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Updated 22:00 22/09/20

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August Gold News 2015

Its official China has started to reduce its U.S. treasury holdings to help support the Chinese Yuan. China sold the treasuries directly into the market, as well as through identities in Switzerland and Belgium.  According to a source close to the matter the Chinese government communicated with the U.S. Treasury Department prior to the sales.

Data released from the U.S. treasury department indicates that China still owns $1.48 trillion in U.S. debt securities.

If sales continue yields on U.S. Treasuries will come under considerable upward pressure and put the Fed in a difficult situation. The U.S. government is swimming in ...

28 Aug 2015, 10:09 a.m.

Following a U.S. probe European financial regulators are to investigate possible precious metals manipulation by some of the world’s largest banks.

Prosecutors in the U.S. are currently investigating 10 banks including Deutsche Bank, Barclays and JPMorgan Chase. The latest scrutiny follows a number of international investigations into potential rigging of currency and interest rate benchmarks which has cost banks hundreds of billions of dollars in fines. 

In May, Swiss Bank UBS gained immunity from criminal prosecution in a Justice Department investigation into precious metals misconduct after they cooperated with authorities. Barclays Bank also confirmed they are providing information to the ...

27 Aug 2015, 12:30 p.m.

Two treasure hunters claim they have discovered a long lost Nazi train. According to folk law the train is carrying Nazi gold stolen from prisoners during the Second World War. Zygmunt Nowaczych, the cities deputy Major, told reporters that lawyers representing the two treasure hunters have confirmed the train is located somewhere in the mountains surrounding the city.

The two men who claim to have found the train said they will only reveal the train’s located if they are guaranteed 10% of its value.

The Nazis built a number of underground tunnels during World War II to protect military hardware ...

27 Aug 2015, 12:30 p.m.

Chinese shares have plunged for the second straight day after concerns over China’s slowing economy triggered yet another market sell off.

After falling 8.5% on Monday, China’s main stock market index fell a further 7.6% overnight. Mondays fall has now been dubbed China’s “Black Monday.”

After decades of continuous economic growth, China’s economy is now slowing and investors are concerned firms and economies which rely on China will be adversely affected. Prior to the crash Chinese stocks rose sharply fuelled by first time investors buying shares on margin.

The stock market has been falling for months despite the Chinese government ...

25 Aug 2015, 4:27 p.m.

Asian stock markets have tumbled once again overnight with the Chinese Composite down 7.3%.  The rout continued across Asia with the Hong Kong’s Hang Seng index down 5.08% and the Tokyo Nikkei down 4.6%. The FTSE 100 is currently down 2.34% and both the French and German stock markets are down over 3%.

The commodity sell off has continued with oil trading below $40 for the first time in 6 years.

Commodity based currencies continue to fall against the pound.  The currencies of Australia, Russia, Brazil, Canada, Peru, Chile and Malaysia are now trading at 12 month low against the ...

24 Aug 2015, 11:03 a.m.

Treasure hunters have found $4.5 million of gold coins off the Florida coast. 350 Spanish gold coins were salvaged 300 years to the day after a fleet of Spanish ships sank while on route from Cuba to Spain.

Nine of the coins, known as Royals were minted for King Philip V and are reported to be worth £300,000 each. It is estimated a further $400 million of treasure and coins remain undiscovered on the seabed amid the wreckage of 11 ships which went down during a hurricane.

24 Aug 2015, 11:02 a.m.

In 2008 central banks stepped in as lenders of last resort to halt the meltdown of the financial system. Toxic debt based securities were transferred from the private sector to the public sector via the printing trillions of dollars. It appears these actions only delayed the day of reckoning.

As global stock markets experience sharp declines time is running out. Central Banks are out of ammunition and losing control at a time the world economy is grinding to a halt. Are stock markets beginning to crumble under the weight of record valuations and unrealistic expectations? There are signs the situation ...

21 Aug 2015, 10:25 a.m.

Immediately following the release of the Federal Open Market Committee (FOMC) latest minutes the dollar fell and the gold price surged. The gold price broke through technical resistance at $1,130 per ounce to finish at $1,117.5 per ounce.

The minutes revealed the Federal Reserve are still waiting for the economy to strengthen before they will raise rates. The Fed is in a difficult position, if they don’t raise rates they run the risk of losing the confidence of the market.

After six years of near zero interest rates many doubt the Fed will ever raise rates and if they do ...

20 Aug 2015, 11:49 a.m.

China have set the guiding rate for the yuan lower for the third consecutive day in a row. On Tuesday the People Bank of China (PBOC) announced that it would start to set daily rates based on the previous days trading in an attempt to bring the yuan closed to a free-floating currency.

The move to drop the yuan has triggered concerns over a currency war designed to boost China’s exports. Recently, economic data has shown a decline in Chinese exports, causing more worries that the world’s second largest economy is in a  major slowdown. ...

13 Aug 2015, 10:56 a.m.