Physical Gold Responds to Gold Hitting Two and a Half Week High Following Cyprus Bailout

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Leading UK gold dealer, Physical Gold, has responded to gold reaching a two and a half week high following the Cyprus bailout package.

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The events in Cyprus have left many worried that this could occur in their own country too.

Gold reached above $1,600 following a radical bailout package for Cyprus which threatened to trigger fresh turmoil in the eurozone.

Stock markets fell around the world, upon fears that the unprecedented levy would plunge Europe back into crisis.

Investors sought to seek safety in gold, after the eurozone agreed at the weekend to hand Cyprus a bailout worth 10 billion euros but forced the country’s depositors to pay up to 10% on their savings.

The move triggered fears that it could set off bank runs in other countries, as savers worried about the security of their bank savings.

A spokesperson from Physical Gold:

“This unprecedented move from the eurozone has left many savers throughout Europe worried about the security of their own savings, with many never expecting a tax on their savings. The events in Cyprus have left many worried that this could occur in their own country too. One way to protect some of your savings could be to invest in gold, offering more safety than a bank account and holding its value over time, as well as working as a hedge against inflation.”

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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