Britons, we are frequently told, just don’t have it in us to risk our hard-earned cash on spicy endeavours such as speculating on stock markets. Unlike our American cousins, we are supposedly too timid, too risk averse, much happier parking our funds in safe, boring bank deposits for a measly return.
There is a grain of truth here. But try telling it to the Royal Mint, which sells gold and silver coins and bars to the nation. Earlier this week, it broke its daily record for online bullion sales. Demand for plastic tubes filled with silver Britannia coins is, it tells me, “huge”. Unprecedented numbers of people are seeking out its guidance, and the website has had to post apologies for any delays in service as the system creaks under the weight. So much for leaving money festering in the bank.
Once again, the UK is in the grip of a global feeding frenzy in precious metals. It is easy to see why.