L'or de france: London-based gold seller says 'phones are ringing off the hook'

dimanche 26 juin 2016

London-based gold seller says 'phones are ringing off the hook'

Gold broker GoldCore says sales are at an all-time high since UK voters decided to leave the EU.

"There has been record online sales on the GoldCore website for this time of day and the phones are ringing off the hook," says GoldCore founder Mark O'Byrne in a news release.

On the day Brexit results were announced spot gold popped $70 per ounce peaking at $1,330.

On the same day "buy gold" Google searches soared 400% in the United Kingdom, according to Google Trends.

Searches for "buy gold" were up 400% on June 24, the day the Brexit results were announced. Chart is from Google Trends.

O'Byrne says there has also been sizable selling but "sellers are vastly outnumbered by buyers."

"We have had more sales than during the Lehman crisis and at the height of the Eurozone debt crisis. It is nearly all buying with a preference for gold over silver. We may have to restrict trading to existing clients if we continue to see this level of demand."

O'Byrne predicts increased coin and bar buying in the coming months.

Leading gold-seller Kitco is running Brexit banners to market gold and silver sales.