London gold dealer runs out of bullion as Truss budget shocks

Bloomberg/Eddie Spence/10-1-2022

Cartoon illustration good money drives out bad ed stein“’Buying has increased exponentially,’ said Ash Kundra, who runs coin dealer J Blundell & Sons in London’s historic Hatton Garden jewelry quarter. ‘I keep running out of coins, I keep running out of bars.’”

USAGOLD note: The situation in London as reported above serves as a reminder how important it is for investors to secure their holdings before, not after, a crisis becomes headlines. If you believe that (a) a crisis is in the making, and (b) precious metals are the best way to hedge it, you should not delay putting back the hedge you think you need. If nothing else, it will save you money in the higher premiums usually attached to coins and bullion once the crisis hits. The situation in Britain has most likely become even more pronounced now that the Bank of England has returned to quantitative easing to deal with the potential collapse of several pension funds. Bad money, as Gresham taught us, drives out good.

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