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Gold sales rise 42% in January amid Bitcoin bubble fears, Geopolitical Tensions and Carillion Collapse
The Pure Gold Company has seen a 42% increase in first time investors purchasing gold so far this month compared to the same period in 2017, as renewed concerns over a possible crypto currency crash, geopolitical tensions and uncertainty over Brexit prompt safe-haven sales.
Josh Saul, CEO of the investment firm said: “In addition to these underlying worries, the collapse of Carillion this week has impelled financial services professionals to buy gold in greater numbers too. We’ve seen a 69% rise in sales to people in finance citing fresh concerns over systemic risks caused by the collapse of the UK construction giant. More specifically, sales to investment bankers have risen 32% this week amid fears that businesses connected to Carillion, especially the banks, could be affected by the large amount of debt that is unlikely to be repaid.
“The expectation of another interest rate rise this year, against the backdrop of record debt and millions of people who, until November, had never experienced a rate rise before, is fuelling worries that people may have to sell property to pay unaffordable mortgages and debt.
“Our clients aren’t purchasing physical gold with a short-term view to making an immediate profit. It’s more about protection and wealth preservation during uncertain times. Many of our clients see it as a financial insurance policy that tends to increase as political, economic and monetary risks escalate. Looking ahead, these risks aren’t likely to abate substantially, prompting more people to look for a safe haven for their assets.
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