At the Carpathia Investing Club meeting on April 24, 2025, we had the opportunity to explore a lesser-known corner of Romania’s economic history, guided by historian Iosif Marin Balog, senior researcher at the “George Barițiu” Institute of History in Cluj-Napoca. From public fundraising for the Romanian Athenaeum to the entrepreneurial revolution in Cluj, the discussions were both fascinating and eye-opening. Here are a few of Thursday’s interesting topics:

Investments and Public Fundraising: Give 1 LEU for the Athenaeum

Between 1859 and 1945, Romania witnessed remarkable public subscription campaigns aimed at funding cultural and infrastructure projects. A symbolic example is the fundraising for the construction of the Romanian Athenaeum in Bucharest, where citizens contributed modest amounts (1 LEU per ticket), but in total, around 500,000 LEI were collected—a significant sum for that period.

Gold: from $20.67/ounce in 1859 to $3,100/ounce today

Starting from the Mica Society, one of the largest gold mining companies in the Apuseni Mountains during the interwar period, we discussed gold prices from 1859 to 1945. Today, the price of gold has risen significantly, reaching around $3,100 per ounce, whereas in the 19th century it was about $20 per ounce. This enormous price difference was one of the most striking revelations at the latest Carpathia Investment Club meeting.

Cluj Between Aristocracy and Entrepreneurship: The Story of Elek Sigmond

In contrast to other regions, Cluj was, during the period 1859–1945, a cultural and aristocratic center with an economy less focused on entrepreneurship. However, a remarkable example of entrepreneurial success is Elek Sigmond, a visionary entrepreneur who founded the city’s first alcohol distillery. He later developed a network of highly efficient windmills for that era, becoming a successful business model. A valuable lesson the Carpathia Club members took from this topic is that even in a conservative economic environment, innovation and vision can lead to success.

To delve deeper into these subjects, we recommend the works of historian Iosif Marin Balog, available on the ResearchGate platform.
Read more investment articles on our blog.

For more information on the latest analysis and events from the Carpathia Investing Club, subscribe to our newsletter at the bottom of this page.