Home News Coronavirus sparks a rush for gold and safety deposit boxes

Coronavirus sparks a rush for gold and safety deposit boxes

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Some are concerned that burglaries could increase in the outbreak’s wake

The coronavirus crisis has sparked a rush for gold and safety deposit boxes, according to one Irish business.

Merrion Vaults, which rents out safety deposit boxes in the Republic and UK, and buys gold for clients, is experiencing “unprecedented” demand from businesses and individuals. Co-founder Seamus Fahy noted on Wednesday that gold was trading at more than €1,350 an ounce, a 30 per cent increase over the last two years.

Businesses and people who fear the fallout from the Covid-19 pandemic could cost them their savings have turned to the traditional safe haven of gold, Mr Fahy explained. “Gold is as liquid as cash,” he added.

He said worldwide demand had reached the point where it was difficult to source some types of gold bars.

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