Gold Is Not a Relic – It Is an Anchor of Security
Interview with Kálmán Schmidt, Managing Director of Magyar Aranypiac Kft.
The gold market has been enjoying a notable renaissance for several years. Inflation, geopolitical tensions and structural shifts in the global financial system have brought the precious metal back into focus as a strategic pillar of wealth preservation. Magyar Aranypiac Kft. anticipated this development early on and has since established itself as Hungary’s market leader in investment-grade precious metals trading. Managing Director Kálmán Schmidt speaks about entrepreneurial drive, the dynamics of crisis markets and the company’s digital ambitions.
European Business: Mr Schmidt, you founded the company yourself. What prompted you to take that step?
Kálmán Schmidt: To answer that properly, I have to go back quite a bit. I was never cut out to be a traditional employee. I was always driven by the desire to build something of my own and bring my own ideas to life. After completing my degree in business administration, I initially worked in Germany, including for a major company in the precious metals sector. That is where I learned the business from the ground up. At the same time, I realised that within a large corporate structure there were limits to how far I could implement my own vision. So I decided to establish my own company.
European Business: Why Hungary rather than Germany?
Kálmán Schmidt: It was a strategic decision. Germany’s market is highly competitive and dominated by very large players. In Hungary, by contrast, the market for investment precious metals was still in its infancy at the time – a classic first-mover opportunity. I had the expertise, I was fluent in German and English, and I had sufficient start-up capital. The timing, the market environment and my experience aligned perfectly.
European Business: Today, your company is regarded as the market leader in Hungary. How would you define your business model?
Kálmán Schmidt: Our core business is trading in investment-grade precious metals, particularly gold and silver, along with related services. We cater to both private and institutional investors who wish to include physical precious metals in their wealth strategy. In addition, we provide secure storage solutions and logistical services. Ultimately, we deal in tangible assets – and that builds trust.
European Business: Gold has seen strong momentum in recent years. How important are global crises to your business?
Kálmán Schmidt: They play a central role. The gold market is driven by two forces: love and fear. On the one hand, there is demand from the jewellery sector – the emotional component. On the other, there is security-driven demand in times of uncertainty. Over the past years, we have experienced a series of disruptions: the financial crisis, geopolitical conflicts, the pandemic and inflation. In such times, people look for stability. Gold fulfils that role as a reliable store of value.
European Business: How has the company developed in terms of key figures?
Kálmán Schmidt: We currently employ 48 people. Last year, our revenue reached approximately 33.5 billion forints – just over €80 million. By Hungarian standards, that is a substantial figure. Internationally, we are naturally smaller players, but within our domestic market we occupy a leading position.
European Business: What strategic priorities are you focusing on at the moment?
Kálmán Schmidt: Automation, digitalisation and the targeted use of artificial intelligence are central to our ongoing development. Many processes can be made more efficient, faster and less error-prone. There is significant potential in logistics, inventory management and internal operations. Anyone who wants to remain competitive in precious metals trading over the long term has to think technologically ahead of the curve.
European Business: Where do you see the company in five years’ time?
Kálmán Schmidt: I want to further consolidate our market leadership while unlocking new opportunities – whether along the value chain or in adjacent business areas. Our foundations are solid, providing a sustainable platform for growth. Structurally, we are building the company in a way that ensures it can endure across generations.
European Business: After more than two decades as an entrepreneur, what continues to motivate you?
Kálmán Schmidt: It is not primarily about money. What motivates me is seeing ideas turn into reality. When a vision takes shape and processes work exactly as I envisioned, that is what I consider success. Entrepreneurship means responsibility – but it also means freedom. And that freedom still drives me today.