Welcome to the BullionByPost gold and silver news service. Our news team aims to cover all the latest headline stories affecting the gold and silver bullion markets, as well as reporting on other precious metals, the state of major currencies, and movements in the stock market.
We provide commentary on the state of the economy and wider current affairs or political decisions that impact the markets, giving our customers as much insight as possible and allowing them to make educated choices when it comes to buying and selling in the precious metals market, whether it's for investment purposes or a collection.
A number of British and European banks have reported significant losses so far in 2020, as the coronavirus pandemic hits their balance sheets hard.
NatWest, Lloyds, and HSBC are just some of the banks to announce significant losses, as banks suffer from both the economic downturn of coronavirus, and the increased risk of loan defaults that comes with recession.
UK government bonds or gilts with record low yields have been trading recently, with investors choosing to pay for the government to hold their money in some instances as they increasingly look for safe havens to protect their wealth.
The price of gold passed the $1,800 mark this morning, peaking at $1,805.27 per ounce so far in today's trading. This is the highest gold has been since the middle of September 2011, and comes just one week since we reported gold first hitting a nine-year high.
Gold has gained between 16-18% in value so far this year, making it not only one of the best-performing assets but also putting it within $100 reach of the all-time record price.
Gold has long been a popular choice of investment for German investors, and it is perhaps unsurprising that in a time where gold demand has risen globally, German citizens are turning to gold to protect their wealth.
The report found that of the 2,000 people surveyed, 77% were considering making gold investments.
The price of gold today hit $1,789.69 per ounce this morning – gold's highest value since late 2011 - as markets and economies alike continue to struggle to function in lockdown.
Price forecasts have been circulating with ever-more visibility in recent weeks, with UBS suggesting $1,800 per ounce by the end of 2020 – a figure that could be passed by the end of July with gold's current demand.
The price of gold yesterday hit its highest level in US Dollars since October 2012, peaking at $1,779 per ounce late morning, with safe haven demand for both physical gold and ETFs keeping the precious metal price high.
The IMF is today warning that those investing as part of the latest stock market rally might bit hit hardest if central bank stimulus slows or stops, with the National Australia Bank concerned about the true reality of economic recovery.