By Business & Finance 
Pictured: Stephen Flood, CEO, GoldCore
Gold surges to record highs as investors in Ireland and internationally diversify into gold to protect themselves from growing economic risks. Gold is building on the gains seen in 2019 and is nearly 30% higher in euros so far in 2020 as the pandemic takes its toll on the Irish and Eurozone economies.
Gold prices have surged past the important $2,000 per ounce level to a new record high due to concerns about the financial and economic outlook, with the global economy increasingly vulnerable.
The price of gold surged to over $2,000 per ounce, supported by growing demand for gold in Ireland, the UK and globally as the pandemic takes its toll on economic growth and the finances of nations globally.
“Gold has surged to new record highs in all major currencies this week including new record highs in euros at €1,720 per ounce due to concerns about the outlook for the Eurozone economy and the euro” said Mark O’Byrne, the Research Director of GoldCore, Ireland’s longest established gold broker.
“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 the continue in the coming months,” said GoldCore CEO, Stephen Flood. “The value of client gold coins and bars stored with GoldCore has surged 68% to just below €100 million since January 1st of 2020 as clients diversify into gold again,” he said.
A safe haven in a volatile pandemic world
Investors are buying gold due to its value as a safe haven asset. GoldCore say they have always cautioned buyers to focus on the value of gold, including peace of mind, rather than focusing on price gains.
Mr. O’Byrne explained, “Gold has an excellent track record in maintaining its purchasing power relative to currencies and other assets. There is also a significant body of research from leading academic experts and from independent asset allocation experts which shows that gold is an important diversification for investors and pension owners, because it reduces portfolio volatility and enhances returns over the long term. Gold is also becoming increasingly attractive in an Ireland in a world of near negative and actual negative interest rates.”
Gold storage in Ireland
GoldCore is Ireland’s first and most established gold broker which allow clients to take insured delivery, but most opt for secure storage in highly secure institutional gold vaults in Dublin, London, Singapore and Zurich.
“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” said Mr. Flood.
“Ireland’s first institutional gold storage facility is being managed by GoldCore in collaboration with Loomis International, in fully insured, modern state of the art, ultra-secure vaults in south county Dublin. The vault providers have good relationships with key freight companies, airports, airlines and the Irish police force, An Garda Siochána” Mr. Flood confirmed.
