Coronavirus: Gold seller flags 980% rise in Brits panic-buying

Josh Saul said gold is capable of increasing while everything else falls in value. Picture: AP Photo/Seth Wenig.

The London-based business said demand is being driven by “acute fear and uncertainty about the trajectory of the virus and the economic damage most people expect will continue (for years to come) after the virus disappears”.

Chief executive Josh Saul said the level of demand is “unprecedented,” adding that clients – who come from all walks of life - “want to be prepared and secure in an asset class that is physical and capable of increasing while everything else falls in value”.

He added: “Importantly, they want to be able to convert it to cash (quickly) if the need arises.”

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Saul also highlighted a 1,023 per cent increase in clients over the age of 50 removing exposure to equities within their self-invested personal pension/pension to buy physical gold bars within the same vehicle. “Not only is this demographic worried about their own health, most have also seen more than a 20 per cent fall in the value of their pension pots.

“Many do not have the time to wait for a market recovery and are very concerned about now having to work beyond retirement as a result. They believe purchasing physical gold will stop further losses and they hope to recover some of this lost ground with the precious metal.”

He also said: “Our clients are not purchasing gold to make money. It’s not really about growth but about wealth protection and preservation in an asset class that offers a degree of immunity from the fallout of the coronavirus. Our clients appreciate that any growth in physical gold can be enjoyed free from capital gains tax, and their investments can be liquidated and converted back into cash instantly - anywhere in the world.”