Despite a recent post-lockdown surge in house prices, analysts at the Centre for Economics and Business Research have forecast a 14% drop to come for the property market next year.
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.
The Office for National Statistics has revealed that the UK economy grew by 6.6% in July versus June, but GDP is still far below pre-pandemic levels.
Equally worrying is that the recovery now appears to be slowing down, leaving the UK wallowing in the historic contraction caused by Covid-19.
Scotland’s Cononish gold and silver mine – operated by Scotgold – hopes to pour its first gold by November 30th 2020, in a positive boost for UK mining efforts.
Cononish is Scotland’s first commercial gold mine, situated in the Highlands between Fort William and Glasgow.
Brexit, one of the key economic drivers for investors in 2019, is now back to the forefront of news this week as talks continue to make no progress.
Boris Johnson has announced that if a deal is not reached by October 15th, that he will recommend both sides “move on”.
A group of young volunteer archaeologists have made an extremely rare find in central Israel, after digging up a clay urn filled with solid gold coins from the 9th century Abbasid Caliphate.
The hoard consisted of full gold Dinar coins, clipped coins, and even a gold Solidus from the nearby Byzantine Empire.
A pair of Australian gold diggers have beaten the odds to find two huge gold nuggets on the same day.
The two gold nuggets come to a combined weight of 3.5 kilos, and are estimated to be worth $350,000 Australian Dollars.
After a pullback last week, gold has rebounded and is once more above $2,000 per ounce as investors continue to react to changing pandemic news.
News last week of a potential vaccine in Russia, triggered a sell-off for gold and silver that saw both precious metals drop to monthly low.
The challenges presented by a world with social distancing as the new normal, have been widely documented, and even official bodies like the United States Mint are not immune from its effects.
The US is suffering from a severe shortage of both common currency and bullion coins.
The UK has officially entered recession, following confirmation of a record contraction for GDP in the past three months.
Q2 2020 (April – June) saw the UK economy shrink by 20.4% versus Q1, the largest fall ever recorded for the UK economy, and one of the worst falls globally.
After beating the 2011 all-time record just last week, gold has made further gains this week and has now surpassed $2,000 per ounce, a threshold many saw as a key psychological barrier.
Gold set a new all-time record of $2,065.33 this afternoon – up 5.4% in the past seven days.
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.
The US economy, considered to be one of the strongest in the world just last year, has experienced its worst contraction since records began as coronavirus rages across the country.
Q2 2020 saw the US economy contract by a shocking 32.9%, a figure worse than analysts had expected, and a worrying sign for the world’s reserve currency.
After several months of impressive gains, a surge as trading opened this morning saw gold set a new all-time high in Dollars.
Gold spot price surpassed its September 2011 all-time high of $1920.30, rising to a current peak of $1,945.69 per ounce.
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.
After four days of intense negotiations the 27 members of the European Union have agreed a record breaking ‘recovery package’ for the EU totalling €750 billion - £677 billion.
As a physical commodity, silver is ultimately driven by supply and demand. Trends for the past few years show that demand for silver is growing, but supply is dropping at the same time.
2020 could see both of these issues exacerbated and the silver price continue to rise.
China has been stockpiling gold for some time, as part of Beijing's plans to make its own currency, the Renminbi, a world player that will rival the US dollar.
The country has also been expanding its mining capabilities beyond its own borders. Mines in mineral rich nations such as Australia are being targeted by Chinese, state controlled, mining operations.
Chancellor Rishi Sunak has announced more measures to be taken by the government in an effort to reduce the economic damage caused by the coronavirus.
The new measures amount to additional billions to be spent by the treasury and takes pandemic spending to £190 billion.
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.