What were the reasons for you wanting to join LBMA and what do you see as the key benefits of membership?
We believe the precious metals markets will grow considerably over the next decade, and this needs to happen in a sustainable and efficient way. LBMA is at the forefront of this growth so it was important to us that we had a seat at the table. We not only want to play a role in the shaping of responsible bullion market strategies but to also be a part of the conversation when it comes to establishing a safe and efficient environment for the bullion investors of today and tomorrow.
Could you tell us about your company's role in the precious metals market?
We specialise in helping people to preserve their capital with precious metals by offering both trading and storage solutions. For twenty years we have provided the highest quality precious metals trading and logistical services in over 100 countries primarily in Ireland, UK and US. We also see our role as educators and thought leaders. The global economy is facing some serious headwinds and being an educator during these times is something we believe is very important.
We not only want to play a role in the shaping of responsible bullion market strategies but to also be a part of the conversation when it comes to establishing a safe and efficient environment for the bullion investors of today and tomorrow.
Please tell us the background and history of the company.
GoldCore began in 2003 as a response to what turned out to be the early days of the financial crisis. GoldCore’s Director of Bullion Services Stephen Flood’s background with Goldman Sachs and Bankers Trust had led him to realise that credit-fuelled asset speculation was leading to global economic structural problems. We expected that there would be an opportunity to provide financial insurance by way of precious metals. Gold was around $300-$400, but investors in Ireland struggled to buy physical bullion. We started importing gold from the US and gradually built up our client base through referral and reputation. We now have around 15,000 clients, in over 100 countries and continue to grow.
What factors do you expect to impact your business in the short to long term?
The biggest factor in the short to medium term is the relationship between China and the US, and the impact that will have on global supply chains, geopolitics and security. Currently the world is changing from a unipolar to a multipolar world order. As Hank Paulson in the FT recently described, we are yet to see a time when both an ascending and a current superpower have co-existed peacefully. This is profound and everything else is second to that.
Long-term is the demand for the US Dollar. This will affect gold demand as the argument to hold assets out of the system gains strength.
What are your future plans for the business in the coming years?
Demand for our services will significantly increase and so we are focussed on expansion in English-speaking markets. Currently our biggest focus is the US. We recently opened a California office and our team is already growing. We are delighted with the reception we have received.
As part of this new phase of GoldCore we will be growing the team and welcoming seasoned professionals who are looking to join a dynamic company that is about to do some very exciting things in the precious metals sphere.
Stephen Flood, Director of Bullion Services, GoldCore