Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
A British gold broker says sales are at an all-time high since UK voters decided to leave the EU.
“There has been record online sales on the GoldCore website . . . the phones are ringing off the hook,” says GoldCore founder Mark O’Byrne in a news release.
On the day Brexit results were announced spot gold popped $70 per ounce peaking at $1,330.
Other gold sellers like BullionVault, CoinInvest.com and The Royal Mint all reported a surge in sales.
On the same day the Brexit results were announced, “buy gold” Google searches soared 400% in the United Kingdom, according to Google Trends.
Searches for “buy gold” were up 400% on June 24, the day the Brexit results were announced. Chart is from Google Trends.
O’Byrne says there has also been sizable selling but “sellers are vastly outnumbered by buyers.”
“We have had more sales than during the Lehman crisis and at the height of the Eurozone debt crisis. It is nearly all buying with a preference for gold over silver. We may have to restrict trading to existing clients if we continue to see this level of demand.”
O’Byrne predicts increased coin and bar buying in the coming months.
Leading gold-seller Kitco is running Brexit banners to market gold and silver sales.
Screenshot of Brexit banners on Kitco.
Image of a poll card by Abi Begum
Comments
Restless Boomers
Hate to be conspiracy nuts, but:
1. The hedge funds, Soros and other usual suspects have all been loading up on gold products, derivatives, etc. lately.
2. The world’s most sophisticated polling organizations predict passage of Brexit.
3. An MP gets whacked by a supposed nut case with a loaded weapon and the Brexit is called off.
4. Polling organizations now say new polls indicate Brexit will fail because the little people have come to their senses and realize only gun toting crazies support Brexit.
5. Nothing further is heard regarding cancellation of Brexit, and the vote occurs as originally scheduled.
6. Brexit passes by 4 points.
7. Gold demand skyrockets as WW3 is now supposed to begin.
8. Wealthy ruling elites make a ton of money.
9. Elites announce that nothing will really change as a result of Brexit, as it was not a mandate from the people, but only a recommendation.
10. Life goes on as usual.