Independent Case Study Featured in The Times

Jane Farnham with her collection of gold and silver coins

Toby Shepheard for The Times

Tuesday December 30 2025, 12.00pm, The Sunday Times

For Jane Farnham, a single mother with three sons, there’s a lot of pressure that comes with being the household’s sole breadwinner.

“You have to provide for everyone. It’s my responsibility — there is no one else coming to save the day,” she said.

That’s why Farnham, 52, has bought thousands of pounds’ worth of gold and silver over the past two years. Her gold has gone up 80 per cent in value, and the silver is up 60 per cent.

She is among a growing number of gold collectors: the Royal Mint said that women account for a quarter of its customer base, up from 8 per cent in 2018.

The data reflects a wider increase in the number of women who are investing. But research shows that they tend to be more risk averse than men, making gold an appealing option because of its reputation as a safe-haven asset.

The price of gold hit record highs this year, rising 61 per cent to more than £3,200 per troy ounce. The World Gold Council, a trade association, predicts that prices could go up as much as 30 per cent in 2026. It said there was a 50 per cent increase in demand for gold bars in the first half of 2025 compared with the same period in 2024, with 6.9 tonnes of gold bars and coins bought in the UK.

Farnham’s collection includes gold sovereigns and silver bullion coins

Toby Shepheard for The Times

Ali Morrill from the Royal Mint said there had been a “remarkable shift” in its customer base, with women likely to buy smaller amounts of gold, such as 1g, 10g and 20g bars, and to use its digital investment platform, DigiGold.

Morrill said:

“Our insights show that women are particularly drawn to more accessible entry points such as smaller gold bars and coins, and products like DigiGold, which allows investment from as little as £25.

Gold has a solid reputation as a safe-haven asset during uncertain economic times. As many investors look to precious metals to diversify their portfolios, gold offers something tangible — a physical asset with strong long-term prospects.”

Farnham, from Kent, pays into a pension, but the coins are her only other significant investment. She is a TV presenter and entrepreneur who began her career at Red Dragon FM in Wales, before later working with the BBC, including presenting the property programme Wreck or Ready.

When wondering where to invest her money, she first considered cryptocurrency, but struggled with completing the biometric tests required to open an account. She decided she didn’t know enough about the digital currency and turned her attentions to something that felt safer.

The physicality of gold had a particular appeal.

“I like the fact I am in control of it. No one is taking it away from me, nobody’s taxing it. It’s mine, and it is something I own,” she said.

“If I had a rainy day, I would just grab a couple of coins and trade them at the spot rate,” Farnham said. “I can go to the kids, if they needed to buy a car, or were getting married, and say, here’s a coin.”

Some gold coins produced by the Royal Mint are considered to be legal tender, which means that, although you wouldn’t spend them in a shop, they have the benefit of being exempt from capital gains tax. Most physical gold, such as bars or non-Royal Mint coins, is subject to the tax.

The difference between the amount invested by men and women in the UK is about £678 billion, roughly the size of Switzerland’s economy, according to the investment platform eToro and the advice website Boring Money.

eToro looked at marketing campaigns and found that women were often portrayed negatively, or in a patronising way as “lacking in confidence” or being “too nervous” when it comes to investing their money.

Dan Moczulski from eToro said:

“By recycling lazy stereotypes we’re creating barriers instead of breaking them down.

If the only people women see talking about investing are men in suits, it’s no wonder they feel the conversation isn’t for them. Role models matter. We need more women front and centre, showing that investing isn’t a closed shop — it’s something they already have the skills to succeed at.”

Research by Warwick Business School, part of the University of Warwick, in 2018 found that female investors outperformed men by nearly 2 per cent a year. It claimed the so-called “lack of confidence” actually meant women took a long-term view, traded less often and thought more carefully before making decisions — all behaviours that produce better returns.

When Farnham had her gold and silver collection valued by the seller Britannia Bullion she was delighted by her gains.

Matthew Jones, a precious metals analyst and the co-founder of Britannia Bullion, said:

“Women are increasingly taking control of their finances and choosing assets that offer genuine stability. They want something they can access easily in an emergency, but also something that grows over time. Gold provides both.”

When you decide to sell, using a reputable dealer is the simplest option. Look at the market price, but be prepared to pay a small commission wherever you go.

Bear in mind that while gold is traditionally seen as a financial shelter in troubled times, it is still a volatile asset. Demand for gold usually surges when investors become more anxious about the stock market. If interest rates rise, the US dollar strengthens and geopolitical situations improve, the price of gold could suffer and, because it doesn’t pay an income, investors’ returns are entirely dependent on it increasing in value.

Storing gold securely is also important. In June gold bullion coins worth £30,000 were stolen from a home in Northamptonshire. Dealers often offer secure vaults with storage and insurance costs, while some banks have safety deposit boxes.

Collectors who keep their gold at home should consider