Investors Move To Store Their Gold Bullion In Ireland

GoldCore has recently transported gold bullion coins and bars weighing nearly 2,000 troy ounces (over 60 kilos) and worth more than €2m into the country from the UK.

This is believed to be the largest legitimate movement of gold bullion into Ireland in decades.

The company said the movement of gold reflected a growing demand from UK and Irish investors to relocate tangible assets out of the UK and “closer to home”.

It added that it expects ongoing consignments of gold bullion to be transported and securely stored in its new vaults in the run up to the Brexit deadline on March 29.

As Brexit comes to a head, GoldCore said it is seeing a growing preference amongst Irish investors to store their gold domestically here rather than Perth, Zurich, Singapore, Hong Kong, Singapore and especially London.

“To date, the demand for gold storage in Dublin has been strong,” GoldCore’s Research Director Mark O’Byrne said.

“However, in the run up to Brexit, we expect this demand to strengthen even further and Dublin may surpass London in terms of the amount of gold assets in the vaults in the coming months,” he said.

“There is strong interest from retail investors, pension owners and high net worth clients, all of whom are expressing a preference for having their assets closer to home,” he added.

He said that while the amount of gold held in the company’s Dublin vaults is a fraction of GoldCore’s client holdings in other jurisdictions, it has already surpassed Hong Kong as a favoured jurisdiction for storing gold with clients.

Zurich remains the favourite location with client bullion holdings there worth nearly €40 million. Zurich is followed by Singapore, then London, Dublin and Hong Kong.

Courtesy of Via RTE NEWS