Business, Finance & Economics

British go for gold

With markets tumbling and banks faulting, more and more people are making their way to this ritzy bank in London. They're going to buy gold, this man included. Instead of heading into the hotel, the go to an adjacent office building. Behind two sets of locked doors, sales officers are trying to keep up with the demand. Today they can't, and their stocks are dwindling are sales soar. Customer service line at this bank are also buzzing. The bank was rescued by Britain earlier this year and now the government guarantees all deposits, but it's only allowed a limited share of the market so today it began withdrawing higher interest deals in an effort to push customers away. It seems those customers are going to Ireland, where the government today passed a law guaranteeing 100% of all deposits no matter how big they are in Irish-owned banks. It's no surprise the British and other European governments are upset at Ireland, and they say this distorts competition. That's of little worry for people who have their own worries about whether their money is safe.

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