Farage's Lucrative Gold Bullion Deal
Since becoming MP for Clacton and leader of Reform UK, Nigel Farage has developed multiple income streams, including social media influencing, GB News presenting, and Cameo videos. His most lucrative gig is promoting Direct Bullion, a gold dealer, for which he received £270,000 for 12 hours' work, bringing his total earnings from the company to £685,500, according to the register of MPs' interests.
What Is Direct Bullion?
Founded in 2016, Direct Bullion sells physical precious metals like gold coins and bars, as well as silver, from its Mayfair office. It markets gold as a wealth store in uncertain times, including for pension investments. The company had net assets of £2.6m and revenue of £17m in 2022, according to the Financial Times list of Europe's fastest-growing companies, where it ranked 506th.
Sales Pitch and Operations
Direct Bullion's website warns of a debt-laden, inflation-ridden UK economy, stating: 'Some people view their wealth like they’re speeding in a car at 100mph without a seatbelt or airbag. We believe gold is your seatbelt and airbag.' It sells products like krugerrands, Australian 'Year of the Pig' coins, and Royal Mint collectibles. Gold is down about 26% from its January peak. The company arranges vault storage with Brinks and sells panic rooms and safes, including a £16,200 dual-locking safe.
Who Is Behind Direct Bullion?
Co-founder and CEO Paul Withers, a former Royal Navy electronic warfare specialist (1999-2004), also served as chief strategy officer of cryptocurrency firm Stack BTC, in which Farage invested £215,000 for a 6% stake. Stack BTC is chaired by Kwasi Kwarteng. Withers has criticized 'tax the rich' policies and called Farage an 'absolute legend' after his election.
Why Did the Company Hire Farage?
Withers told the Observer in August 2024: 'I wanted him. There was no plan B – it was either Nigel or no one.' Direct Bullion previously advertised on RT and sponsored GB News at launch, leading to initial talks with Farage.
What Does Farage Do for the Money?
Farage's most recent payment was £22,500 per hour for 12 hours over three months. He has recorded videos for Direct Bullion, including one outside the Bank of England, where he cites his history as a City metals trader and warns of global turmoil from wars in Ukraine and the Middle East, adding: 'Who knows what China may do with Taiwan? In uncertain times, gold is where you need your money to be.'
