LONDON – Retail gold investors are booking profit on metal bought to hedge against Thursday’s decision by British voters to leave the European Union, while an initial surge in buying slackened off on Monday.
The chief executive of online platform BullionVault said on Monday that while buying had risen sharply in the last session, its users had overall been net sellers since the Brexit vote became apparent on Friday, liquidating a quarter of a ton of gold.
“Our users bought a lot of gold going into this crisis, and some are selling to bank substantial profits from Friday’s shock,” Paul Tustain said.
Wolfgang Wrzesniok-Rossbach, chief executive of German bullion dealer Degussa, and Pieter Boumeester of Dutch precious metals vendor Doijer & Kalff, said they had also received several enquiries about selling gold.
In New York, gold dealers reported their busiest day in months, as phones rang off the hook with new orders. But after a surge in the business on Friday, “over the weekend, and our online shop is open 24/7, we have seen only the usual business,” Degussa’s Wrzesniok-Rossbach said.
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