British Buy Gold in Wake of Election Uncertainty

What did Brits do before the recent elections in the UK?
They bought gold.
According to the Financial Times, gold sales soared 87% as uncertainty kicked in on election day earlier this month. As prospects of a hung Parliament loomed, ‘panic-stricken’ investors converted their sterling into gold.
The election results were a disaster for the majority Conservative party. It ended up with a net loss of 13 seats with 42.4% of the vote. Labour made a net gain of 30 seats with a 40.0% vote. The results cast a cloud over the complex task of making Brexit a reality.
There was a similar rush into gold in the UK leading up to and after the Brexit vote last year. One gold company CEO reported some people converted as much as 40 to 50% of their net worth into physical gold in the weeks after the UK voted to leave the EU.
Pure Gold Company CEO Josh Saul said the scene was similar on election day June 8. He stayed open until 10 p.m. taking orders.

This post was published at Schiffgold on JUNE 22, 2017.