(NaturalNews) Do the uber-wealthy know something that the vast majority of us do not about the true state of the U.S. and world economies? And if so, could that be why they are stashing cash and buying gold?
In recent months, the super-rich have begun looking for traditional ways to protect their wealth, and we’re not talking about plunging millions into the stock market. No, the rich are increasingly stockpiling gold bars, a la the movie The Italian Job, according to bullion experts.
Indeed, they say, the number of 12.5 kg (27.6 lb) bars being scooped up by the wealthiest of the wealthy has ramped up 243 percent this year compared to the same period last year, Rob Halliday-Stein, founder of BullionByPost told Britain’s The Telegraph newspaper.
“These gold bars are usually stored in the vaults of central banks and are the same ones you see in the film ‘The Italian Job,'” David Cousins, bullion executive from London based ATS Bullion, also told the paper.
Gold has always been the safe haven of choice
The bars are of course manufactured from pure gold. Given current prices, market value for each bar is currently about £300,000 (about $483,000), or about $1,224 an ounce. Cousins said that he is seeing gold buyers exhibit much more confidence this year while prices remain stable following sharp drops in gold prices in 2013. The Telegraph reported:
The sales of 1kg gold bars, worth about £25,000 [$40,000] each, has doubled during the three months ended August, when compared to the same period last year, according to ATS Bullion sales figures.
Sales of the more popular gold coins such as the quarter ounce sovereign and one ounce Krugerrand have also doubled this year, according to figures from BullionByPost.
Halliday-Stein added that though most customers are arranging to have their gold stash stored securely in secret vaults operated by Brinks, a global security firm, some are taking physical delivery of their 27-pound bars. In addition, small gold coins can also be stored remotely.
Written by J. D. Heyes
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