Gold priced in sterling soared to a record high on Monday, spurred by fear of a ...
The rising possibility of a turbulent British break from the EU, which has hammered the pound, has also triggered a wave of gold buying that helped push prices higher everywhere.
The rise to power of Boris Johnson, a leader of the 2016 Brexit campaign who has become steadily more hardline in his negotiating stance with the EU and now promises a “do or die” exit by Oct. 31, has been accompanied by massive gold purchases by institutional UK investors. That accounted for almost 60% of total increases in ETF gold holdings worldwide, the data showed. In the second quarter, UK funds accounted for an even greater proportion of global purchases at 78%.Institutional investors want gold to shield them from sterling devaluation and economic shocks, said the WGC’s head of market intelligence, Alistair Hewitt. “It’s a currency uncertainty thing, which is obviously based on Brexit,” he said.
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