LONDON Physical Gold Market Tight - Sharps Pixley Paying 99% To Bullion Sellers
Sharps Pixley is currently seeing tightness in the availability of physical gold coins and bars in the UK.
The recent rise in gold prices reflects solid demand from investors and, given that there is a relatively thin supply pipeline of metal between miner, refiner and trader, this is leading to a shortage of physical gold.
It is a matter of some speculation, but this story echoes reports that physical gold demand by Central Banks are at the highest since 1967, while institutional gold ETF offtake hit an unprecedented 145 tonnes in December and January.
Sharps Pixley estimates that there is only about 2 tonnes of small bars and coins in the UK - given the UK population is 66 million, this suggest there is only £1 per person readily available at any one time. Should an economic ‘event’ occur, then we would expect demand would overwhelm the limited supplies which would dry-up overnight. For example, should there be a “no-deal BREXIT” then we would anticipate local demand for physical gold would quickly absorb all the available small denomination gold ; Sharps Pixley are currently speaking with the major Swiss refineries for additional supplies.
To support its campaign to replenish stocks, Sharps Pixley is launching a media campaign to attract any old bars and coins that clients might be minded to sell. As one of the UK’s largest bullion traders, we are now offering to pay 99% of the fine gold content to any sellers of gold bars and coins.
To make a gold sale please bring the metal and two forms of ID with you - one a photo ID (such as passport or driving licence) and a proof of address (invoice or bank statement) to our bullion showroom in St James's, London. Sharps Pixley will then evaluate the gold for purity and weight (at no cost to you) and then make the payment to you by bank transfer, or for values below £5000, by cash.
Full pricing transparency will be provided to clients with the gold being priced basis the prevailing London interbank gold price.
Sharps Pixley Ltd
54 St James's Street
London SW1A 1JT
Tel: +44(0)207 871 0532
Mob: +44(0)7788 906000
19 Feb 2019