UK clients buy £1 billion in gold

[Jet Cash]

Adrian Ash, head of research at Bullion Vault, said in an email to Kitco News at within the last 24 hours his company has seen “crazy” demand from its U.K. clients as they have bought a combined total of £1 billion in gold bullion. U.K. residents now hold more gold than “most of the world’s central banks, and more than all but the world’s 11 largest ETPs,” he said.

Hardly the action of a destitute nation. Now the government has to increase interest rates to provide an incentive to save, and to help the pension funds.

[Fortify]

Not destitute by any means, yet. The pound dropping is bad news for people with savings, unfortunately it is usually the sensible people who suffer for the actions of idiots. The pound will be unstable for years, so people are diversifying into a more reliable store of value.

[Jet Cash]

It isn't Brexit that is a threat to savings. Bail-ins and QE to support bankers and property speculators is a far more significant factor.
The drop in Sterling is just the result of uncertainty. Already we can see signs of investment and profitable trade deals. Once they become publicised, then you will see an increase in Sterling. In the short term, I can see it dropping to $1.30. At that point I will be getting out of the dollar. I think the dollar has a higher risk of long term devaluation than Sterling.

[criptix]

It isn't Brexit that is a threat to savings. Bail-ins and QE to support bankers and property speculators is a far more significant factor.
The drop in Sterling is just the result of uncertainty. Already we can see signs of investment and profitable trade deals. Once they become publicised, then you will see an increase in Sterling. In the short term, I can see it dropping to $1.30. At that point I will be getting out of the dollar. I think the dollar has a higher risk of long term devaluation than Sterling.

So every nation in the world needs decades to negotiate trade agreements but the empire will be the sole exception?
Oh boy.

[Jet Cash]

Trading is negotiated between companies and individuals. These so called trade agreements are just attempts to restrict trade, and to force manufacturers into policies that may be good or bad. Without the companies there is no trade.

[zenitzz]

Adrian Ash, head of research at Bullion Vault, said in an email to Kitco News at within the last 24 hours his company has seen “crazy” demand from its U.K. clients as they have bought a combined total of £1 billion in gold bullion. U.K. residents now hold more gold than “most of the world’s central banks, and more than all but the world’s 11 largest ETPs,” he said.

Hardly the action of a destitute nation. Now the government has to increase interest rates to provide an incentive to save, and to help the pension funds.

It was a regular thing done by the people to secure their money in particular have high selling power like gold because England had just left the European Union will of course have an impact on their economies.

[Jet Cash]

but why didn't they buy dollars or euros?  It's because Brexit may lead to a banking crisis with bail-ins.

[Racey]

It isn't Brexit that is a threat to savings. Bail-ins and QE to support bankers and property speculators is a far more significant factor.
The drop in Sterling is just the result of uncertainty. Already we can see signs of investment and profitable trade deals. Once they become publicised, then you will see an increase in Sterling. In the short term, I can see it dropping to $1.30. At that point I will be getting out of the dollar. I think the dollar has a higher risk of long term devaluation than Sterling.

Hey have you been watching Max Kaiser, he did say something very similar, and totally agreed with both statements, great insights as always from the Kaiser report,I watch the videos on a daily basis.

Ponzi bankers getting free money  creating more derivatives that do nothing, but keep themselves afloat.

[bryant.coleman]

OK.... no need for exaggerating it. £1 billion in gold means just around 33 tonnes of gold. For comparison, Russia (7th largest holder of gold) is having 1,500 tonnes of gold reserves. Once the UKP/GBP stabilizes, many of these gold buyers are going to switch back to the other assets such as treasury bonds, real estate, bank deposits, and equities.

[Jet Cash]

Russia buys physical gold. I wonder how much of that British "gold" is paper gold. I believe the only physical gold exchange has just been opened in China.