ROSS NORMAN : Londoner's Rush To Sell Gold
Despite the ‘project fear’ machinery working at full tilt in the media over Brexit … seen through the eyes of gold’s price behaviour, it seems your average Brit is not greatly troubled by current politics.
Our own local MP Matt Hancock was seen bounding out of No 10 this morning to breezily announce that we should not worry as the UK could “charter planes to get medicines into the UK in the event of a no deal”. Booomm … an enema straight to the core Brexit vote … but dressed up as a caring MP. So subtle. So Hancock.
Well you can drop the sedatives from the list then old mucker … it seems the near hysteria in Westminster is a localised problem. A quicker cure for collective UK depression however might be simply to lock the doors to the House of Commons - there cannot be a person - be they Remainer or Brexiteer who can have been won over by recent political antics. This dissatisfaction is something that across the Channel Mr Macron will understand only too well. Lions lead by donkeys comes to mind.
The fall in sterling has meant that gold in GBP has risen by 8% in just 2 months which might have precipitated a self-fuelling rally as UK investors rushed to protect their savings … but they haven’t.
The rise in gold in GBP has instead seen a rush this morning of investors coming to Sharps Pixley to take profit and selling into the price strength - and not panic buy as you might have imagined.
In short, the average London gold buyer is really quite chilled… even if there are blood pressure issues just a mile from here.
07 Dec 2018