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Updated 06:06 17/02/19

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Gold News

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 Italian government has clashed with the European Central Bank this week after one of Italy’s largest newspapers, La Stampa, published an article claiming that the coalition government was planning to sell off a large chunk of the country’s gold bullion holdings - potentially up to 600 tonnes of gold.

15 Feb 2019, 12:31 p.m.

South American mining company Hochschild Mining PLC has announced that it is to shutdown its operations at the Arcata mine in Peru.

The low silver price has forced the company’s hand into putting the Arcata site into a “care and maintenance” mode for the foreseeable future, will full shutdown complete by the end of Q2 2019.

15 Feb 2019, 10:24 a.m.

British households are £1,500 worse off since the decision to leave the European Union was announced, according to one leading thinktank.

The Resolution Foundation, an independent UK thinktank which specialises in the standard of living, has today published statistics showing that households are roughly £600 per year worse off as a result of the subsequent economic uncertainty in the past two and a half years.

11 Feb 2019, 12:37 p.m.

The Russian government is debating whether or not to scrap VAT on investment gold. Despite Russia’s position as the world’s largest buyer of gold in 2018, and the third largest producer of gold, the country only experiences demand of around 3 tonnes per year from the public, and the 20% VAT rate is believed to be the culprit for such low levels of interest in gold as an investment option.

11 Feb 2019, 12:10 p.m.

The Bank of England today admitted there is a 1 in 4 chance of a recession later this year following drastically adjusted growth forecasts for the UK economy. The combined threat of a no-deal Brexit, plus slowing growth in both China and the Eurozone, has forced the BoE to re-estimate the outlook for the UK in the coming months.

7 Feb 2019, 5:04 p.m.

Venezuela’s president, Nicolás Maduro, has come under fire in recent days after it was revealed that he had sold off part of the nation’s gold reserves to the United Arab Emirates.

The country also sold $900 million worth of unrefined gold (23.6 tonnes approximately) to Turkey in 2018, with US intelligence suspecting re-sale of the refined gold from Turkey to neighbouring Iran.

5 Feb 2019, 4:21 p.m.

The Pound has fallen back below $1.31 today following the latest manufacturing figures from IHS Markit. The 0.3% drop against the Dollar was accompanied by a 0.5% drop against the Euro, with Sterling now at €1.1399.

Sterling fell earlier this week following the results of Tuesday's Brexit voting in Parliament, with the Prime Minister voting against her own deal in order to press for fresh negotiations with EU leaders.

1 Feb 2019, 11:41 a.m.

Italy’s economy has slipped back into recession following a poor end to 2018. ISTAT, the Italian National Institute of Statistics, reported that between October and December the economy contracted by 0.2%.

Prime Minister Giuseppe Conte accidentally revealed the decline of the Italian economy at an event in Milan yesterday, and added that the first half of 2019 is likely to be similarly poor.

31 Jan 2019, 12:32 p.m.

The price of gold has climbed above the £1,000 per ounce mark once again, after last night’s series of Brexit votes in the House of Commons.

MPs gathered to cast their votes on seven amendments to the Prime Minister’s Brexit deal, which remarkably featured Theresa May backing Sir Graham Brady’s amendment to abandon the Irish backstop and enter renegotiations with Europe – something she had previously arranged and said was not possible to amend.

30 Jan 2019, 12:04 p.m.

The World Gold Council believes 2019 will see an increase in demand for gold, which will subsequently drive prices up as the year goes on. The latest publication from the WGC stated that they “expect that the interplay between market risk and economic growth in 2019 will drive gold demand”.

28 Jan 2019, 1:42 p.m.

The price of gold in US Dollars was relatively flat and stable in 2018, ending the year down by 1.5% and recording the first annual decline in gold price since 2015, but in 2018 gold set record high prices or near highs in 72 currencies, and came close to records for the likes of the Pound Sterling, Swiss Franc, Euro and Chinese Yuan - all of which suffered from the US Dollar’s fierce rise in popularity.

28 Jan 2019, 12:15 p.m.

The Pound Sterling rose to a two-month high point yesterday following another flat and progress-lacking round of Prime Minister’s Questions in the House of Commons.

Sterling reached $1.30 and €1.14 respectively as of yesterday’s morning trading, and has held these levels since, with investors confident that a no-deal Brexit scenario is all but certain to be avoided.

24 Jan 2019, 1:43 p.m.