Daily Express - 07.08.2019

30 Daily Express Wednesday, August 7, 2019

DX1ST

Your Money

By Harvey Jones

Caution over rise of gold

THE gold price has soared to a
six-year high, but investors are being
warned to resist the temptation to
rush out and buy the precious metal
at today’s high price.
At around £1,175 per ounce, gold is
nearing a record price in sterling
terms, helped by the falling pound
and growing fears of a global
economic slowdown.
This safe haven traditionally swings
into favour when investors are
nervous and losing faith in paper

currencies. Demand also grows when

interest rates are low or falling as this

reduces the return on cash and

government bonds.

Glint chief executive Jason Cozens,

whose debit card allows users to hold

money in gold and spend it as cash,

said Brexit turmoil and the decline of

the pound is just one factor driving

the “tremendous bull run”.

Last week’s interest rate cut by the

US Federal Reserve, and expectations

that the European Central Bank will

extend its quantitative easing

programme to prevent a recession,

have also fuelled the rally. “The

world’s economies are in trouble, and

it is natural for people to turn to gold

as a defence,” Cozens said.

BULLION RUN

Adrian Ash, director of research at

trading platform BullionVault.com,

said the last time gold traded this high

was in summer 2011: “This was

during the near-collapse of the euro

and the worst rioting across England

in modern times.”

The number of BullionVault users

buying gold has almost doubled, amid

the intensified US-China trade war

and concerns over a conflict with Iran.

“Geopolitical tension and loose

monetary policy make a compelling

case to buy gold,” said Ash.

Central banks around the world are

stockpiling gold, buying 374.1 tonnes

in the first six months of this year, the

highest on record.

This is further driving up the price

but World Gold Council head of

market intelligence Alistair Hewitt

said some investors are selling their

holdings to bank profits and recent

price growth could slow: “Consumer

demand may soften as people adapt

to the higher price level.

The Royal Mint chief executive

Anne Jessopp said gold has other

benefits: “It allows investors to

safeguard portfolios and is exempt

from VAT and capital gains tax.”

ALL THAT GLISTENS

You can buy gold directly from The

Royal Mint but many private investors

prefer exchange traded funds (ETFs)

that either buy physical gold or track

the price, to give people low-cost

exposure without storage worries.

SPDR Gold Shares is the world’s

largest ETF backed by physical gold,

while the VanEck Vectors Gold Miners

ETF invests in mining companies.

However, remember that gold does

not pay any interest or dividends, and

its price can be volatile and could fall

from today’s highs.

Chase de Vere chartered financial

planner Patrick Connolly said: “Gold

can balance risk in your portfolio as it

tends to rise when assets such as stock

markets fall, but you should never

invest more than 5 or 10 per cent of

your overall savings.”

GOLDEN ERA: But be wary

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