After Brexit, ordinary Britons warm to gold as safe haven

Section:

By Clara Denna
Reuters
Monday, July 18, 2016

LONDON -- When Britain voted to leave the European Union, the thoughts of Yorkshire teacher Grace Hall immediately turned to her family's bottom line.

Three days later, as UK stocks and sterling plummeted, she put those thoughts into action and deposited part of her life savings -- 25,000 pounds -- into gold.

"My husband and I are both worried about bank failures and our cash getting swallowed up," she said. "I'm also worried about our kids' jobs and their future."

Hall was not alone. Dealers are seeing an unprecedented amount of interest in gold, much of it from first-time buyers, to take advantage of its role as a safe haven in times of stress or unexpected "black swan" events like Brexit. ...

The surge in gold buying is in contrast with Brexit's effect on the London property market, considered an ironclad bet for the past 20 years. More than 18 billion pounds of property funds aimed at retail investors was frozen in early July following a tide of redemption requests after the Brexit vote. ...

... For the remainder of the report:

http://www.reuters.com/article/us-britain-eu-gold-retail-insight-idUSKCN...



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