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BREXIT TO TRIGGER GOLD BULLION RUSH

Britain’s biggest online gold bullion and coin dealer, BullionByPost, is forecasting its busiest ever trading day if voters decide on a Brexit.

 

Rob Halliday-Stein, who founded the Birmingham-based company in 2008, has predicted that a decision to leave the European Union will prompt an online gold rush, generating record sales of around £10m in a single day for the company, as investors seek to protect their wealth.

 

The online gold dealer has already enjoyed increased activity in the lead up to the vote with sales in the first two weeks of June up 54% on the same period last month.

 

If Britain votes to leave, Halliday-Stein estimates BullionByPost will generate £30m in sales in July. A remain vote is predicted to generate £20m that month, and will still give the business its busiest single trading day since the company was founded in 2008. Last year the business turned over £125m.

 

Analysts have indicated that Britain’s decision to leave the EU is likely to cause sterling to drop, leading to a rise in the price of gold. Uncertainty in Europe has also typically led to a price surge. In 2011, the euro crisis drove the gold price to an all-time high of $1,603.40 an ounce (£1,133.70).

 

“We have many clients waiting to place orders, but everyone is waiting for the referendum outcome. Gold rises on volatility and we’ve never had a day as volatile as a Brexit day in the gold price market,” said Halliday-Stein.

 

BullionByPost specialises in selling bullion and gold coins. The average order is worth between £2,000 and £3,000.

 

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