Investors 'go bananas' for gold bars as global stock markets tumble
By Elizabeth Anderson
11:50AM GMT 11 Feb 2016
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 bankers in London 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.
Gold is currently at its highest level since May, with prices surging 2.2pc this morning to $1,218.17 for an ounce of the precious metal.
Gold producers are among the biggest risers on the FTSE today, with shares in Rangold Resources and Fresnillo up 6.3pc and 6.2pc respectively.
Online gold investment platform BullionVault recorded its busiest-ever trading day on Monday, with investors buying and selling more than a quarter-tonne of gold, worth £7.2m, and more than 5 tonnes of silver, worth £1.7m.
The World Gold Council said this morning that demand for the precious metal grew 4pc in the fourth quarter as central banks bolstered their reserves to diversify away from the dollar.
Russia's central bank stockpiled the most gold last quarter, adding an estimated 60 tonnes to its reserves. The country bought around 200 tonnes of gold last year, 141 tonnes of which is thought to have been snapped up over the summer.
Global stock markets have had a torrid time in recent months. In early trading on Thursday morning, the FTSE 100 sank to a fresh three-year low. RBS warned last month that major stock markets could fall by a fifth this year, and oil may plummet to $16 a barrel. Meanwhile the price of gold, typically seen as a safe haven by investors, has risen 15pc since the beginning of the year.
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/12151770/Investors-go-bananas-for-gold-bars-as-global-stock-markets-tumble.html
Bullion dealers report record sales as buyers "queue round the block" to purchase the precious metal
11:50AM GMT 11 Feb 2016
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 bankers in London 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.
Gold is currently at its highest level since May, with prices surging 2.2pc this morning to $1,218.17 for an ounce of the precious metal.
Gold producers are among the biggest risers on the FTSE today, with shares in Rangold Resources and Fresnillo up 6.3pc and 6.2pc respectively.
Online gold investment platform BullionVault recorded its busiest-ever trading day on Monday, with investors buying and selling more than a quarter-tonne of gold, worth £7.2m, and more than 5 tonnes of silver, worth £1.7m.
The World Gold Council said this morning that demand for the precious metal grew 4pc in the fourth quarter as central banks bolstered their reserves to diversify away from the dollar.
Russia's central bank stockpiled the most gold last quarter, adding an estimated 60 tonnes to its reserves. The country bought around 200 tonnes of gold last year, 141 tonnes of which is thought to have been snapped up over the summer.
Global stock markets have had a torrid time in recent months. In early trading on Thursday morning, the FTSE 100 sank to a fresh three-year low. RBS warned last month that major stock markets could fall by a fifth this year, and oil may plummet to $16 a barrel. Meanwhile the price of gold, typically seen as a safe haven by investors, has risen 15pc since the beginning of the year.
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/12151770/Investors-go-bananas-for-gold-bars-as-global-stock-markets-tumble.html
» Parliamentary Health: The continued appointment of graduates of the medical group threatens the coll
» Mr. Al-Hakim warns of “hidden hands” targeting Iraq’s power and considers it the greatest threat to
» Political criticism of Al-Sudani's timid mention of the Kuwait file in America
» What are the reasons for the region's attempt to control some areas of Kirkuk?
» Iraq amends the electrical interconnection contract with Jordan
» Postponing the launch of the Iraq International Festival ceremony until the third of next month
» Organized crime...high rates that exceed the limits of “tribal customs” - Urgent
» With an area of 25 dunums.. a government company “defrauds” the state to dismantle a factory and d
» Alia Nassif calls for an investigation into the Musataha contract related to the Federation of Trade
» Parliamentary Integrity opens the “Travelers’ Dollar” file and warns against imposing taxes on citiz
» Erdogan: The Emirati president firmly embraces the Iraqi “development road” project and calls for ac
» The lack of staff causes delays in completing citizens’ transactions
» Fraud in the circulation of the million-dollar currency.. These are the Iraqi legal articles special
» Demands to investigate the sources of money spent on electoral advertising
» 9/26/23 MilitiaMan: IRAQ INTERNATIONAL - STATE CONTRACTS that are EXECUTED in IRAQI DINAR - WTO is N
» The Council of Ministers directs the commitment to implement state contracts inside Iraq in Iraqi di
» International arbitration reveals corruption of Korek Company by its owner, Sirwan Barzani, in the a
» It will limit Washington's movements.. Al-Taie talks about the border fence with Syria
» "An anomalous case"... economic criticism of dealing in the dollar in local markets
» ISIS is gone and America's arguments are over.. Popular desire ends dreams of survival and NATO is b
» Planning announces a strategy to reform the social protection system
» Kurdish politician: The silence of the regional government gave Türkiye the green light to increase
» Warnings of Iraq's economic collapse due to internal betrayal and Kuwaiti action
» The general amnesty falters in the interpretation of the term terrorism
» Al-Jubouri: Türkiye is pressing to achieve political gains before resolving the water crisis
» Barzani's party rejects federal bank branches in Sulaymaniyah
» Nechirvan Barzani sends a message to Baghdad: The Kurdistan Region is going through a difficult circ
» Nechirvan Barzani hopes that the results of the National Union Conference will reflect positively on
» The launch of the National Union Conference.. Talabani: We must make the Kurdistan Region a paradise
» Official working hours will be suspended next Tuesday
» What did the Emirati president propose regarding the “path to development”?
» "Al-Eqtisad News" publishes the text of the decisions of the Council of Ministers session
» The Patriotic Union of Kurdistan is preparing to elect a new president at a conference that includes
» Revealing a secret message from Barzani to the American President: Save us, we are collapsing hard
» Is Asaib seeking to assume the position of Governor of the Central Bank?
» A female representative reveals that Iraq lost $20 billion due to the exchange rate difference
» Iraq adopts 7 new ambassadors from various countries
» Sudanese hosts the regular meeting of the state administration coalition
» Exclusion of 125 candidates for the local elections, most notably the Governor of Nineveh, Najm al-J
» In light of a government deficit, the “spoiled” food crisis besieges the Iraqi citizen
» The region's crisis raises "rent allowances"... Kurds prefer "Arabs" for their regular salaries - ur
» The State Administration Coalition affirms respect for Kuwait's territorial integrity and solving pr
» Get to know them...Government decisions within the framework of “financial reform”
» The deadline for the security agreement has expired.. Will Tehran bomb the Kurdish opposition in Ira
» Kuwait and Britain are discussing the repercussions of an Iraqi decision regarding Khor Abdullah
» Expert: The possibility of compensating the victims in the event of pressure on Washington
» After the statement “the end of ISIS”... the US State Department responds to the Prime Minister of I
» Extinguishing debts owed by the families of martyrs and securing the allocations of examiners in the
» The head of the Kurdistan Regional Government representative office receives the British Deputy Amba
» After Al-Sudani's statements...an uncertain future for foreign forces in Iraq
» After the cessation of Kurdistan provincial councils... a warning of a “legal vacuum”
» The Iraqi Council of Ministers issues a package of decisions within the framework of “financial refo
» Chinese is the most appropriate.. Abdul Mahdi: American companies in Iraq consume a lot of money
» Labor releases the salary of the full-time employee for the month of September
» Minister of Finance: The Iraqi government continues its efforts with economic reforms
» The President of the Republic: What happened to our children in the Hamdaniya district is a painful
» Complete decisions of the Council of Ministers session
» Government advisor: The dollar crisis is a battle between the state and speculators
» Controlling fictitious exchange transactions and manipulation in the Diwaniyah departments
» High exchange rates of the dollar against the Iraqi dinar
» Parliament Finance identifies 6 “violations” in the Kurdistan loan: Government banks may send “peopl
» Al-Sudani details the developments in the “battle of the dollar” and threatens sanctions that will a
» Al-Sudani warns of “poisoned speech”: Our government is for all Iraqis of all affiliations
» Iran: We are ready to develop Iraq industrially until 2035
» Following Al-Sudani’s directives, the Association of Private Banks marks “major development” using e
» Victory Coalition: The region’s oil is known only to God and the Kurdistan Democratic Party
» 9/26/23 Announcing the auction of Islamic certificates of deposit
» 9/25/23 Militia Man & Crew Truth - Iraq Dinar - Exchange Rate -
» Militia Man & Crew IRAQ CBI CENTRAL 1941 BANK BUNNY AL-MURRA IRAQ General Guidelines for Banks an
» Document: Al-Rafidain Bank is waiting to sell dollars in some of its branches in Baghdad
» Diwaniyah Agriculture announces the creation of 17 investment opportunities in the plant and animal
» The Baghdad Municipality clarifies the mechanism for issuing residential construction permits electr
» Electricity: The Prime Minister attaches utmost importance to lagging projects
» The director of the Atomic Energy Agency wants to visit Iraq... and reveals the reason
» Iran and its armed opposition.. Baghdad goes through with the agreement, with Tehran’s hand on the t
» Al-Maliki receives an invitation from Erdogan to visit Turkey, and its ambassador talks about a “par
» Kuwait recounts the repercussions of a decision for Iraq to the British Foreign Office and talks abo
» Abdul Mahdi from Shanghai: Iraq approved more than 10 billion dollars to implement the Chinese agree
» An increase in trade exchanges between Tehran and Baghdad.. An Iranian official reveals the numbers
» Recovering funds collected from corruption crimes.. 4 Iraqi laws specialize in this
» Contractors and investors appeal to the Central Bank to exclude them from dealing in the Iraqi dinar
» The government is following a systematic policy of recovery... and the member of the law speaks abou
» Forgery of tax receipts at border crossings
» After Al-Sudani’s decisions.. The Association of Private Banks reveals the development of electronic
» Politician: The region is adopting a darkening of the atmosphere regarding oil production and revenu
» Al-Sudani: Private banks take the dollar from the central bank and sell it in the parallel market, a
» Parliamentary Law warns against encapsulating a general amnesty in terms that allow the release of t
» Radhi: The region persists in violating the constitution because of political favors
» Al-Halbousi begins his election campaign through the “shuffles” of the Anbar municipality
» Parliamentary Security: Securing the border with Iran requires increasing the number of border guard
» Advisor to the Prime Minister: The government is facilitating the mechanisms for implementing housin
» The outlets announce the seizure of more than 1.3 billion dinars due to fraudulent tax receipts
» Agriculture reveals the possibility of reconsidering the “winter plan” based on water storage
» Sudanese announces the allocation of $4 billion in the 2023 budget to address poverty in the country
» The Minister of Finance participates in the Asian Bank conference in Egypt
» Al-Rafidain counts the number of accounts opened for citizens and other groups in its branches
» The Association of Private Banks reveals the development of electronic payment after Al-Sudani’s dec
» The central bank sells more than $190 million in currency auction