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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.
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The Indian government’s crackdown on election fraud resulted in a cumulative seizure of 107 kg of gold last month - gold intended to bribe voters, with a value of 300 million Rupees or £3.3 million.
India's general election runs in seven phases, from April 11th to May 19th, before the results are totalled and announced to the public on May 23rd.
China has added to its national gold reserves for the fourth consecutive month according to the latest figures issued by the People’s Bank of China.
Monthly figures from the bank disclosed an additional 11.2 tonnes had been bought by the Chinese government – an extra 360,000 troy ounces of gold bullion.
International stock markets have reached a six-month high point this week. Fresh data put the MSCI All-Country World Index up by 1.1% to 514 points - its best position since last October.
Positive talks and progress between the US and China over trade triggered stock market gains last week and saw a return of optimism to trading, with gains made on the FTSE, Dow Jones, Nikkei and Shanghai exchanges.
The Pound has hit a one-week high today after Prime Minister Theresa May revealed she would meet with Jeremy Corbyn, the Leader of the Opposition, to discuss ways to make a compromise over Brexit.
The US Treasury 10-year bond notes have officially fallen to a lower yield rate than the 3-month bond notes – the first inversion between these particular bonds since 2007.
The fiscal anomaly is usually an early indicator of recession, and last Friday also say the 3-year bond notes invert against 1-year bonds, with the latter yielding 2.46% compared to only 2.26% for the 3-year bonds.
India could have no need for imported physical gold within the next five years according to Rajesh Khosla, Managing Director of MMTC-PAMP.
Speaking at the 6th India International Bullion summit, Khosla said India would stop importing gold within five years.
The Office for Budget Responsibility downgraded its growth forecast for 2019 yesterday from 1.6% to 1.2%, in line with the Chancellor’s Spring Statement.
The OBR pointed to the global slowdown and a degree of knock-on effect from Brexit as causes for the economic slowdown but highlighted a much better performance over the next five years.
The price of gold has risen to £997.75 per ounce – up from £977.89 yesterday – following news from the European Central Bank that the Eurozone will experience even weaker growth this year.
Yesterday the European Central Bank announced that they were cutting their growth forecast for the Eurozone in 2019, with the ECB president Mario Draghi stating that there would be no increases in interest rates this year and that the ECB would reintroduce cheap loans for banking institutions as a stimulus package for the continent.
The UK economy faces recession in the event of a no-deal Brexit happening this year according to the Organisation for Economic Co-operation and Development.
The OECD has downgraded the UK’s growth for 2019 to just 0.8% (down from 1.4%), at the same time that IHS Markit has reported confidence levels have hit the lowest since both the Brexit referendum result in 2016 and the financial crisis in 2008/09.
The US Dollar is enjoying a surge in value following news that the US and China were finally making progress again in trade talks, with a deal seeming likely this time round.
Romania is the latest country to hit the headlines following a proposed parliamentary bill from the Social Democrat leader Liviu Dragnea and PSD senator Serban Nicolae, who are pushing for the National Bank of Romania to bring the majority of the nation’s gold reserves back to the country from the Bank of England.
The price of gold has dropped below £1,000 per ounce in the past 24 hours as the Pound climbed to a stronger position against both the US Dollar and the Euro, fuelled by fresh investor confidence following Theresa May’s concessions yesterday over a possible Brexit delay.
Barrick Gold, one of the world’s largest gold miners, is looking at a hostile takeover of rivals Newmont Mining. The aggressive move from Barrick would see them buy Newmont in an all-share deal for $17.8 billion.
The US Mint has announced that it has temporarily suspended sales of all silver 1oz American Eagle coins, following an increase in sales for the start of the year.
The People’s Bank of China has reported its second month of gold buying, increasing its bullion reserves to 59.94 million troy ounces or 1,864.34 tonnes as of the end of January.
The United States of America now boasts a staggering $22 trillion debt – more than the USA’s entire annual economic output. $1 trillion additional debt was added to the economy in just 11 months, and $3 trillion has been added since February 2016.
Global stock markets have hit a new high point in 2019 today following the surge in Asian stock performance, led by China’s markets which ended 3% up following today’s trading.
