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UK gold coin sales jump on concerns over Labour's fiscal plans
By Jack Wittels
Bloomberg News
Thursday, July 18, 2024
Sales of tax-exempt gold coins by the UK's Royal Mint jumped in the last quarter as investors fretted about potential changes to fiscal policy by an expected new Labour government.
The total value of gold coins that don’t attract capital gains sold on the Mint's website jumped by 9% during April-June from a year earlier, according to Stuart O’Reilly, market insight manager at the money producer.
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"Our largest ever -- multi-millions -- single purchase of CGT-exempt coins by an individual occurred in late May," O’Reilly said. There was a general swing in the online sales away from gold bars last quarter, he added, with the split between them and gold coins going from 50/50 to closer to two-thirds in favor of the latter in terms of money spent.
While the possibility of a capital gains hike by Labour adds to the coins' appeal, it’s one of many potential drivers for the Mint’s increased sales.
Recent reductions in the threshold at which the tax is due may play a part. Buyers are also making a bullish bet on the future spot price of gold, which hit an all-time high this week before dropping back to trade at $2,463.20 an ounce in London today. ...
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