An investor who invested in gold during the Brexit debate in 2017 has now found himself in a position of “treasurer’s regret” after the market crashed.
The man, who was also a long-term investor in other markets, said he felt a “fear and loathing” after he invested in a stock and realised that the market was on a “tipping point” before the Brexit referendum.
The investor told the Daily Mail: “I felt that the Brexit was going to be a disaster for our country and I was hoping it would be a mistake to buy into it.”
I had been watching the news about how much the markets were going to go down in a week or two, and I thought: ‘I can’t wait for the markets to crash.’
“The investor, who has a business called Rose Gold, said his fear and loathe for the UK currency, which has been at rock bottom since last June, stemmed from his belief that the EU was headed for a financial crash and a “global financial catastrophe”.”
The market was at a tipping point, and the reason I had bought into it was because I felt the markets would crash in a couple of weeks,” he said.
The stock, which is based in the UK, was trading at just under £50, but the market has since slumped to less than £35.”
The Brexit was an opportunity for us to buy gold,” he added.
The gold market had suffered a “massive” decline after the referendum, as investors realised that a vote to leave the EU would mean the UK could no longer have access to the world’s biggest reserve of gold.
However, despite a fall in the price of gold, investors have not yet seen a similar “treble dip” in the market.
The market, which saw a dip in April of £11.75 a troy ounce, has since recovered to more than £32.50 a torgullion ounce.