- REUTERS/Lisi Niesner
- A London gold store saw a 253% increase in physical sales last month compared with the same period last year.
- The news comes as heightened global tensions have created uncertain financial markets.
- The gold store’s CEO, Ross Norman, said: “Gold has a record as a long term wealth preserver for over 4,000 years and never more so than during periods of turmoil.”
London gold store, Sharps Pixley, experienced a 253% increase in physical gold sales in March, citing fears over rising geopolitical tensions.
The threat of escalation in Syria and the trade dispute between Beijing and Washington have dampened stock market confidence, while gold has traditionally been a safe asset for investors in times of volatility.
Commenting on the high levels of interest in gold, Sharps Pixley’s CEO Ross Norman said “gold has a record as a long term wealth preserver for over 4,000 years and never more so than during periods of turmoil.”
The company reported that sales at its showroom on St. James’s Street hit over $12.7 million in March, up from $3.6 million the same time last year.
“Last month the majority were family offices and wealthy investors,” Norman said. “There really isn’t an average trade size – we have ordinary investors buying say £5,000 in gold at the cash window while the next guy in the queue wants a chat about a purchase for £750,000.”
The biggest area of growth has been from younger clients and entrepreneurs, often in their early thirties, Norman said.
Sharps Pixley is credited with being the first organisation to make physical gold and other precious metals easily accessible to cash buyers on the high street and individuals on the open market.
In February 2018 CNBC reported that conventional market wisdom predicted ‘wild market swings’ which could boost the price of gold. Yesterday’s announcement by Sharps Pixley might be one indication that this is correct.