Brexit Fears Trigger Irish Gold Rush

23 January
Kitco:

“As no-deal Brexit fears intensify, Irish investors turn to gold for safety, according to Ireland’s Merrion Vaults.

With the Brexit’s March 29 deadline fast approaching, investors are getting skittish and gold is looking more and more like the solution out of this political uncertainty.

“They’re worried about a significant devaluation in sterling if there’s a hard Brexit,” AFP quoted co-founder of Merrion Vaults Seamus Fahy as saying.

Merrion Vaults, an Irish owned and operated gold brokerage and safe deposit facility in Dublin, saw a 70% jump in clients from Northern Ireland in 2018 as investors rushed to convert their cash into gold, Fahy said.

“Customers are taking money – physical money – out of the bank and they’re buying gold bullion with us to store it, and it’s a hedge,” Fahy noted.”

 

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