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Markets

Britons go for gold as pound loses shine

Opening sequence

Opening sequence

Markets

Britons go for gold as pound loses shine

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COMING UP:Britons go for gold as pound loses shine

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00:00:00
>> The lure of gold, ordinary Britons awaking to it's luster in an uncertain economic climate. The shock of the Brexit vote has taken the shine off the pound. And many have lost faith in an economy long seen as safe and predictable. Reuters reporter, Clara Denina, in London says gold prices have soared as the pound has plummeted.
00:00:22
>> The 2008 financial crisis has told ordinary people that the banking system can fail. And with Brexit now in 2016, gold has come as a perfect alternative. Also because prices have increased by 40% in sterling terms since the start of the year.>> Britons have little history of taking refuge in gold, traditionally a safe haven in many cultures.
00:00:55
The UK ranking just 15th among global consumers. But dealers reported that first time investors in gold bullion were up 170% in June and July. Some are selling to cash in on the bonanza.>> Those who have bought at the beginning of the year are sitting on a 40% gain year-to-date.
00:01:13
So we have seen some profit taking. We emphasize for those people, that's tactical profit taking. You should really be looking at gold for the long term.>> An asset that can be locked away, immune to the shocks that have hit London's property market and financial system, it looks like Britons will go for gold for some time to come.