Brexit has left a lot of people out in the cold, uncertain of what the future holds and how best to ward off the impending economic doom. According to The Royal Mint, Brits are preparing themselves for that uncertain future by buying gold. The sale of gold coins and bars is said to have spiked to new heights this past December. The mint has reported a 73% growth in January 2019 compared to that of the previous January.
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This surge in gold buying came after UK Prime Minister, Theresa May’s announcement to delay the vote.
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Which was scheduled to take place on the 15 January. Regardless of the outcome of that vote, the demand for gold is still expected to remain strong. As it has been in the past, gold comes out as a safe hedge, an investment that can help offset any risk of market volatility.
It’s not just Britain that has seen this surge in gold investments, elsewhere in the UK, people who will be affected by Britain’s divorce from the EU are buying gold. According to Merrion Vaults, the leading supplier of gold in Northern Ireland, their sales have increased by 70% over the past year. The type of people buying gold range from the super wealthy individuals, to small businesses and the average middle-class investors. Everybody believes that with the uncertainty of the impact Brexit might have on the economy, gold is a safer investment choice.
The demand for Gold in Europe has grown over the last couple of months because of the political instability in EU countries. The British appetite for gold is not so new. Some UK residents converted 40-50% of their net worth as early as when the first Brexit referendum the sudden spike at this point, is an indicator of how people feel about Brexit – cautiously optimistic.
In actual fact, the demand for Gold was greater in the UK than it was in Asia and North America all because of the political instability in the EU. Brexit was not the only driver, other problems like the Italian standoff with unions over budgets, the problems brought on by refugee immigration, concerns over the political changes in the US and the slow growth of the economy across the region all contributed to this sudden growth.
There is a great lesson to be learnt here: That gold will always be a sought-after commodity to invest in in times of political or economic strife. The best thing one can do is to hoard gold whilst the demand is still reasonable and the prices still low enough to be affordable. Once things get heated and the doomsday prophets’ predictions actually come true, the prices will skyrocket, making it possible for those who got in on the game early to make a killing. Things might be heading towards a dark place or the whole Brexit thing might not turn out to be so bad, but it’s better to be safe than sorry and buy gold whilst you still can.
This article was brought to you by the Brisbane Gold Company.
