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The UK is experiencing a gold boom, with Royal Mint bullion sales jumping 153% in late 2024. According to Stuart O’Reilly from The Royal Mint, three key factors are driving this trend: global political uncertainty after a year of major elections, lower interest rates making gold more appealing than bonds, and increased buying from Eastern European central banks seeking economic security.
Gold coins have seen the strongest growth, with sales surging 206% compared to last year. UK investors are flocking to tax-exempt options like Britannias and Sovereigns to avoid capital gains tax on gold’s typical 11% annual returns. Silver has also performed well, rising 23% in 2024 due to demand for solar panels and battery technology, while platinum finds new uses in hydrogen fuel cells. Despite current logistical challenges causing an 8-12 week backlog at refineries as gold moves between London and New York, most analysts remain bullish, predicting gold will exceed $3,000 per ounce in 2025 from its current $2,900 level.
