Women buy record amounts of gold and silver as prices soar

More women than ever are buying gold and silver, the Royal Mint said, as gold prices hit record highs.

The Royal Mint has recorded an increase in the proportion of women investing in precious metals.

Female investors now represent more than a quarter (26 per cent) of Royal Mint customers, up from one in 12 (8 per cent) in 2018.

The price of gold has soared to a series of all-time highs this week and currently sits at £2,120 ($2,752) an ounce.

Gold is up more than 30 percent this year, while silver is up 43 percent.

A Royal Mint survey found that 27 per cent of women want to invest cash in the next 12 months, and 16 per cent say they are considering buying gold.

Nicola Howell, chief commercial officer at the Royal Mint, said: “This study clearly shows the impact of investment risk and knowledge on female investment participation.

‘While progress has undoubtedly been made in recent years and more women are expected to invest next year, there is a long way to go before a level playing field is achieved.

“We want more women to feel empowered when making investment decisions, whether in precious metals or any other asset.”

For the research, more than 3,000 people were surveyed.

Earlier this week, the Royal Mint said Britons are buying bullion coins rather than gold bars as customers look to avoid rumored capital gains tax increases.

This is likely due to concerns that the Chancellor will increase capital gains tax on investment gains to 39 per cent in the Budget on October 30, up from 10 to 20 per cent currently, depending on his tax band.

Experts expect the price of gold to continue rising in the coming months.

How to invest in gold

There are a few ways to get exposed to the precious metal.

One way is to buy physical bars or coins.

These can be stored at home (ideally with sufficient security and insurance cover) or kept in a secure vault, such as that of the Royal Mint, for a fee.

Certain gold bullion coin products issued by the Royal Mint have the status of legal tender coins and are therefore exempt from CGT and VAT.

You can also invest in gold through exchange-traded commodities (ETC). Tracking the price of gold in this way is no different from maintaining a passive investment in a stock index.

These are exchange-traded funds that offer investors exposure to the price of gold, backed by physical holdings of gold bullion held in secure vaults.

You can hold ETC in a Sipp or Isa to protect gains from tax. Investors should be wary of ETFs that gain exposure through derivatives rather than physically holding the precious metal, as they are complex and may include costs that are not immediately apparent.

Another way investors can get exposure to gold is through multi-asset funds.