Post by blackfeather on Feb 11, 2016 20:57:53 GMT
BullionByPost, Britain’s biggest online gold dealer, said it has already taken record-day sales of £5.6m as traders pile into gold following fears the world is on the brink of another financial crisis.
Rob Halliday-Stein, founder and managing director of the Birmingham-based company, said takings today had already surpassed the firm’s previous one-day record of £4.4m in October 2014.
BullionByPost, which takes orders of up to £25,000 on the website but takes higher amounts over the phone, explained it had received a few hundred orders overnight and frantic numbers of phone calls this morning.
“The bullion market has been building with interest since the end of last year but this morning things have gone bananas,” said Mr Halliday-Stein. “Some London banks are placing unusually large orders for physical gold.”
London-based ATS Bullion added it had been inundated with orders for the past week. The firm has sold 4,000 gold bars and coins since February 1, a 40pc rise on the same period a year ago when it sold 1,500.
“It’s been crazy – it’s been the best week since 2012. We’ve had people queuing round the block,” said Michael Cooper of ATS Bullion, a family run firm that trades online and also from an outlet in the West End.
www.zerohedge.com/news/2016-02-11/lines-around-block-buy-gold-london-banks-placing-unusually-large-orders-physical
Rob Halliday-Stein, founder and managing director of the Birmingham-based company, said takings today had already surpassed the firm’s previous one-day record of £4.4m in October 2014.
BullionByPost, which takes orders of up to £25,000 on the website but takes higher amounts over the phone, explained it had received a few hundred orders overnight and frantic numbers of phone calls this morning.
“The bullion market has been building with interest since the end of last year but this morning things have gone bananas,” said Mr Halliday-Stein. “Some London banks are placing unusually large orders for physical gold.”
London-based ATS Bullion added it had been inundated with orders for the past week. The firm has sold 4,000 gold bars and coins since February 1, a 40pc rise on the same period a year ago when it sold 1,500.
“It’s been crazy – it’s been the best week since 2012. We’ve had people queuing round the block,” said Michael Cooper of ATS Bullion, a family run firm that trades online and also from an outlet in the West End.
www.zerohedge.com/news/2016-02-11/lines-around-block-buy-gold-london-banks-placing-unusually-large-orders-physical
Art Cashin: “I would keep my eye on Hong Kong. There are concerns growing that there are a variety of derivatives in Hong Kong which are priced at current levels and that a lower move would lead to some forced selling — the equivalent of margin calls. So the place I’ll be watching … is Hong Kong to see how its market acts.”
kingworldnews.com/derivatives-nightmare-has-shares-in-hong-kong-plunging-and-gold-surging-above-1200/
Hong Kong hit a closing low of 18,542 at the time Art Cashin issued that warning to KWN readers around the world. Today shares in Hong Kong have already traded as low as 18,486, briefly breaching the key level that would begin to trigger the derivative nightmare in Hong Kong. The authorities immediately stepped in and moved the Hong Kong market a bit higher, currently trading at 18,529.
kingworldnews.com/derivatives-nightmare-has-shares-in-hong-kong-plunging-and-gold-surging-above-1200/
Hong Kong hit a closing low of 18,542 at the time Art Cashin issued that warning to KWN readers around the world. Today shares in Hong Kong have already traded as low as 18,486, briefly breaching the key level that would begin to trigger the derivative nightmare in Hong Kong. The authorities immediately stepped in and moved the Hong Kong market a bit higher, currently trading at 18,529.