The British Office for National Statistics just admitted that it miscalculated British imports by some £6 billion pounds sterling! Guess what they missed? That's right. What else? You guessed right... gold! It always seems to be gold. Hmm...
Anyway, it depends on the exact day each ounce of gold was imported, but generally speaking, that money adds up to about 186 tons of gold bullion. The uncertainties of Brexit seem to have caused a massive surge in gold demand in a very short period of time. It's a huge amount of gold, and it compounds the point I have been making for a long time. World gold demand far outstrips supply.
Is the U.K. destined to replace China as the world's largest gold buyer? Doubtful. Tiny Britain, of course, is not normally a gold buying nation. It's per-person gold demand has always been far smaller than countries like Italy, France and Germany. When the zombie Euro finally comes to an end...
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