Gold bullion shop opens in Mayfair this week!
Gold bullion is a store of value for those who prefer relatively liquid assets, but who do not require a regular yield or dividend from those assets. The opening of this shop in central London shows how many such uber-rich individuals there now are in London, and how the face of the city is changing to cater for them, while at the other end of the scale we have more and more food banks and people forced to sleep rough, or in squalid, over-crowded conditions in the capital.
Gold bullion is a conveniently untraceable stash for cash for international criminals, shifty speculators, and tax dodgers. The shop owner has stated that two-thirds of the customers are foreign buyers. It would seem that these buyers are bringing in bundles of liquid assets in the ‘don’t ask, don’t tell’ world that the city of London represents.
It also seems that the buyers of gold bullion are speculating that both the London stock market and the London property market may be about to tank, and when that happens they will be in a position to profit from the pain of others, snap up bargains, without trace or tax, and then, k-ching, like magic, any disreputable history they may or may not be hiding will be wiped from the record.
This is London.