2014 was a relatively stable year in the gold market with the price fluctuating between £718 and £819 per ounce.
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The Fed finally tapered their QE program in October and despite the economy apparently stabilising they kept interest rates at near zero. Low rates gave governments freedom to increase their debt. In 2014 U.S government debt surpassed $18 trillion and the UK reached £1.46 trillion or £40,493 per tax payer.
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As soon as the Fed finished QE, the Bank of Japan (BoJ) shocked the markets by announcing they would ramp up their own QE program to 80 trillion yen. In an unprecedented move the BOJ also decided to intervene directly into the Japanese stock market. As countries resort to increasingly radical policies to manipulate their exchange rates, the currency wars could heat up in 2015.
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May saw Barclays Bank fined £26m by UK regulators after one of their traders was found guilty of manipulating the gold price. With lawsuits still being pursued the accusations of gold manipulation will no doubt resurface in 2015.
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China and Russia continued to add to their gold reserves and many are waiting for China to announce how much gold they really have. With incomes rising in the east the flow of gold form west to east is set to continue.
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In November the Dutch Central Bank surprised the markets by confirming they had successfully repatriated 122.5 tonnes of gold from the New York Fed. With populist movements in France, Belgium and Switzerland demanding their gold back from London and New York the issue of repatriation looks like it could take centre stage in 2015.
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