Nigel Farage, the Reform UK leader and MP for Clacton, has earned £685,500 promoting Direct Bullion, a gold dealer, according to the register of MPs' interests. The latest payment of £270,000 for 12 hours' work over three months equates to £22,500 per hour.
Farage's Lucrative Side Hustles
Since being elected to parliament, Farage has developed multiple income streams, including social media influencing, presenting on GB News, and recording videos for Cameo. His Cameo stint saw him endorse a neo-Nazi event, call for the release of rapper Sean "Diddy" Combs, and voice a pro-IRA slogan.
Direct Bullion: What Is It?
Founded in 2016, Direct Bullion sells physical precious metals such as gold coins and bars, as well as silver, from its Mayfair office. The company markets gold as a safe haven for wealth preservation, including pension investments. According to the 2024 Financial Times list of Europe's fastest-growing companies, Direct Bullion had revenue of £17m in 2022 and placed 506th. Net assets stand at £2.6m, about four times the amount paid to Farage.
Sales Pitch and Operations
Direct Bullion's website warns of economic instability, stating: "Your wealth is disappearing." It offers products like krugerrands and the Royal Mint's Royal Tudor Beasts coin collection. Gold has declined about 26% from its January peak. The company does not store gold itself but uses Brinks vaults and sells panic rooms and safes, including a £16,200 dual-locking safe.
Behind the Company: Paul Withers
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 former chancellor Kwasi Kwarteng. Withers previously worked with tokenised gold firm Aurus and has criticized high taxes.
Why Farage Was Hired
Withers told the Observer in August 2024: "I wanted him. There was no plan B – it was either Nigel or no one." Direct Bullion had advertised on RT (Russia Today) and sponsored GB News at launch, leading to initial talks with Farage.
What Farage Does for the Money
Farage has recorded promotional videos for Direct Bullion, highlighting gold's value amid global turmoil. In one video outside the Bank of England, he cited his history as a City metals trader and warned: "Who knows what China may do with Taiwan? In uncertain times, gold is where you need your money to be."
