Gold News

Singapore's central bank has added 26 tonnes of physical gold to the nation's reserves back in June, but strangely the International Monetary Fund (IMF) has only disclosed the information as of last Thursday.

Following strong gains last week, gold and silver prices have fallen back this week. The US dollar has been boosted by America's decision to release 50 million barrels of oil from its reserves, as well as by a reduction in unemployment stateside.

Office for National Statistics (ONS) data released today shows another increase in UK inflation, now up to 4.2% as of October from 3.1% in September, with the pound making gains against a basket of major currencies as a result.

Sterling today hit a new low for the year following the latest GDP figures from the Office for National Statistics. The pound hit $1.337, and has only risen fractionally since to $1.339.

The past 10 days have been a perfect storm of troubles for the pound. Last week the Bank of England decided not to raise interest rates, the US reported a jolt in inflation yesterday, and now the poor GDP figures.

A hoard containing an incredible 131 gold coins from the Anglo-Saxon period of England, has been officially declared a treasure, and is the largest find of coins from this period.

It's that phrase again – supply chain problems. The United States has reported the slowest levels of growth in factory output of the past five quarters, with a lack of transport, drivers, shipping containers, and port staff all combining into a perfect storm of delays.

A new cryptocurrency called SQUID has caused chaos this week after scamming investors by prohibiting the sale of currency – before the owners shut up shop and disappeared with millions.

New data from the China Gold Association shows that consumer demand (in China) for gold is up by 48.44% in the past nine months. Industrial demand is beginning to return, but with threats still present the evidence is clear that many consumers are opting for gold bullion or jewellery in the face of uncertainty.

Police in Toronto, Canada have asked for help from the public in identifying any suspects involved in a silver heist carried out last year. A large shipment of pure silver bars was stolen, with the contents estimated to be worth over $11 million (USD).

The Royal Mint have announced that they will begin processing waste electronics to recover gold and other precious metals, a first for the UK mint. A new process, introduced as part of a partnership with Canadian company Excir, will see The Royal Mint tackle waste whilst adding a new source of supply.

New figures released by China's National Bureau of Statistics report GDP growth of just 0.2% in Q3 (July to September) – the weakest quarterly growth since records began in China.

At the heart of the issue is a power shortage. China has had to renege on its green energy pursuit in the short-term to keep the lights on, switching back to coal power at a rapid pace to keep the nation powered following a spate of blackouts.

US markets suffered yesterday following a seven-year high in oil prices. Crude might have fallen back slightly today, but inflation is still hurting the working class across the world, and energy and fuel are key to these price rises.

J.P. Morgan's latest "Global Data Watch" report points to a back-and-forth pattern of inflation/deflation where energy and tech take turns dominating the markets, and blames the Fed for overheating the economy with so much economic stimulus.

Russian president Vladimir Putin eased market tensions yesterday with a promise to increase gas supplies across Europe, with prices rocketing at present thanks to the supply chain issues hindering the transit of fuel, as well as other resources.

UK gas prices surged to an all-time record of almost 400 pence per therm yesterday, before settling back at 287p and then dropping to 267p following Russia's offer of assistance.

US senator Elizabeth Warren (Democrat, Massachusetts) today told Federal Reserve chairman Jerome Powell that she would not back a second term as leader of the central bank, with Powell's term ending in February unless re-appointed.

At the Senate Banking Committee, Ms Warren said: “Your record gives me grave concern, and that makes you a dangerous man to head up the Fed”.

Gold slipped yesterday from a peak of $1,795 to a low of $1,746 per ounce, before rallying slightly overnight and this morning back to $1,764.35. Strong bond yields and a stronger dollar have hurt the gold price, but optimism remains long term.

The UK’s CPI figure has posted the largest rise on record today. Prices in August rose by 3.2% according to the Office for National statistics, up from 2% in July.

Despite the base effect of the eat out to help out scheme, price pressures are undoubtedly rising, and analysts warn that UK inflation could climb as high as 4 – 5% by the end of 2021.

The price of palladium has fallen to its lowest since July 2020 following a slump in automotive demand. Growing inflation is to blame says the World Platinum Investment Council, with the higher cost of palladium dissuading purchase and usage.

British economic recovery almost ground to a halt in July according to the latest data from the Office of National Statistics.

Gross Domestic Product, better known as GDP, rose by a miniscule 0.1%; half a percentage point off the target forecasted and a mere 10% of the growth experienced in June.

As the 'War on Terror' in Afghanistan ends in ignominy, another conflict potentially looms: the war for resources. According to Forbes, Afghanistan reportedly sits atop what could potentially be one of world's largest reserves of precious metals, minerals, and rare earth elements.

Gold is currently $1,808 per ounce after shooting up last Friday following comments by Federal Reserve chairman Jerome Powell at the Fed's annual Jackson Hole conference on Friday.

Gold jumped from $1,789 per ounce to a peak of $1,818 before the markets closed for the weekend, and has stayed trading in a tight bandwidth between $1,808 to $1,823 per ounce since markets reopened on Monday.