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London gold dealer runs out of bullion as Truss budget shocks
By Eddie Spence
Bloomberg News
Saturday, October 1, 2022
When the pound slumped as Kwasi Kwarteng presented his mini-budget, some Britons rushed to the safety of a haven that has recently lost its luster: gold.
As the UK currency slid to an all-time low early Monday, bullion priced in pounds climbed close to a record. That would typically encourage selling and deter buyers, but this time round the turmoil in British bond and currency markets increased the allure of the precious metal.
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"Buying has increased exponentially," said Ash Kundra, who runs coin dealer J Blundell & Sons in London's historic Hatton Garden jewelry quarter. "I keep running out of coins. I keep running out of bars."
The rush for gold in the UK contrasts with the bearish sentiment that has seen dollar prices for the precious metal slump by more than 20% from a March peak, as the Federal Reserve's aggressive monetary tightening makes the non-interest-bearing asset less attractive. Still, bullion's status as a hedge against inflation and currency debasement is keeping demand from retail investors strong. ...
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