Gold News

Chancellor Rishi Sunak has warned that the ‘economic emergency’ facing the UK economy is only just beginning, following a cut down and alarming spending review yesterday.

The warning comes as the Office for Budget Responsibility forecasts the UK economy will contract by 11.3% in 2020 and will take two years to return to pre-pandemic levels.

In what has been a volatile year for platinum, prices could be on the brink of a rally, following reports of a significant supply deficit facing the precious metal in 2020.

In their quarterly platinum report the World Platinum Investment Council’s research shows that platinum supply is over one million ounces below current demand.

It has been a rollercoaster week for gold and silver as Joe Biden secured the final states required to claim victory in the US election.

Prices had been rising in response to the Biden win, before news broke that a Covid-19 vaccine by Pfizer has an estimated 90% effectiveness, with stock markets soaring in a knee-jerk reaction, and putting pressure on precious metals.

The Bank of England has announced a fresh round of money printing in an extension to its Quantitative Easing program.

Having already increased the QE program several times this year, the new influx of cash now brings the total to an eye-watering £895 billion.

Joe Biden has extended his lead over Donald Trump in the nail-biting final stretch of the US election.

With legal challenges already launched by Republicans in a bid to overturn the results however, the vote looks a long way from being finalised.

With one day to go until polling stations open for the US election, bookmakers are keeping with Joe Biden to be elected the next President of the United States.

The gold price is down 0.44% in the last week; an $8.40 loss bringing gold to $1,894.70 per ounce. As BullionByPost, MoneyWeek, and others have said over the past month, a lot of this is down to anticipation of tomorrow night's results.

The latest quarterly report from the World Gold Council reports that demand for gold bullion bars and coins is up 49% for Q3, compared with the same period in 2019.

Polyus PJSC, the largest producer of gold in Russia, has announced that a recently acquired mining sites has a provable 40 million ounces of gold reserves waiting to be mined, officially making it the largest gold reserve in the world and making the company the second-largest gold producer in the world.

Global stock markets are trading at monthly lows this week as resurging Covid-19 infections force more governments to introduce strict lockdowns.

European markets in particular are suffering heavy losses, with major countries like Germany, France and Italy introducing strict measures in the face of ever-increasing infections.

In a high value market like gold, having access to timely, precise information is key to providing an accurate picture of that market. In a move towards this, the London Bullion Market Association and the Bank of England have agreed to report their gold holdings with just a one-month time lag from now on.

Following months of discussions to try and resolve a post-Brexit trade status for the UK, Prime Minister Boris Johnson has stated that trade talks between the UK and EU are now ‘over’.

The announcement throws any further talks into doubt and makes a no-deal Brexit the likeliest outcome in the next few weeks.

A British appeals court has overruled a decision which legitimised the UK government backing Juan Guaidó as the legitimate president of Venezuela, rather than the incumbent Nicolas Maduro.

Maduro, socialist successor to Hugo Chavez, is seeking to withdraw all of Venezuela's gold from the Bank of England – approximately $1 billion – but the UK government has so far denied Venezuela access, citing alleged electoral interference based on claims made in the South American nation.

UK Gross Domestic Product (GDP) is down by 9.2% on pre-covid levels according to the Office for National Statistics (ONS), with a warning from the ONS that GDP is growing once again, but far slower than expected due to a declining rate of growth.

Cryptocurrency derivatives and exchange traded notes (ETNs) will soon be banned from sale to retail consumers in the UK, in a blow to fans of digital currency.

This follows a ruling by the Financial Conduct Authority (FCA), who have said that they consider cryptocurrency derivatives and ETNs to be potentially harmful to retail investment customers due to their extreme volatility and a lack of understanding from investors.

In this article, we continue on from last week's gold forecasting and move on to discussing silver - particularly focusing on the proposed Green New Deal by Democrats Bernie Sanders and Alexandria Ocasio-Cortez. We assess how 'President Biden' could adopt such a scheme to satisfy America's Left, as well as provide public investment as part of an approach to steer the US away from recession like many European nations are currently facing.

The US Presidential Election takes place in under a month on November 3rd, and many investors are wondering what impact the vote will have on the gold price, as well as other precious metals.

As things stand, former Vice President Joe Biden has a lead in the polls over the incumbent President Donald Trump, but polling is never wholly accurate and many choose not to disclose when they are voting for conservative candidates in elections. 

For a central bank holding billions in your nations reserves, a building renovation presents additional challenges far and above the norm.

Across the space of two days, in a massive, high security operation, De Nederlandsche Bank moved 14,000 gold bars and about 1,000 boxes of gold coins to a temporary vault.

Gold supply is reliant on new gold reserves being found regularly, but as large-scale mining uses up the finite gold resources of Earth, there are signs that new discoveries are becoming fewer and far between.

The Royal Mint has revealed its highly anticipated new design for its range of Britannia coins, starting with the 2021 coins due to be released on October 19th.

Philip Nathan's classic design remains, but now with additional 'micro-detail' design elements to make counterfeiting near impossible, as part of an industry-wide attempt to prevent counterfeiting.

Kazakhstan has joined several other countries in boosting their gold reserves this year, as coronavirus impacts the economies of countries worldwide.

The expansion of both foreign currency reserves and gold brings the country’s reserves up to 388.3 tonnes, a record for the country.