Lines around the block to buy gold in London

AG47

http://www.zerohedge.com/news/2016-02-11/lines-around-block-buy-gold-london-banks-placing-unusually-large-orders-physical

BullionByPost, Britain’s biggest online gold dealer, said it has already taken record-day sales of £5.6m as traders pile into gold following fears the world is on the brink of another financial crisis.

Rob Halliday-Stein, founder and managing director of the Birmingham-based company, said takings today had already surpassed the firm’s previous one-day record of £4.4m in October 2014.

BullionByPost, which takes orders of up to £25,000 on the website but takes higher amounts over the phone, explained it had received a few hundred orders overnight and frantic numbers of phone calls this morning.

“The bullion market has been building with interest since the end of last year but this morning things have gone bananas,” said Mr Halliday-Stein. “Some London banks are placing unusually large orders for physical gold.”

London-based ATS Bullion added it had been inundated with orders for the past week. The firm has sold 4,000 gold bars and coins since February 1, a 40pc rise on the same period a year ago when it sold 1,500.

“It’s been crazy – it’s been the best week since 2012. We’ve had people queuing round the block,” said Michael Cooper of ATS Bullion, a family run firm that trades online and also from an outlet in the West End.
But that’s just part of the story. As reported by the World Gold Council, the buying really started to pick up in the fourth quarter, courtesy of the Chinese and central banks. Reuters notes:

Buying by central banks as well as Chinese investors seeking protection from a weakening currency helped lift demand for gold in the final quarter of last year and the trend looks set to continue, the World Gold Council said on Thursday.

Chinese demand for gold coins surged 25 percent in the fourth quarter from a year earlier as consumers sought to protect their wealth after Beijing devalued the yuan currency. But stock market turmoil and a slowing economy knocked consumer sentiment and Chinese demand for gold for jewelry fell 3 percent from a year earlier, WGC said.

colsten

Don't forget to stock up on baked beans and rice. And shuffles, bricks and cement, to build your bunker. Don't forget a camping burner & gas as there won't be any electricity or gas. Oh, and a rifle to keep the wolves and bears at bay.

jimjames

Great hype! But no different to any previous stock market blip.

coyrls

If it's "BullionByPost, Britain’s biggest online gold dealer", why are there queues, sorry "lines", around the block?

JohnRo

AG47 wrote: »

The firm has sold 4,000 gold bars and coins since February 1, a 40pc rise on the same period a year ago when it sold 1,500.

Accounting not their strong suit then.

atush

Having built a fire pit last summer, i am now building a pizza oven.

That with my wood burner (and 5 huge trees down this pat year for fuel) mean i am well suited for the apocalypse. I need to lay in a few tins and dry goods, but my fishing rods, and air rifle should see to the protein element

mapk

Apparently gold is edible if hammered hard enough.

Eco_Miser

Yes, E number 175.

ChesterDog

Well I am going to sell all of my equities now that they are well down in price, and buy gold while it's on the up. I will sell the gold again when everything has returned to normal and the gold price is back down and equity prices back up.

No, wait...

Doshwaster

Just checked my HL account and my Blackrock Gold and General fund is up 25% in the last week. I'm gonna be rich!

Chickereeeee

mapk wrote: »

Apparently gold is edible if hammered hard enough.

I'd have to be really, REALLY hammered to eat gold.

C