You are here: Home - Investing - Experienced Investor - News -

Brits pile into gold ahead of US election result

Written by: Paloma Kubiak
UK investors piled into gold over the weekend and into Monday with two major gold firms reporting a huge surge in inquiries.

Much like the Brexit-effect when UK investors flocked to the ‘safe havens’ of gold and silver in the run up to and following the EU referendum, the race to the White House appears to be prompting investors on both sides of the Atlantic to seek shelter.

Gold investment firm The Pure Gold Company has seen a 69% increase in gold inquiries since the weekend, of which 59% came from UK investors. The firm saw a 39% rise in people purchasing gold ahead of the US election.

Chief executive Josh Saul said: “Many of our clients who are buying gold believe that the gold price will rally if Trump wins the election but they also believe that gold will increase (to a lesser extent) if Clinton wins. They fear they could be paying considerably more if they wait until the outcome is known and with the Brexit shock still front of mind, they don’t want to wait”.

BullionVault’s Adrian Ash also confirmed that traffic and inquiries from all regions have risen sharply so far in November, but the really stark jump is in the number of new US users making a money deposit for the first time, ready to buy.

“November’s daily average for newly funded US clients is currently 68% ahead of the previous 12 months. At this rate, November would be BullionVault’s strongest month for active new US clients since February 2012.

“That also shows in the strength of net demand to buy gold across our markets. In the first week of November, users have now added over 200 kilograms of gold to their aggregate holdings – almost half of October’s strong inflow – taking the total to a new record of 36.5 tonnes, worth almost $1.5bn (£1.3bn, more than most central banks hold,” he said.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
retire early
Good news for retirees as annuity rates rally, but can they go higher?

Annuity rates are staging a mini revival after hitting record lows earlier this year.