Nigel Farage, the Member of Parliament for Clacton and leader of Reform UK, has earned £270,000 for 12 hours of work promoting Direct Bullion, a London-based gold dealer, according to recent financial disclosures. This payment is the largest Farage has received from the company since his election to parliament, bringing his total earnings from Direct Bullion to £685,500.
Founded in 2016, Direct Bullion specializes in selling precious metals, primarily gold coins and bullion bars, as well as silver. The company operates from its headquarters in Mayfair, London, marketing gold as a reliable asset for wealth preservation amid economic uncertainty. Although Direct Bullion’s filings at Companies House reveal limited financial details due to the company’s small size, available data indicate net assets of approximately £2.6 million. The firm ranked 506th on the Financial Times’ 2024 list of Europe’s fastest-growing companies, reporting revenues of £17 million in 2022.
Rather than holding large physical stockpiles of gold, Direct Bullion sources its products from mints and various suppliers, functioning as a dealer and broker. Its website portrays gold as a protective asset against inflation and economic instability, targeting clients concerned about the potential erosion of their savings. Customers can purchase items including South African Krugerrands, Australian "Year of the Pig" gold coins, and the Royal Mint’s Tudor Beasts collection. The company offers home delivery but does not provide direct storage services; however, it can arrange secure vault storage through Brinks, a US-based storage provider.
Paul Withers, co-founder, owner, and chief executive of Direct Bullion, has a background as a Royal Navy electronic warfare specialist from 1999 to 2004. His professional history includes a 15-year gap, followed by involvement in gold-related ventures such as Aurus, which focused on digital “tokenised” gold. He currently serves as chief strategy officer of Stack BTC, a cryptocurrency company chaired by former UK Chancellor Kwasi Kwarteng. Earlier this year, Farage invested £215,000 in Stack BTC, acquiring a 6% stake.
Withers publicly praised Farage following his election to parliament in 2024 and expressed support for Reform UK after its recent local election successes. He has criticized proposals to increase taxes on high earners, describing the idea to “tax the rich” as unwise.
Regarding Farage’s engagement with Direct Bullion, Withers has stated that Farage was the exclusive choice to promote the company, dismissing alternative plans. Prior to Farage’s involvement, Direct Bullion marketed itself via advertisements on the TV news network RT and sponsored the launch of GB News in 2021, which later opened communication channels between Withers and Farage.
Farage’s role for Direct Bullion appears to involve promotional activities such as recorded videos that emphasize the company’s standards and the benefits of gold investment. In one video filmed outside the Bank of England, Farage draws on his experience as a City metals trader to highlight geopolitical risks, including conflicts in Ukraine and the Middle East, and uncertainties surrounding China and Taiwan. He advocates holding gold during times of global volatility, suggesting it as a secure place for money.