A gram of gold costs 128 euros today. One ounce - 31.1 grams - sells for 4,007 euros. Over the past few months, gold has been climbing toward new records at a measured pace - and more and more Balkan investors see it as the only safe shelter from political and financial storms that show no sign of calming down.

The price rise is being driven by three reasons. First - geopolitical tensions around Iran, Ukraine and Taiwan. When investors see escalation risk, they buy gold - and the cycle feeds itself. Second - inflation fears in the US and Europe. When central banks still can't claim that inflation is under control, gold gets demand as a hedge. Third - and maybe most important - central banks and investment funds worldwide are increasing their gold reserves.

What does Wall Street forecast? A further climb above 5,000 dollars per ounce if global economic and political risks continue. In euros that would mean over 4,700 euros per ounce. It's a trend that would have looked impossible five years ago. Now it looks almost inevitable.

For the Balkans, gold has a particular meaning. When the old saying goes „he who has gold, has choice" - that's not poetry. That's the traditional strategy of families who have lived through several currency crises, several devaluations and several wars. From father to grandfather to today's customer at the gold dealer's shop, gold still serves the same function.

But the problem is - few families can afford to buy gold at 128 euros a gram. How is it supposed to reach the middle class? It can't. Only the rich, only the investment funds, only the central banks can. So when an analyst says „gold is a safe choice", that applies to someone who has something to save. For those on an average salary of 700 euros and a rent of 350 - gold is a horoscope item, not a reality item.

The question that remains unanswered is - what happens when geopolitical tensions ease? History says gold falls afterwards. Will that happen in 2026? All the analysts insist it won't. But every analyst in 2008 insisted the property market wouldn't fall either. History has its own surprises.