Largest gold shipment moves to Dublin amid Brexit concerns
Gold broker GoldCore has just transported what is believed to be the largest movement of gold bullion into Ireland as investors seek to relocate assets out of the UK.
Nearly 2,000 troy ounces of gold worth over €2m was air freighted from London's Heathrow to south county Dublin.
It is Ireland's first institutional gold storage facility and is managed by GoldCore in collaboration with Loomis International.
GoldCore Research Director Mark O'Byrne said that the demand for gold storage in Dublin has been strong.
He said: "In the run up to Brexit, we expect this demand to strengthen even further and Dublin may surpass London in terms of the amount of gold assets in the vaults in the coming months.
"There is strong interest from retail investors, pension owners and high net worth clients, all of whom are expressing a preference for having their assets 'closer to home.'
"Gold held in GoldCore's Dublin vaults is a fraction of our client holdings in other jurisdictions.
"Yet, it is growing rapidly from a zero base, and has already surpassed Hong Kong as a favoured jurisdiction for storing gold with clients.
"They now own €150 million worth of gold and silver stored in some of the safest vaults in the world. Zurich remains the favourite location with client bullion holdings there worth nearly €40m.
"Zurich is followed by Singapore, then London, Dublin and Hong Kong.
Goldcore was established in Dublin in 2003 and has over 16,000 private, pension an corporate clients.
Mr O'Byrne added that gold is an important diversification for investors because it reduces portfolio volatility.
He said: "Gold is a hedge and a safe haven in an uncertain political and economic world."
