BullionVault sees surge of gold buying in Britain

New data from London-based online gold brokerage BullionVault has confirmed that Britons are rushing to buy gold as they lose faith in traditional savings accounts, the Evening Standard reports.

The UK economy is currently sliding towards a recession with the property market in decline and the government issuing a host of taxpayer-funded bank bailouts.

The result is that confidence in the banking system is at rock-bottom and investors are looking for a safer haven for their money, which is where BullionVault comes in.

Director Paul Tustain, who set up the firm in 2005, told the newspaper: "People are choosing to store their wealth in gold rather than money because they doubt the ability of the government to hold onto the value of sterling.

"We get people investing from all walks of life, people who wouldn't normally take the time to trade in any product. They buy gold to hold their wealth because they feel it's less risky at the moment."

Accounts from the company show that it has grown by 475 per cent in the past year and now has 40,000 British customers and another 30,000 from around the globe.

The appeal of BullionVault resides in its ability to provide the man on the street with a chance to get a fairer deal on gold - an investment of as little as £20 is possible - without additional fees.

"The common thing that unites our customers is they're all sceptical about using normal methods like banks and shares given the current financial turmoil," Mr. Tustain added.

Gold prices have trebled in the past nine years after hitting their most recent bottom in 1999.

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