Gold hits record high following UBS acquisition of Credit Suisse over the weekend

by | Mar 20, 2023

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The news that Swiss banking giant, Credit Suisse, is being acquired by Union Bank of Switzerland (UBS) and the wider concerns over the banking sector which have emerged over the weekend, have led gold prices to soar in euros, dollars and reach a new all time record with the UK gold price in Pounds per ounce reaching £1645, as flagged up today by BullionVault.

Adrian Ash, director of research at BullionVault, says: “Like the 2008 banking crisis, the sudden loss of confidence in mainstream finance has thrown into focus the fact that bank deposits are debt, not property. From talking to new gold investors, including larger buyers, they are less concerned less about price right now than by certainty of title. Wholesale bullion stands out as the most tradable of physical assets. It’s the deep liquidity in gold, added to the security of outright ownership, which is driving this jump in new demand.”

Over the weekend, and with gold ETFs shut outside of stock-market hours while retail bullion dealers were also closed outside of office hours, private investors spent more than £4.5 million buying gold on BullionVault’s 24/7 marketplace in the 48 hours starting 00:00 on Saturday. A new weekend record by value, that was just ahead of mid-March 2020, when talk of national Covid lockdowns spread across Europe and North America.

 
 

Gold prices have already risen by more than 10% in both Dollar and Euro terms so far this month, with gold prices in UK Pounds running to a series of record high prices including a new all-time high price of  £1645 per ounce this morning.

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