Brits in Aussie gold rush in case 'all hell breaks loose'

Discussion in 'Current Affairs' started by ozcopper, Dec 6, 2019.

  1. ozcopper

    ozcopper Administrator Staff Member

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    British investors are buying a record amount of Australian gold amid fears Brexit and other global geopolitical tensions will destabilise the pound and the English economy.

    Figures from the Australian Bureau of Statistics show Britons bought $5.3 billion of Australian gold in the September quarter – the most ever in a single quarter and a 1400 per cent increase on the same three months last year.

    More here: https://www.smh.com.au/politics/fed...se-all-hell-breaks-loose-20191206-p53hiz.html
     
  2. bron.suchecki

    bron.suchecki Well-Known Member

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    No it has nothing to the Brits buying gold, it is just because London is the global location for gold storage for ETFs so is probably more due to US buyers plus Asian demand is low.

    Also, the gold is being physically shipped.
     
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  3. clear

    clear Well-Known Member

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    Hi Bron, regardless is that important who the buyer is? the point ozcopper is trying to make is London received or purchased 1400% more gold in September 3months than in last years September 3 months.
     
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  4. bron.suchecki

    bron.suchecki Well-Known Member

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    Yes it is a significant change but is more about poor Asian demand as a refinery would rather sell higher margin kilobars to asia then send zero margin 400oz bars to London
     
  5. alor

    alor Well-Known Member Silver Stacker

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    may be just the payment from money stored in London accounts and metals bars are plan to be stored there
    it could be just Russian money buying from there
     
  6. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Dang if I just had one 400 oz gold bar I could pretty much stop stacking. Just one of those suckers!
     
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  7. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Just wondering what's the statistics for the Dec quarter. :)
     

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