News

Gold attracts young investors trading online, says The Royal Mint

Gold attracts young investors trading online, says The Royal Mint
Business
Gold has glistered for young investors with The Royal Mint recording a fivefold rise in young adults taking a stake in the precious metal.

The Mint, which is wholly owned by the Treasury, said young investors were attracted to its new digital platform for gold investment.

The investments are backed by gold stored in The Royal Mint s vaults.

It reported pre-tax profits of £12.4m in the last financial year, up from a £200,000 loss the previous year.

A host of companies are now offering gold investments for digitally-savvy young investors.

The Financial Conduct Authority (FCA) found these "self-directed" investors - who trade themselves rather than seeking financial advice - were willing to "have a go" at investing, particularly in high-risk products, for the "challenge, competition and novelty".

image captionGold bars at The Royal Mint

Gold is generally considered as a safe investment, and has been popular among investors globally at times of uncertainty such as the pandemic and low interest rates for cash.

The Mint said its new digital savings platforms attracted fresh customers to precious metals investment, which it had offered through other channels for years.

It said investment in limited edition coins. produced alongside coins for general circulation, had also proved popular in the last year.

Anne Jessopp, the Mint s chief executive, said: "As spending habits change, we set out to reinvent The Royal Mint and secure our long term future as a British maker.

"By purposefully expanding into areas which complement our heritage we have been able to attract thousands of customers to precious metals, showcase British craftsmanship and achieve record revenues. We might be 1,100 years old, but we are firmly focused on the future."

Alongside its more traditional operations, the Mint also produced nearly two million visors for the NHS in the last year, in response to the Covid crisis.
Read more on bbc.com
News Topics :
Similar Articles :
Business
Coins gathered dust on dressers, sat untouched in car cupholders and languished in bulky wallets no longer cracked open to pay for parking, the bus or a coffee. As the...
Business
The £5 coin is the third in a series of four celebrating the Tower of London, where the Mint was housed for more than 500 years. It moved to Llantrisant,...
Business
One penny coins were back in production last year after none were minted for general circulation in the previous two years, Royal Mint figures show. Covid lockdowns meant that many...
Business
TORONTO Canadian precious metals miner Yamana Gold Inc. says its shares will begin trading next week on the London Stock Exchange. The Toronto based company is currently listed on the...
Business
Chancellor Rishi Sunak said it was a fitting tribute to the royal consort, who moved and inspired so many people around the world with his decades of service to the...