Belfast Telegraph

UK Website Of The Year

Financial uncertainty sees demand at gold wholesaler rocket ten-fold

Published 09/11/2016

BullionByPost said the US election result could see the company carrying out up to £10 million in trade by close of business on Wednesday
BullionByPost said the US election result could see the company carrying out up to £10 million in trade by close of business on Wednesday

Global financial uncertainty caused by Donald Trump's shock election victory has seen demand at a gold wholesaler rocket ten-fold.

Bosses at BullionByPost said the US election result could see the company carrying out up to £10 million in trade by close of business on Wednesday.

Demand for gold - a traditional hedge for investors against economic uncertainty - at the Birmingham-based business has boomed, according to founder and managing director Rob Halliday-Stein.

He said: "It's gone nuts, absolutely bonkers. We've had an exceedingly good day."

Mr Halliday-Stein, who set up his firm in 2008, added that "for better or worse" the "Trump phenomenon" was not going away and investors were moving to the safe haven of gold.

He said: "Trump equals more uncertainty, and normally that means it's a good time to get into gold.

"This is looking like it will be our best day of trading in eight years.

"We've done a good few million already, and it's getting towards £10 million."

Gold has been trading above £1,050 an ounce, well above its six-month low of £821, but still short of its high of £1,063.

Read More

From Belfast Telegraph