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Gold Sales Double as Brexit Buyers Pile into Election Uncertainty
Investment firm The Pure Gold Company saw a 119% increase in customers buying physical gold yesterday after Theresa May called a snap election. Tellingly, two-thirds of those buyers previously purchased gold in June last year, just before the Brexit vote, and many see the forthcoming election outcome as equally unpredictable.
Josh Saul, CEO of The Pure Gold Company said: “We saw a text book inverse relationship between sterling and gold yesterday, with a spike in the gold price before the announcement and then a fall once sterling strengthened on the news. Our clients were looking for a good price to buy gold, and we saw our largest purchase when the gold price hit £1,007 per oz, with one banking client buying £1.3 million of 1 oz Britannia coins.”
“Over the last few days, confidence in financial markets has been depressed. We’ve had many clients removing exposure to equities as they fear the worst-case scenario between North Korea and U.S. They believe that both leaders are inclined to fight, which adds to the unpredictability of the global political and economic environment, and this lends itself to gold sales as a relatively secure investment or a form of portfolio insurance.”
“We are seeing an unprecedented amount of people allocating more than 30% of their portfolio to physical gold. We always suggest that customers use gold as a hedge, investing only some of their wealth (up to 15 or 20%) in gold rather than putting all their eggs in one basket.”
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