Sales of physical gold are up 113% amid global tensions
The Pure Gold Company says it has seen a 113% increase in people purchasing physical gold this morning compared to average figures last week – a trend the gold investment firm attributes to North Korea’s latest missile test over Japan.
CEO Josh Saul said: “We have been taking orders since 5am this morning from clients citing fears that tensions between the USA and North Korea will escalate after North Korea’s latest missile test over Japan. President Trump has vowed to respond with ‘fire and fury’ and many of our clients believe this will make the situation considerably worse, increasing the unpredictability of the geopolitical situation.
“We’ve seen a 78% increase in financial professions investing in physical gold on the expectation that the equity markets and the dollar will continue to slip while the gold price rallies.
“Physical gold investment from first time purchasers has increased by 87% as they worry about market uncertainty in the face of such volatile world leaders. There are conflicting statements coming out of Washington and transparency seems to have disappeared. Many of our clients purchasing physical gold this morning are concerned that many factors could further tip the market. We have already seen the gold price jump by around 1% this morning on the back of these fresh concerns.
“Over the last week, we have seen a 91% increase in clients removing exposure to equities from within their SIPP or pensions to purchase physical gold within the same vehicle. Since May 2017 we have seen a 200% increase in people purchasing physical gold within their SIPP or pension for the first time to protect their retirement from any imminent or long term fall in value. Since June the gold price has increased by 7%.”