that wealth consists not only of numbers – but of real purchasing power and trust.
And that is exactly why many people today are once again dealing with the question:
Which values remain when economic conditions change?
Gold is not a perfect answer to this.
But for many people, it has been part of the answer for centuries.
Maintain a long-term perspective
Yours, Helge Peter Ippensen
