Cyprus Bailout Woes Sparks Rush on Buying Gold

By Helen Loveless, 31st March 2013

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Fears about continuing economic instability across the eurozone, exacerbated by the Cyprus bailout, have seen demand for gold soar, according to internet dealer BullionByPost.

The company, which sells and delivers bullion to customers via Royal Mail, said it had seen weekly sales triple to more than £4million in the past two weeks.

Golden touch: The woes in Cyprus has prompted a rush on goldIt expects to record a turnover of £75million for the year to the end of April, up 40 per cent on the previous year.

The company said most of the demand has come from new customers. It also claimed to have been 'inundated' with inquiries from people living in Cyprus wanting to buy gold.

This includes Cypriots and British expats, as well as people living in the UK but with bank accounts in Cyprus.