London-based gold seller says ‘phones are ringing off the hook’
A British gold broker 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 . . . 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.
Other gold sellers like BullionVault, CoinInvest.com and The Royal Mint all reported a surge in sales.
On the same day the Brexit results were announced, “buy gold” Google searches soared 400% in the United Kingdom, according to 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.