Amidst the time of panic buying in the UK, shop owners have been warning customers that there could be a shortage on toys and food this Christmas.
This Christmas is very important for many as it will be the first Christmas in two years, due to the pandemic, that families will be able to come together. However, the issue of toy and food shortages has been made a possibility over the past couple of days.
After Boris Johnston told the nation not to worry and panic buy, we might see it falling on deaf ears as it did for the fuel crisis.
Toy store bosses are warning that there could be shortages of popular Christmas toys and it could continue for months and advising parents to start buying gifts early in preparation.
A toy store owner who has been vocal about the situation is Gary Grant, the boss of The Entertainer, who said that “it would get harder to get stock to the right places at the right time.” Even though his stores are all looking “very full right now”, the demand “will outstrip availability”. He has blamed this on not having enough drivers to move the companies stock.
A shortage of drivers can mean that shipments are being unloaded and left on the quayside, without being able to be collected.
To panic or not to panic?
So do we starting buying presents now, or is there nothing to worry about?
Felixstowe is one of the largest ports in the UK and handles 36% of the UK’s freight container traffic. The port has blamed it on the busy pre-Christmas period, haulage shortages, poor scheduling and the impact of the pandemic.
The government has announced that in a report Felixstowe has “improved capacity over the past few days”.
So maybe we shouldn’t worry?
Mr Sunak said that he is confident there’ll be a good amount of Christmas presents available for everyone to buy.
Also, Andrew Goodacre, chief executive of the British Independent Retailers Association, said there was no need to panic-buy but has advised customers to start shopping earlier.
What has this done to precious metal prices?
Christmas Shortage Affect on Gold Prices
Gold prices dipped by £24.02 an ounce since the coverage of the speculation of Christmas shortages. At the start of 14th October 202, gold spot prices were £1,310.94 and faced fluctuations throughout the day. Its lowest was £1,308.43 an ounce in the early hours of the morning (04:00) and peaked at £1,314.34 an ounce at 19:00.
Today (15th October 2021) the Gold price has followed a steep bullish trend, starting the day at £1,313.63 (00:00) and continuously slipped down £1,286.92 at 16:00 and is continuing to fall.
Christmas Shortage Affect on Silver Prices
Silver prices rose by £0.07 an ounce since the coverage of the speculation of Christmas shortages. At the start of 14th October, silver spot prices were £16.87 an ounce and started to follow a bearish trend hitting its highest of £17.23 at 20:00. From then on, the silver spot prices started to follow a bullish trend going into the next day.
Today (15th October 2021) the silver spot prices has followed a bullish trend, starting the day at £17.20 (00:00) and slipped down to £16.85 at 13:00. From that point, the silver spot price started to rise and peaked to £17.00 at 15:00, before dipping to £16.95 at 16:00.