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Gold and silver buyers hit 3-year high as White House race becomes ‘clear concern’

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The number of private investors who bought gold and silver hit a three-year high last month, according to online exchange BullionVault, who says concerns have shifted from Brexit to the race for the White House.

There were more gold and silver buyers in July than any month since the precious-metals price crash of April 2013 unleashed a flood of demand, BullionVault said.

July’s growth came despite the price of both metals rising to 2- and 3-year highs against most major currencies after the shock Brexit result in June, with 1.5% more investors adding gold last month and the number of silver buyers rising 38%.

While investors flocked to the ‘safer havens’ of gold and silver in the lead up to and following the EU referendum, the US presidential election appears to be prompting investors to seek shelter, according to BullionVault’s Adrian Ash.

The number of new US users was the largest since February 2012, up 66% over the last 12 months.

Ash said: “After the Brexit shock in June, the continued surge in bullion demand suggests that November’s race for the White House is becoming a clear concern.

“This year’s return of private investors to buying gold and silver is proving as solid as 2016’s uptrend in prices.”

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