PAUL WITHERS

DIRECT BULLION

City
London
Category
Alternative Investment Advisers
Company Size
UK

The allure of investing in gold, says Paul Withers, is simply the fact that clients can physically own and hold it. ‘It’s the satisfaction and safety of knowing that, no matter what happens, they still have that gold,’ he explains. With considerable experience of the industry, Withers is director of Direct Bullion, a Mayfair-based online shop selling gold and other precious metals. Founded in 2015, it has gone from strength to strengh, doubling its clientele in the last year alone. Withers says that despite, or perhaps because of gold dropping in value this year, investing in gold remains a popular option. He highlights the advantage that purchasing gold incurs no tax. ‘People are always surprised to learn that when you buy British coins, there’s no VAT and no capital gains tax,’ he says. ‘Even if it goes up a couple of thousand pounds, that’s a couple of thousand in the bank tax free’. Since the Brexit vote, sales have increased exponentially, not just among HNWs but middle-class people as well. The day after the EU referendum was their busiest day ever. Withers puts the trend down to uncertainty, and the desire to own something tangible that you can sell in times of crisis. ‘For us, we’re seeing a lot more competitors start up. The competition is fierce.’ Clients can purchase bars, loose coins, or certified coins, all of which can be delivered to a client’s home or stored in vaults. The latter are authorised by the Professional Standard for the Rare Coin Industry, which certifies and grades coins of any currency on a scale from 1 (‘the lowest quality’) to 70 (‘an absolutely perfect coin’). For HNW clients, it’s not just the fact they’re buying gold, but ‘the fact they’re buying something so rare,’ Withers says of their appeal. While some clients know precisely how they want to invest, others require advice about putting together a portfolio. While some clients know precisely how they want to invest, others require advice about putting together a portfolio. ‘We’re always flexible and it’s a case of telling clients about their options,’ Withers explains. ‘We are always in contact with clients. We get satisfaction from helping clients, and seeing how much money they are earning.’

Paul Withers
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