LONDON--(BUSINESS WIRE)--During the first national lockdown in March 2020, London’s leading bullion dealer, Direct Bullion, saw a significant increase in enquires from new and existing customers, as well as a 120 per cent increase in gold coin sales. Following the Government’s briefing on Saturday 31 October, where a second, full lockdown was announced, Direct Bullion expects to see another surge in customers investing in physical gold.
In the first quarter of 2020, the UK economy shrank by a record 20.4 per cent  pushing the UK into recession for the first time in 11 years. The looming second lockdown has meant that deepening effects are yet to come and the UK economy is now predicted to enter a double dip recession , pushing banking systems to the brink and increasing the demand for physical gold as a safe haven asset.
As the devastating impact of COVID-19 on the economy is felt across the globe, Direct Bullion expects the gold price to continue to rise in response to increased consumer demand and limited production. This expectation is supported by leading banks, such has Goldman Sachs, which has recently revised its 18-month gold price forecasts, estimating that gold could reach $2,300 per ounce. In times of crisis, investors are drawn towards physical gold because it is a tangible, non-volatile commodity which is not exposed to sovereign risk.
Paul Withers, CEO of Direct Bullion says:
“The prospect of a second lockdown and further weakening of the economy, coupled with the gold price forecast to break more records, demand for physical gold is at the highest levels Direct Bullion has ever seen.
“This year has been a difficult time for the country, but now investors are looking for a ‘Plan B’ and investing in physical gold offers a tangible, secure, long-term approach to safeguarding wealth, outside of the volatile equity markets.”
 Office for National Statistics
Notes to Editors
Direct Bullion is London’s leading bullion dealer. The Company gives its customers ultimate control of their wealth by enabling them to invest their money in tangible, durable, gold bullions or coins. Alongside selling and delivering gold bars and coins to its customers, Direct Bullion also offers safe storage at secure locations, as well as a guaranteed buy back service in case customer’s need to liquidate their assets.
Direct Bullion has also formed a strategic partnership with Aurus Gold to create digital tokenised gold, a sustainable global currency that can be used as an alternative to fiat currencies, or as the easiest way to invest in gold. The platform is completely decentralised through blockchain technology safeguarding user’s wealth against sovereign risk.