Gold News

The United States Mint has reportedly been given the go-ahead to redesign the reverse depictions on the American Eagle gold and silver bullion coins as part of a bid to tackle counterfeiting.

A breakthrough in Brexit talks last week has helped strengthen the Pound Sterling and the Euro against the US Dollar.

Gold might have calmed down a little of late but still made an 8% gain in August alone, and in USD terms gold is up $216.93 (17.01%) in the past six months of trading.

The Pound Sterling touched the $1.30 mark this morning as investor confidence in a Brexit deal passing in the near future grows, with the German investment bank Berenberg saying there is now a 75% chance of an orderly Brexit.

Despite MPs voting for an amended Withdrawal Agreement on Saturday rather than the exact deal agreed with the EU, many believe the government has the numbers to pass the Withdrawal Agreement at the second try now that the Hard Brexit / no-deal loophole is gone - a red line for many MPs.

The International Monetary Fund has issued a stark warning to central banks across the world that they need to be smarter with their policy decision else risk wasting the ‘limited ammunition’ they possess to stop recession taking hold.

IMF counsellor Gita Gopinath did praise central banks such as the ECB and the Fed for their interest cuts and how that had benefited the growth forecasts by around half a percent, but she stressed that governments needed to avoid reliance on central banks to manoeuvre them out of difficult economic situations.

The price of gold has been bumped down from £1,178.86 per ounce down to £1,159.20 following news from Bloomberg that the UK and EU are closing in on a last-minute Brexit deal.

The gains for Sterling put it above the $1.275 mark for the first time since late June, but the currency is still some way off the exchange rate from when the Brexit referendum result was delivered in 2016 at around $1.48.

The DNB stresses how central bank gold holdings are a ‘beacon of trust’ and that in the very worst scenario, gold can help restart a financial system.

Investment manager Neil Woodford has been removed from running his now-infamous £3.5 billion equity income fund – four months after the fund was first suspended pending liquidity problems.

Despite Woodford’s desire to re-open the fund, administrators Link Fund Solutions has ruled that the fund should now be wound up, and all remaining investments returned to their owners.

New market data from major economic including the United States, Germany, the UK and France has pushed stock market investors into selling off shares, with growth contraction prevalent across countries and specific sectors.

The World Gold Council has issued a new raft of ‘Responsible Gold Mining Principles’ in the wake of gold’s increased demand in the past 12 months. The price of gold in Dollar terms has increased by 25.10% in that time – almost $300 more per ounce.

Palladium has this morning set a new all-time price record of $1,701.50 per ounce, following two weeks of continual price records.

The metal set a new record of $1,627.53 on Thursday September 19, then set a new record of $1,636.60 just a day later. A weekend surge saw palladium hit $1,664.50 last Monday, and again the price has jolted higher today.

The Supreme Court has ruled that the prorogation of Parliament was unlawful, in a historic decision for British politics.

In another blow to Boris Johnson, the Supreme Court has declared the suspension of Parliament void, and MPs look set to return to Commons in the coming days.

The US Federal Reserve has cut interest rates for the second month in a row, dropping down to 1.75-2%. The move is similar to the European Central Bank's decision to cut rates earlier this month, with the global economic slowdown cited as the reason for both of the moves.

Fears of possible military conflict in the Gulf grew this weekend, following a number of drone attacks on Saudi Arabian oil facilities on Saturday.

Despite denying responsibility for the attack, several countries have come forward to blame Iran, reigniting the simmering tensions from June’s oil tanker attacks.

The European Central Bank has announced the return of quantitative easing – only eight months after initially ending the stimulus measure.

The decision, likely the last major action by Mario Draghi before he departs as ECB president, is designed to counter the economic regression currently being experienced in the Eurozone.

Gold could set a new all-time record of $2,000 per ounce in the next two years according to analysts at Citigroup.

In their latest research note, economists at the American investment bank said the decline in US economic growth and that of the wider world could see the current strong demand for gold continue.

The amount of gold mined and refined each year is expected to increase by 17.4% by 2023 according to analytics firm GlobalData. The growth should be at least 2.5% each year for the next five years, with a total output of 132.1 million ounces.

Official data from China’s Central Bank shows that the country has now added 99 tonnes of gold to the nation’s reserves as of the end of August, worth an estimated $7.574 billion.

Given that gold has made 12.48% gains in the past three months in Dollar terms, and 25.06% for the past year, it’s unlikely that the People’s Bank will slow down its hunt for buying gold – especially when they are keen to avoid the US Dollar in their reserves, and will have little interest in the fragile Sterling or Euro currencies.

Korea’s NH Nonghyup Bank has started offering its customers silver bars following a surge in demand for safe haven assets.

The move makes Nonghyup the fourth bank in Korea to offer retail investors silver bars, in a trend that could spread across the Asian banking sector.

The pound sunk to a two-week low this morning ahead of what could be a chaotic and historic week in Westminster.

This week the silver spot price has risen by almost 8%, climbing from a £13.96 per ounce to the current price of £15.10 per ounce, and peaking slightly higher at £15.29.

In Dollar terms, silver is at $18.39 – the highest it has been since April 2017. This week’s gains show a substantial rise in demand, but can it continue?