Physical Gold Responds to Pound Sterling at Two Year Low

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Leading UK gold dealer, Physical Gold, has responded to the pound reaching a two year low against the dollar.

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This is more bad news for sterling and an unsteady development for the UK economy.

Britain’s credit rating was downgraded from AAA down to AA1 over the weekend, delivering a blow for the British economy. The ratings agency cited slow growth and rising debt burden for the cut as well as the Coalition’s ‘significant policy commitment to austerity’ as a drag on the economy.

Pound Sterling reached a two year low against the dollar at $1.5163 on Friday, and is now collapsed 7% against both the dollar and the euro.

The latest developments follow news last week that three out of nine members had voted for quantitative easing, in a recent monetary policy meeting.

A spokesperson from Physical Gold said:

“This is more bad news for sterling and an unsteady development for the UK economy. With the pound depreciating, it is well worth savers exploring gold investment to protect against the threat of inflation and protect the value of their money in the long run.”

Physical Gold Ltd is a leading UK gold dealer, helping investors diversify their portfolios with innovative investment solutions. Renowned for their ground breaking products such as the Sipp gold and Gold Accumulation Account, the firm specialise in providing customers with tailored assistance in sourcing the best gold for their personal requirements. Based in London, the team are BNTA accredited and have an unrivalled knowledge of the gold market as well as an exceptional understanding of the general financial markets.

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Dan Fisher
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