Monday, 24 October 2011

1 in 10 Brits Have Gold Stash Worth More Than Savings in Bank

According to a new survey by esure home insurance British distrust of banks and savings accounts has increased to such an extent that more than one in ten in the United Kingdom now own a stash of gold valued above any cash savings.
According to the survey, more than 38% of Britons also say investing in gold is better than keeping cash savings. As gold vending machines pop up in shopping malls and physical gold retailers like London-based Bullionvault surpass some central banks in gold holdings, 14% of Britons bought an item of gold as an investment in the past year.
Immediately bank-friendly tried to poke holes in the gold as savings argument saying gold doesn’t produce an income like interest or dividends, it’s illiquid and if you buy physical gold you’re unlikely to be covered by any financial compensation scheme if things go wrong.