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Updated 16:52 13/11/18

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June Gold News 2014


Following a sharp rise in the gold price last week fears that the price may retreat have not materialised. So far this month the gold price is up 5%.

The spot price rose above $1,300 following the Fed’s decision to keep interest rates at historic lows in an attempt support the economy.

The interest rate announcement closely followed the news that the U.S. economy shrank by 2.9% in Q1. Growth is expected to rebound in the second quarter, however many are now questioning the health of the U.S. economy.

Escalating violence in Iraq and Ukraine also boosted gold’s appeal as the ultimate safe ...

30 Jun 2014, 10:42 a.m.

The Bank for International Settlements (BIS) has warned central banks across the globe that ultra-low interest rates could lead to massive imbalances in the world economy and encourage consumers to take on too much debt.

BIS Chief Jamie Caruana added, “If rates persist at this level, it will create a highly undesirable combination of high debt, anaemic growth and poor productivity.” Debt levels in the worlds developed economy now stands at 275% of GDP.

Caruana also believes stock markets are over confident and have become detached from the reality of a weak economy and ongoing political tensions in the Ukraine and ...

30 Jun 2014, 10:41 a.m.

Total global silver demand increased by 13% in 2013 according to the Silver Institutes latest report. Retail demand for investment grade bars and coins surged 76%, jewellery demand increased by 10% and silverware fabrication rose by 12%.

Industrial demand in Asia increased 3% which was driven by the recovery in the Chinese electronic and ethylene oxide industry. Silver has many industrial applications and is widely used in the automotive, electronic, medical, solar and water purification industries.

Silver mine production rose 3.4% to 819 Moz. Mexico is the world’s largest producer of silver followed by Peru, China, Australia and Russia.

The silver price ...

27 Jun 2014, 11:02 a.m.

Gold bullion for immediate delivery rose to $1,319.55 during Asian trading following the Fed’s announcement to keep long term interest rates near zero. The gold price is now on course for its first back to back quarterly rise since 2011.

Year to date the gold price has risen 9.8% as investors become concerned the U.S. economy is deteriorating. Only this week the U.S. Department of Commerce confirmed the U.S. economy shrunk by 2.9% in the first quarter.

If the economy continues to falter the Fed will be under pressure to keep interest rates low which will be good for both the gold ...

27 Jun 2014, 11:01 a.m.

The U.S. economy shrank at an annualised rate of 2.9% in the first quarter of 2014, according to the U.S. Department of Commerce. These figures represent the largest drop in U.S. GDP since 2009. Worryingly economists had originally forecasted the economy would grow by 2.6%. These figures represent the largest downward revision of GDP data in 40 years. Poor weather conditions in the U.S. were blamed for the sudden contraction.

After getting these figures so wrong many are now questioning the validity of these numbers. Historically shares would plummet on such data. Wall Street took the news in their stride and ...

26 Jun 2014, 10:37 a.m.

China’s chief auditor has uncovered $15.2 bn of loans backed by falsified gold transactions. A number of Chinese processors borrow money against the value of their gold and then invest the proceeds in riskier assets which they believe can provider a greater return. Most of the financing deals are legitimate, however, rumours are circulating that some of the deals were based on fake transactions.

According to the World Gold Council Chinese firms have used up to 1,000 tonnes of gold as collateral against loans. Based on the current gold price this would equate to $42 bn. The audit also discovered issues ...

26 Jun 2014, 10:36 a.m.

According to the Royal Mint the sale of gold and silver coins remains extremely strong. In the first quarter of 2014 gold coin sales at the Mint increased by 13%, whilst silver sales rose by a staggering 43%.

The Mint also confirmed gold and silver coin sales remain strong in the traditional markets of North America and Germany.

Mint spokesman, Shane Bissett, believes sales remain strong in the U.S because Americans are able to hold gold and silver coins within their retirement account, whilst in the UK only investment grade gold bars are allowed.

Gold and silver still remains an important part of ...

25 Jun 2014, 12:07 p.m.

Shanghai Gold Exchange (SGE) chairman, Xu Luode, told an industry conference in Singapore that China must increase their influence within the international gold market.

Exchanges throughout Asia are launching gold contracts later this year in an attempt to provide alternatives to current pricing mechanisms which are coming under scrutiny from financial regulators. A number of lawsuits have been filed in the U.S. and earlier this year in the UK Barclays Bank was fined £26 million for allowing one of their traders to manipulate the gold price.

The SGE plans to open the exchange in September with the contracts priced in Yuan. A ...

25 Jun 2014, 10:42 a.m.

In January 2013 the German Central Bank announced it was going to repatriate 374 tonnes of German gold held in Paris and a further 300 tonnes from Federal Reserve in New York.

Since then the Bundesbank has managed to repatriate a total of 37 tonnes of gold and worryingly only 5 tonnes came from the vaults at the Federal Reserve. In total 45% or 1,698 tonnes of German gold is held in the U.S.

This has led many Germans and commentators to question whether Germany’s gold still exists, with many suspecting the gold has either been sold or leased into the market.

After ...

24 Jun 2014, 10:32 a.m.

After 5 months of continuous strike action platinum workers at the world’s three largest mines in South Africa have agreed to return to work. The President of the Association of Mineworkers and Construction Union, Joseph Mathunjwa confirmed the workers have accepted a new wage deal.

The three mining companies involved Anglo American Platinum, Imapla Platinum and Lonmin are estimated to have lost £1.3 billion in revenue. South Africa is estimated to hold 80% of the worlds proved platinum reserves.

Although the platinum price has risen steadily throughout the strike above ground reserves had been sufficient to meet supply. Platinum is primarily used ...

24 Jun 2014, 10:32 a.m.

German finance minister, Wolfgang Schaeuble, believes low interests and quantitative easing are feeding a number of asset bubbles that are now dangerously close to bursting.

"All experience of economic history tells us that such situations lead to bubbles," he added, noting that in developed economies low interest rates are pushing investors into riskier markets including real estate.

Schaeuble is also critical of the International Monetary fund recommendation for the ECB to start quantitative easing in an attempt to increase inflation across the 18 member Eurozone

Germany has always been against loose monetary policy measures such ...

23 Jun 2014, 10:21 a.m.

Five workers in the ancient city of Khans in Uzbekistan have found a 13.5 kg gold bar whilst digging a cesspit. The gold bar is thought to have been minted at the start of the last century and worth between $750,000 and $800,000. The bar has a number of inscriptions and was found in the historic Hamaz region of the city.

Under Uzbek law the workers who found the bar will receive 25% of its value with the remainder going to the state.

23 Jun 2014, 10:20 a.m.

The gold price soared over 3% yesterday following comments from Fed Chair Janet Yellen, continued violence in Iraq and a massive buy order sparked the market into life.

The price was climbing steadily throughout the morning and then around lunchtime prices surged after 2.9 million ounces was traded in under 15 minutes.

The gold price gained early momentum after the Federal Reserve announced their intention to keep long term interest rates at near historic lows. As a result the U.S. dollar fell to a 12 month low against the pound and gold began its rise. Historically the U.S. dollar and gold trade ...

20 Jun 2014, 10:31 a.m.

Deutsche Bank has begun its own investigation into the process under pinning the London gold fix amid accusations the members of the fix colluded to manipulate the gold price.

The bank decided to quit its seat on the fix after their offices where raided by German finance regulator Bafin. Sources close to the matter confirmed Deutsche bank’s internal investigation started shortly after.

The internal investigation is of no surprise as Deutsche Bank would be expected to answer a number of questions posed by the regulator. By taking action early and admitting to any wrong doing the bank may minimise the penalties placed ...

20 Jun 2014, 10:30 a.m.

It's been a busy week in the news but the gold price has seen little movement. Here's a summary of the current reasons why now might be a good time to add gold to your portfolio.

1. A shocking escalation of violence in Iraq and oil price jump
2. Continuing instability in the Ukraine
3. Global stock markets near or above all-time highs
4. U.S inflation above expectations and GDP revised down
5. European Central Bank introduces negative interest rates
6. Barclay’s trader found guilty of gold manipulation
7. Total ...

19 Jun 2014, 10:27 a.m.

The gold price rose and the dollar fell following the latest comments from the Federal Reserve. The Fed announced they expect medium term interest rates to rise faster than expected, but lowered their long term forecast. The gold price increased 0.2% on the news to $1,279.80 per ounce whilst the dollar fell against a basket of major currencies. The pound is now trading at $1.70 a new 12 month high.

Analysts are forecasting the violence in Iraq, Ukraine and Syria will provide continued support to the gold price over the short to medium term.

The Fed also revised its 2014 U.S. growth ...

19 Jun 2014, 10:26 a.m.

Xin Song, the President of China National Gold Corporation, has confirmed that the state sponsored company is on the hunt for potential partners. Song said he has had talks with Barrick Gold, the world largest gold producer.

Last year China consumed 1,176 metric tonnes of gold and overtook India as the world’s largest consumer of gold. Any mergers by China National would be a welcomed by an industry suffering from increasing costs and a slump in the gold price.

China has invested a considerable amount of money in the resource sector but has yet to invest a significant amount of gold mining ...

19 Jun 2014, 10:26 a.m.

Well respected gold analyst and gata.org representative, Koos Jansen, believes the Bank of England has 487 less tonnes of gold in their vaults compared to 12 months ago.

In the Bank of England’s 2013 annual report the bank stated they held £210 billion in gold, whereas in 2014 report this figure had dropped to £140 billion.

The Bank of England acts as the custodian for Central Banks and members of the London Bullion Market Association, Jansen speculates the gold removed was probably owned by LBMA members.

The world’s largest gold ETF, The SPDR Trust, experienced 451 tonnes of outflows last year, but Jansen ...

18 Jun 2014, 10:33 a.m.

U.S. Investment Bank, Goldman Sachs, who administrates India’s largest gold exchange traded fund (ETF), has confirmed the fund no longer needs to be 100% physically backed by gold.

Last month the bank wrote to all investors confirming the risk profile of the fund had changed.

“A situation could arise where the issuer is unable to return the principal physical gold to GS Gold BeES (their scheme) upon maturity or in case of an early redemption. Such inability to return physical gold could arise on account of liquidity problems or general financial health of the issuer,” said the correspondence.

Chief Executive of fund tracker ...

18 Jun 2014, 10:32 a.m.

The World Gold Council has invited a number of market participants to a meeting in July to discuss possible changes to the London gold fix.

The gold fix is a pricing benchmark used by industry participants such as central banks and jewellers to price deals. This latest news closely follows Deutsche Bank decision to sell its seat on the fix following an investigation by the German regulator into possible gold price manipulation.

The five members of the gold fix are HSBC Holding, Barclays Bank, Deutsche Bank, Bank of Nova Scotia and Societe Generale.

UK regulator the Financial Conduct Authority will attend the meetings.

18 Jun 2014, 10:32 a.m.

During Asian trading the gold price dropped from a three week high as investors wait nervously for news from the latest Federal Reserve meeting. The gold price retreated 0.6% to $1,264.30 per ounce.

The Federal Reserve start their latest meeting today and traders will be looking for any announcement that interest rates are to rise. Investors commonly assume rising interest rates adversely impact the gold price. The Intuition is that high interest rates will make gold less appealing when compared to interest bearing assets.

On the other hand many gold analysts believe rising interest rates will make interest payments on the U.S. ...

17 Jun 2014, 10:47 a.m.

According to the London Bullion Market Association (LBMA) website eight companies have expressed interest in providing an alternative to the silver fix. The proposals will be presented to the LBMA on June 20th with the LBMA short listing the best proposals before hand.

Two months ago the company behind the fix confirmed they would stop administering the benchmark after Deutsche bank failed to find a buyer for its seat.

Following a number of lawsuits alleging market manipulation banks have been reluctant to buy the seat. Just over a month ago Barclays Bank was fined £26 million for allowing one of their senior ...

17 Jun 2014, 10:46 a.m.

The gold price has risen to a three week high as violence continues to escalate in Iraq and the Ukraine. Last week the gold price rose 1.90% to $1,282.14 per ounce as investors turn to the ultimate safe haven. Whilst the silver price broke through key resistance levels and currently trades at a one-month high.

Last week pro-Russian fighters shot down a Ukrainian government transport plane in the east of the country. Whilst in Iraq photos have been posted on line apparently showing Sunni militants massacring a number of Iraqi soldiers. The army have responded to the insurgency by killing 279 ...

16 Jun 2014, 10:47 a.m.

According to the Financial Times, “a cluster of central banking investors have become major players in the world equity markets.” The Official Monetary and Financial Institution Form (OMFIF) are due to confirm their findings in their latest report which is to be published this week.

The report seen by the Financial Times will confirm 400 public institutions have invested $29.1 trillion within international markets, including gold. Speculation is rising that these institutions would prefer to hold financial assets rather than the U.S. dollar.

The report will also confirm China’s State Administration of Foreign Exchange is now the world’s largest holder of equities ...

16 Jun 2014, 10:46 a.m.

The gold price rose to a two week high of $1,265.70 per ounce as U.S. economic data disappointed markets and violence broke out in northern Iraq.

The gold price was bolstered after that the release of disappointing retail sales data and conformation from the Labour Department the number of people applying for initial jobless benefits increased by over 4,000. The data undermines the consensus that the world’s largest economy is recovering from the 2008 economic crises.

In Iraq, militants linked to al-Qaeda took control over the northern cities of Mosul and Tikrit boosting gold’s appeal as the ultimate safe haven and driving ...

13 Jun 2014, 10:54 a.m.

Gold imports into India rose 88% in March to 60 metric tonnes according to data released by the Indian customs department (DGCIS). Under Indian law, 20% of all imports have to be exported leaving official net imports at 48 tonnes.

The Indian government has tried to limit gold imports in an attempt to narrow the country’s current account deficit and protect the value of the rupee. Since the introduction of import restrictions gold imports into India have been difficult to measure as smuggling across the country has soared.

As a result of gold import tax silver demand has increased significantly. In 2013 ...

13 Jun 2014, 10:53 a.m.

According to the Lloyds Bank Private Banking Investor Sentiment Index investor sentiment fell in all the major asset classes except for gold.

The poll which ran from May to June and interviewed 4,983 adults across the Eurozone indicated net sentiment for equities, bonds and property fell Net sentiment is the statistic showing the difference between those who hold a positive view and those who hold a negative view.

Gold was the only asset class that did not experience a fall in net sentiment and remained at 21%.

13 Jun 2014, 10:44 a.m.

The Chinese Bureau of Raw Materials has confirmed China has potentially 8,200 tonnes of mineable gold. Only South Africa with 31,000 tonnes or 1 billion ounces has more.

For the last seven years China has been the world’s number one producer of gold and these latest figures suggest current production levels can be maintained.

China mines 65% more gold that the world’s number two producer Australia and 140% more gold than the world’s third largest producer South Africa.

There is rising speculation that the Chinese government has been building up its gold reserves and failing to report accurate figures to the International ...

12 Jun 2014, 11:06 a.m.

Over the last few years governments around the world have enacted legislation that allows money held in dormant bank accounts to be confiscated. Interestingly just prior to the 2008 economic crash the UK Parliament passed the 2008 Dormant Bank and Building Society Act.

The act enables banks and building societies to transfer money held in dormant accounts to a central reclaim fund. The central fund is tasked with managing the money, dealing with any disputes and ultimately passing the proceeds to the Big Lottery Fund. In the UK accounts have to be dormant for at least 15 years before they ...

12 Jun 2014, 11:05 a.m.

Online retailer, The House of Solid Gold, is selling a 24K gold plated mountain for $1 million. Each bike will be handcrafted and decorated with 600 black diamonds and 500 golden sapphires. The bike has been named “The Beverly Hills Edition” and the seat will be made from the most expensive alligator skin.

Only 13 bikes will made and 90% off all sale proceeds will go to charity.

12 Jun 2014, 11:04 a.m.

Chief Executive of the London Metal Exchange (LME), Garry Jones, said the process underpinning the London gold fix is open to manipulation.

"When people sit around a table and lift a flag in the gold market and say this is where the price is, obviously it is open to manipulation if it's done in this opaque way."

Both the gold and silver fix has come under increased scrutiny from both UK and German regulators amid accusations that members of the fix colluded to benefit from the process.

In April Deutsche bank resigned from both the London gold and silver fix after failing to ...

11 Jun 2014, 10:53 a.m.

The platinum price has risen for the fifth consecutive day to $1,464.30 per ounce as labour talks in South Africa fail to reach an agreement.

The world’s three largest producers Lonmin, Impala and Anglo American Platinum confirmed the latest talks had been “dissolved without an outcome.”

The association of Mineworkers and Construction Union (AMCU) will not negotiate on their $1,170 wage demand, whilst the miners are considering legal action to resolve the dispute. Over 70,000 workers have been on strike since the 23rd of January.

As a result of the strike action South African Platinum production has dropped 25% and workers have lost ...

11 Jun 2014, 10:53 a.m.

Chinese broadcaster CCTV has been encouraging the Chinese populous to buy physical gold since 2009. Gold is viewed very differently in China with gold given as a gift on birthdays, wedding and special occasions. The Chinese have an affinity with gold which is not seen in the west and the graph below indicates gold demand is increasing exponentially.Non-government gold demand in China

This increased demand is driven by an ever expanding middle class, which is expected to grow to 500 million by 2020. The Chinese like to ...

10 Jun 2014, 10:28 a.m.

The State governor of Oklahoma has amended the states currency laws to make gold and silver legal tender once again.

The purpose of the change was to remove all taxes levied on the purchase and sale of gold and silver in the state rather promoting the use of gold or silver as a method of payment.

Lawmakers are hoping the change in legislation will encourage citizens to buy gold and silver as a long term investment. The Law will take effect from the 1st of November 2014.

Utah, Louisiana and Texas have already made similar changes and a further 12 states are expected ...

10 Jun 2014, 10:27 a.m.

According to ETF Securities latest report the Central Banks of China and India are set to purchase 90% of the world’s mine gold in 2014. In 2013 India, China and the world’s central banks consumed 80% of the worlds mined gold.

Demand in India is set to increase this year as the newly elected government begins to reduce gold import taxes. Total Central Bank purchases in Q1 reached 122 tonnes which is comparable to the same period in 2013. Imports into Hong Kong have increased by 18% for the first three months of this year and U.S. Mint sales remain robust.

10 Jun 2014, 10:26 a.m.

Assets held in the Mitsubishi Gold Exchange Traded Fund (ETF) have increased to a record high as the falling gold price attracted investors.

The amount of gold held by the fund increased by 197 kilograms to an all-time high of 7.04 metric tonnes.

According to Osamu Hoshi, the manager of the fund, the increased demand has been driven by private customers rather than financial institutions.

Gold is becoming a popular investment in Japan as investors seek a hedge against a currency debasement and rising inflation. Inflation in April rose at its fastest rate since 1991 as Prime Minister, Shinzo Abe continues to devalue ...

9 Jun 2014, 10:12 a.m.

Russian corporations are preparing to switch contracts into Yuan and Roubles amid fears that the U.S. and their allies may attempt to freeze them out of the dollar based swift system, according to a top level Russian Banker.

Pavel Teplukhin, head of Russian division of Deutsche bank said, “Over the last few weeks there has been a significant interest in the market from large Russian corporations to start using various products in Renminbi and other Asian currencies and to set up accounts in Asian locations.”

Speculation is rising that the West are about to increase the number of sanctions placed on Russia ...

9 Jun 2014, 10:12 a.m.

The gold price jumped 0.8% following the European Central Banks (ECB) decision to reduce interest rates in the Eurozone to records lows.

The ECB reduced the overnight lending rate to -0.1% which means the banks will have to pay the ECB 0.1% to deposit money with them overnight. This is the first time any major Central Bank has introduced negative rates.

The rate cut is an attempt to encourage lending and prevent the Eurozone falling into a deflationary debt spiral similar to the conditions Japan experienced in the early 1990’s. Currently inflation in the Eurozone is running at 0.7%.

The ECB also confirmed ...

6 Jun 2014, 10:02 a.m.

Saudi Arabian Mining Company, Maaden has confirmed they are to mine up to 500,000 ounces of gold in the Madinah region of the country.

CEO and President Khalid Al-Mudaifer said, “Our main priority now is to maintain a high level of safety and security, and to maximise the value of our current gold mining operations at Mahad Al-Dahab and Bulgah, and our magnesite processing operations at Madinah Industrial City.”

The Saudi government has invested a considerable amount of money into the mining industry and have built a 375 mile rail road to transport gold and other minerals from the north of the ...

5 Jun 2014, 10:16 a.m.

ETF Securities one of the world’s largest providers of exchange traded funds (ETFs) have confirmed they are in discussion with the London Bullion Market Association to develop an alternative to the silver fix.

ETF Securities are proposing the new silver fix is based on the company’s existing silver fund which is backed by physical silver and trades on the London Stock Exchange. An electronic auction process would allow participants to buy and sell silver with the process lasting around 5 minutes. Algorithms would then calculate the closing price of the underlying shares to create the fix price.

ETF Securities Chairman, Graham Tuckwell ...

5 Jun 2014, 10:16 a.m.

Industry insiders have warned attempts to manipulate prices to protect banks derivative positions could be routine.

An unnamed hedge fund manager told the Financial Times “If I was at the FCA I would be looking at all banks trading digitals. This could be the tip of the iceberg, there’s a massive issue with exotic derivatives and barriers.”

Last week Barclays trader, Daniel Plunkett was fined £95,000 and suspended by the FCA for manipulating the gold price. According to the FCA, a customer owning a gold contract was set to receive a £2.3 million payment if the gold price was above $1,558 at ...

4 Jun 2014, 10:56 a.m.

New appointed Indian Finance Minister, Arun Jaitley, has signalled that the ministry is likely to reduce the gold import tax by 2-4%.

Currently, all gold imports are subject to a 15% import tax and 20% of all gold imports must be exported before any further imports can be made. The restrictions were imposed in 2013 in an attempt to reduce the Indian current deficit and protect the value of the Indian rupee.

The taxes have been extremely unpopular as gold is central to Indian culture, with Indians buying gold as a store of value and for gifts at weddings and religious festivals. ...

4 Jun 2014, 10:49 a.m.

The gold price was little changed on Tuesday as investors wait for the latest interest rate and policy announcement from the European Central Bank (ECB). Currently gold is trading at $1,245.10 per ounce.

Most market participants expect the ECB to reduce interest rates, while others are anticipating that the ECB will initiate a quantitative easing (QE) program in attempt to bolster liquidity in Eurozone.

If the ECB starts QE it would be expected that the Euro would weaken against the Dollar causing the demand for gold to fall. As gold is priced in U.S. dollars a rising Dollar would make gold more ...

3 Jun 2014, 12:37 p.m.

Ecuador has agreed to transfer half of its gold reserves to Goldman Sachs in return for $580 million of highly liquid financial assets.

The Central Bank will send 466,000 ounces of gold to Goldman Sachs on the proviso the gold will be returned to the South American country in three years’ time. According to industry insiders the deal should generate Ecuador between $16 million to $20 million dollars in profit.

The deal comes at the same time the Ecuadorian government is attempting to cover a $4.94 billion budget deficit. Ecuador was effectively shut out of the international debts markets in 2009 when ...

3 Jun 2014, 10:11 a.m.

According to the Ukrainian News Agency, UN, Russia has stolen 300 kilograms of gold and other precious metals from Ukrainian vaults in Crimea. The Ukrainian Minister of Justice made the claims during a press conference where he accused the Russian government of misappropriating £35 million of Ukrainian assets.

This latest story follows reports by pre-Russian newspaper, Iskra, that a large percentage of Ukrainians gold was airlifted out of Kiev by the U.S. It is estimated the annexation of Crimea will cost Ukraine $100 billion.

3 Jun 2014, 10:06 a.m.

The Chicago Mercantile Exchange (CME) and London Metal Exchange (LME) are competing against each other to develop an alternative to the London Silver Fix which will stop on the 14th August. Both exchanges confirmed last Thursday they are in consultation with the London Bullion Market Association (LBMA) to find alternative to the century old fix.

Industry insiders told the Wall Street Journal that while the CME was in the very early stages of development the LME proposal is far more advanced.

Earlier this month the company behind the fix confirmed they would stop administering the benchmark after Deutsche bank failed to find ...

2 Jun 2014, 10:12 a.m.

The European Central Bank (ECB) is expected to introduce a number of policy measures later this week in an attempt to stop the Eurozone spiralling into a deflationary trap. President of the ECB, Mario Draghi, is expected to unveil a number of measures to stimulate growth and accelerate lending across the 18 nation bloc.

In particular, the ECB is expected to introduce negative interest rates, which means the ECB will charge banks to hold deposits with them overnight.

When the Bank of England (BOE) considered negative interests rate at the height of the financial crisis, Martin Weale, external member of the BOE ...

2 Jun 2014, 10:12 a.m.