Gold-trading apps surge as investors seek safe haven
Goldex, Glint and Vaulted report year-on-year spikes of up to 2,800 per cent.
With global markets in chaos and investors desperate for a safe haven, the price of gold is surging and a new generation of investors are turning to apps for their gold fix.
In fact, the first quarter of 2020 has seen more trading than the whole of 2019, and cash deposits into the app have grown 500 per cent since January.
In the words of CEO Sylvia Carrasco, gold is “as hot as toilet paper”.
Gold started 2020 at around £1,185 an ounce and spiked as high as £1,395 last week before ending the month at £1,309.
At the same time the FTSE 100 and S&P 500 indices have fallen 27.5 per cent and 21.3 per cent respectively.
Meanwhile, rival gold trading apps are seeing similar gains in their usebases.
“Sales are going through the roof,” said CEO and founder Jason Cozens. “We are breaking records everyday.”
US-based gold trading app Vaulted likewise reported a 540 per cent jump in March’s trading volumes, with Tuesday 24 March setting a record for the most trades in one day in the company’s history.
As countries around the world attempt to contain coronavirus and restore confidence in their economies, the gold bull market looks set to continue.
It’s a very good time to be in the gold trading app business.