German investors increased their buying of gold bars and bullion by 20 percent to 32 tonnes in the first three months of the year – the highest since 2011 – to offset their concerns about a Greek default, strife in the Ukraine and the European Central’s Bank’s pumping of billions of new euros into the eurozone economy through Quantitative Easing.

Traditionally investors turn to gold when they fear economic collapses, or price hikes.

After weeks on the sideline of Greek debt resolution talks, Finance Minister, Yanis Varoufakis  re-emerged last night to propose that €27bn owed by the Greeks to the European Central Bank “should be pushed back and sent overnight to the distant future.”

“This will not happen,” he added “because ECB President Mario Draghi’s soul is filled with fear” about Germany’s concerns over Quantitative Easing.

Meanwhile, Mr Draghi has defended the Bank’s money printing policy and reaffirmed it would implement the €1.1trillion programme in full countering recent speculation that the bank might taper its programme prior to September 2016, despite the risk of some asset-buying bubbles along the way.

Germany was the most staunch opponent of the use of this unconventional economic tool.