Europeans are getting jittery about the threat of a Greek exit from the single currency, and the fear has driven Germans to invest in gold bars and coins.
World Gold Council data shows that Germans increased purchases of gold coins and bars of bullion by 20% to 32.2 tonnes in the first three months of 2015, the fastest rate in a year.
Gold, the traditional safe haven in troubled times, was increasing in popularity among other investors in Europe, too, spurred on not only by Greece but also the policies of the European Central Bank.
"This was the strongest start in Europe for gold coins and bars that we have seen since 2011," Alistair Hewitt at the World Gold Council said. "German investors are fretting over the ECB, Greece and Ukraine."
Even with increased buying by Europeans, it was Asia which dominated the gold market so far this year. China and India accounted for 54% of consumer demand.
Nevertheless, total global demand fell by 1% compared to the same period in 2014.
The average gold price of $1,218.5 per ounce was down 6% over the first three months of last year.
Comments
It takes a lot to stir up these countries - historically two of the most peaceful and non-troublemaking.