Irish gold broker GoldCore tops sales of $1bn

Group says many Irish investors do not understand the diversification benefits of gold

Irish gold brokers GoldCore has achieved sales of $1 billion, primarily through the sale of gold bars, gold coins and gold certificates since inception in 2003. Photograph: Tamara Abdul Hadi/Reuters

Irish gold brokers GoldCore has achieved sales of $1 billion, primarily through the sale of gold bars, gold coins and gold certificates since inception in 2003. Photograph: Tamara Abdul Hadi/Reuters

 

Irish gold brokers GoldCore has achieved sales of $1 billion, primarily through the sale of gold bars, gold coins and gold certificates since inception in 2003.

Mark O’Byrne, research director of GoldCore, said: “We are proud of this milestone as it is an achievement given that there is no culture whatsoever of investing in gold in Ireland.

“This is in stark contrast to older wealth economies like Germany and Switzerland where most investors own some physical gold and many banks offer gold as an investment.”

Focused

Mr O’Byrne said Irish investors are overly focused on assets like property and many investors still do not understand the diversification benefits of gold.

“This was clearly seen during the Irish and global financial crisis when gold rose in 2007, 2008, 2009, 2010, 2011 and 2012, when Irish property and equities fell very sharply as did most assets internationally. Many of our clients admit that they may have gone bankrupt were it not for the very strong performance and liquidity of gold in that period.

“We created this investment niche from nothing as there were no gold brokers in Ireland prior to us setting up in 2003.”