Camden leads rankings in UK for household gold reserves
- BullionByPost has ranked the top 50 areas in the UK for household gold reserves.
- Camden leads the rankings as the rising price of precious metal boosts demand across the UK.
- Investors are stockpiling gold as a popular investment choice for households in the UK.
STORY: People in Britain are buying and storing gold in their homes. This is because the price of gold has gone up a lot in the past year. A company called BullionByPost ranked the top 50 areas in the UK where people are keeping gold. The top spot goes to Camden, where the average person has 369 grams of gold, worth about £22,343. Other areas in London like City of London, Kensington and Chelsea, Hillingdon, Westminster, and Hammersmith and Fulham are also on the list. REASONS: People are buying gold because they see it as a good investment when the economy is not stable. Events like Donald Trump becoming president in 2016 and worries about the future have made people want to buy gold. Gold is seen as a safe asset to have when things are uncertain. It can be stored at home and easily accessed if needed. RESULTS: The price of gold has been going up since the 2008 recession. A 1kg gold bar is worth around £60,000. Experts say that keeping gold at home requires high-level security. In other news, Russia and China are interested in the Falkland Islands because of oil reserves found there. This has raised concerns about these countries controlling the oil supply. Argentina also wants control of the Falklands but a referendum showed that most residents want to remain part of the UK.