Tuesday, May 30, 2017

UK to have gold dispensing ATM machines in every major city over next few years

An interesting thing has been happening in the United Kingdom ever since the Brexit vote took place a year ago in June.  And that is that the people there have re-awakened to the monetary power of gold, and where the Brits have been one of the driving factors in Europe's recent increase in physical gold purchasing.

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 speed at which people are purchasing gold is unprecedented," said Joshua Saul, CEO of The Pure Gold Company, where Hall bought and keeps her Britannia coins. 
"We are seeing people convert as much as 40 to 50 percent of their net worth into physical gold, (compared to) 5 to 10 percent in the past," he said. 
Government-owned bar and coin producer, the Royal Mint, saw a 7-fold increase in sales of 100-gram bars, around half the size of a credit card and costing around $4,400, in the two weeks following the June 23 vote. - Fortune
And a year later the move away from the Pound and the Euro into gold doesn't appear to be slowing down, which has led Ex Oriente Lux to not only install a new gold dispensing ATM machine in West London, but to also have plans to install these machines in every major city in the UK over the next few years.

Gold vending machines are to be placed in every major city in Britain after the country's first machine was switched on in a West London shopping centre. 
The company behind the gold bar vending machines plans to install 50 across Britain over the next few years, allowing ordinary shoppers to invest in the precious metal as an investment. 
Michael McCleary, a businessman from Croydon, yesterday became the first person in Britain to buy a nugget from one of the machines. He paid in cash and bought a 1g "bar" of gold, costing £47. In reality the piece of gold was smaller and thinner than a mobile phone SIM card, but came in a presentation box. – UK Telegraph

2 comments:

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