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Seamus Fahy from Merrion Vaults discusses impact of Covid on demand for Safe Deposit Boxes and Gold Bullion.

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Merrion Vaults sees demand for safe deposit boxes and gold surging in 2020

Irish people are spending more on gold as they buy the precious metal to safeguard wealth against Covid-19’s economic impact, according to one major seller.

Gold sales by Irish business Merrion Vaults, which provides safe deposit boxes in Ireland and Britain, multiplied four times in 2020, the company said on Tuesday.

Seamus Fahy, Merrion’s co-founder, says clients are spending an average of between €7,000 and €10,000 as a result.

According to the company, experts say gold bullion sales continue to increase in Europe and throughout Ireland despite an all-time high price for the metal of $2,035 (€1,669) an ounce.

“Clients are buying gold to protect their savings and pensions,” Mr Fahy notes. He adds that Merrion is seeing this demand in the Republic as well as in Glasgow and Edinburgh in Scotland, and Newcastle and Liverpool in England, where Merrion has safe deposit box centres.

“Irish buyers like Krugerrands and single kilo bars. In the UK, gold sovereigns are very popular,” Mr Fahy says.

Merrion sources the gold for clients from its suppliers in return for a margin on the transaction. The company often provides safe deposit boxes to customers to store the gold.

Its customers bought about €20 million worth of gold last year, it is understood.

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