Value of gold stored by Irish metals broker GoldCore surges past €100m
THE value of gold coins and bars stored for clients by Irish precious metals broker GoldCore has surged 68pc so far this year to more than €100m.
Gold prices last week topped the $2,000-perounce level for the first time as investors seek havens from the pandemic.
“We are seeing demand on a scale which has not been seen since the early stages of the global financial crisis in 2009 and we expect that to continue in the coming months,” said GoldCore CEO Stephen Flood.
GoldCore offers clients the option to take insured delivery of their gold but most opt to store it in the firm’s high-security vaults in south county Dublin, London, Singapore or Zurich, said Flood.
More than €8m worth of precious metals owned by GoldCore clients are stored in Ireland. “This consists of €7.7m worth of gold and nearly half a million euro of silver in our institutional grade vaults in Dublin, which were only launched in November 2018. Most of the gold is owned by Irish clients, with a handful of UK and US clients also owning precious metals there,” said Flood.
“Ireland is now attracting investment capital and safe-haven gold flows as many Irish investors opt to own their gold in vaults close to home here in Ireland,” he said.
The Irish facility — the first of its type in this country — is managed by GoldCore in collaboration with Loomis International in south county Dublin. The weight and value of client gold bars and coins stored with GoldCore is now 58,739 ounces (or 1.827 metric tonnes) and at last week’s record prices was valued at more than €101m.
GoldCore’s retail and high net worth clients own another €43.3m of silver bullion, mostly in large silver bars, as well as €88.8m in government gold, silver and platinum certificates.