Gold Seller Running Out of Bars, Coins in London After Trump Win

(Novemeber 10, 2016 - by Eddie Van Der Walt)

• Sharps Pixley orders emergency imports of Britannia gold coins
• Company ‘swamped’ with demand is also running low on gold bars

London-based gold dealer Sharps Pixley Ltd. is running out of bars and coins as buying surges after Donald Trump won the U.S. presidency.

The company’s store, a short walk from Buckingham Palace, has arranged emergency imports of Britannia coins and kilogram (2.2 pound) bars to meet demand. The frenzy began on its website overnight and continued in store this morning, Chief Executive Officer Ross Norman said by phone.

“We keep running out of product -- we’ve had to increase our credit lines to allow us to keep more stock on site,” Norman said, keeping a customer waiting on another line. “Swamped!”

Volumes have surged across the world, from exchange-traded funds and futures, to Mumbai jewelry stores and Dubai souks since it became clear that the Republican candidate would move to the White House. Gold rallied as much as 4.8 percent to $1,337.38 an ounce before paring gains to trade at $1,303.89 by 8:50 a.m. New York time, according to Bloomberg generic pricing.