Brexit bullion: Fear of no-deal triggers Irish gold rush

Photo: AFP

In a vault under the streets of Dublin a pot of gold owned by anxious investors is growing every day Britain edges closer to leaving the EU without a deal.

"They're worried about a significant devaluation in sterling if there's a hard Brexit," said Seamus Fahy.

Fahy is co-founder of Merrion Vaults, a gold brokerage and safe deposit facility in the centre of the Irish capital.

Over 2018 - as the prospect of Britain crashing out of the EU turned from a scare story into a very real prospect - he has seen a 70 percent rise in clients from the British province of Northern Ireland.

"Customers are taking money - physical money - out of the bank and they're buying gold bullion with us to store it, and it's a hedge," Fahy explained.

There is no equivalent facility in Northern Ireland.

With the border only an hour away it is no long trip to secure peace of mind as Britain risks a split with the EU critics are branding a "cliff-edge Brexit".

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