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Updated 23:44 10/05/21

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February Gold News 2015

The Swiss competition commission, WEKO, has started an investigation into potential price manipulation of both the gold and silver price.

As a result of the 2012 libor scandal, the gold and silver fixes and other financial benchmarks have come under increased scrutiny by regulators on both sides of the Atlantic. A spokesman for the regulator confirmed the probe started in 2014, but declined to state which banks are under investigation.

The news comes only days after the U.S. Justice department announced they are investigating 10 U.S. based banks over alleged manipulation of the gold and silver price. The Financial Conduct ...

26 Feb 2015, 11:03 a.m.
Duncan Richardson

The Austrian court of Audit are concerned they have a disproportionate amount of their gold held by the Bank of England. Currently 82% of Austria’s 280 tonnes of gold are vaulted in London.

In the department’s latest statement they expressed concern that such a high proportion of their gold is held with one identity.  The department concluded their gold depository agreement with the Bank of England was inadequate and the internal auditing procedures insufficient.

The Austrian Central Bank have not ruled out repatriating their gold home. In 2014 the Central Banks of Germany, Belgium and the Netherlands all reprinted gold ...

26 Feb 2015, 11:02 a.m.
Peter Walden

The U.S Justice department is investigating 10 U.S. based banks over alleged manipulation of the gold and silver price.

The Justice Department’s antitrust unit is now shifting its attention to the precious metals market after previously focusing on manipulation of financial benchmarks. A number of the world’s leading financial institutions are facing criminal charges over alleged manipulation of currency and interbank lending markets.

HSBC Bank confirmed on Monday that the U.S. commodities regulator and the Justice Department have demanded documents from bank regarding its precious metals dealings. The other banks under investigation are Standard Bank Group Inc, Bank of Nova ...

24 Feb 2015, 10:58 a.m.
Duncan Richardson

Following threats by the UK government to ban Russia from the international payment system SWIFT last year, Russia is set to launch an alternative.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network for financial institutions to send transaction data between each other in a secure and standardised way.

Importantly Russia’s system will be up and running from May this year and will allow them to conduct trade in currencies other than U.S. dollars. 91 domestic financial institutions are initially signed up and the network will help Russia reduce their dependency on the U.S dollar. The amount of ...

20 Feb 2015, 10:20 a.m.
Duncan Richardson

The gold price has dropped 3.2% this week and is trading just above the psychological $1,200 barrier. There is a real risk that the price will continue to decline in the absence of physical buying from China.

The gold price came under pressure as investors liquidated positions prior to Chinese markets closing for the New Year Lunar celebrations.

Investors are now turning their attention to the latest Eurozone finance ministers meeting. Where speculation is rising that the ECB and the newly elected government will reach a short term agreement over Greece’s national debt. The Greek stock market rose 3% of ...

18 Feb 2015, 4:05 p.m.
Peter Walden

The gold price has fallen £13.07 per ounce during Tuesdays trading and broken through the 100 day moving average. The silver price has seen greater volatility falling over 5.06% in the last 24 hours. Both metal prices have been falling since reaching a 12 month high in January 2014.

The gold price has fallen despite Greece and the European Union failing to reach a deal over Greece's £178 billion bailout. German finance minister warned the newly elected Greek government that they must make up their mind as to what they want. Understandably the Greek stock market fell on the news.

17 Feb 2015, 3:07 p.m.
Adam Pike

U.S Investment bank Morgan Stanley has warned if countries continue to devalue their currencies in an attempt to increase competitiveness the world will revisit the “ghosts of the 1930’s.”

As a result of the ECB’s decision to launch a 1 trillion euro QE program the euro has weakened in the international currency markets putting pressure on its major trading partners to weaken their currencies and protect their export markets.

Last week Sweden’s Central Bank cut interest rates to -0.10% and launched their version of quantitative easing. Many analysts believe the move is a deliberant attempt to weaken the Krone and ...

16 Feb 2015, 2:54 p.m.
Duncan Richardson

The world gold council has issued it's annual analysis of gold supply and demand trends.

Click to view the World Gold Council Report

Summary:-  2014 was a year of stabilisation in both the gold market and the gold price following the extremes of 2013. Asia now buys 60% of the global supply, up from 47% only 5 years ago.

In 2014 central banks took advantage of the lower prices by increasing their net gold purchases to 477 tonnes, 17% more than in 2013. This is the second highest in 50 years as the world's central banks ...

13 Feb 2015, 4:05 p.m.
Adam Pike

The gold price has fallen £28.79 per ounce this week despite Euro minsters failing to reach a consensus over the Greece’s debt crisis.

Greece’s current bailout expires in 2 weeks times and the newly elected Greek government are adamant they will not extend the terms of the current deal. Whist the European Union and European Central bank have confirmed Greece must abide by the deal.

If an agreement cannot be found Greece will not be able to tap a 7bn euro loan and the country will officially run out of money. Should Greece default on their loans the financial ramifications ...

12 Feb 2015, 12:51 p.m.
Duncan Richardson

The gold price has rebounded from Friday’s fall following Greek Prime Minister Alexis Tsipras latest rejection of country’s bailout and concerns the conflict in the Ukraine could escalate out of control. The gold price has risen 0.75% this morning to $1,238.98 per ounce.

Alex Tsipras reaffirmed his party will increase the minimum wage and stop privatization of state infrastructure. Tsipras comments will surely infuriate his countries creditors ahead of the euro-area emergency meeting which is scheduled in later this week.

The situation in the east of the Ukraine continues to deteriorate as both sides step up military action. According to ...

9 Feb 2015, 12:40 p.m.
Peter Walden

Former head of the U.S Central Bank, Alan Greenspan, is forecasting Greece will exit the Eurozone. The former central banker told the BBC that Greece will be unsuccessfully in renegotiating its bailout and will eventually leave the Eurozone. Greenspan believes the euro can’t survive unless all euro members are politically and financially integrated.

Following Syriza’s election win Greek ministers have been travelling around Europe in an attempt to renegotiate the terms of its bailout. However, there seems to be little support from European leaders or the European Central bank to alter the terms.

Over the weekend UK Chancellor, George Osborne, ...

9 Feb 2015, 12:40 p.m.
Adam Pike

Interest rates on some sovereign debt and corporate bonds have turned negative. For example you lend a country or company say £100 and then in five years’ time they give you less than that back.

Government bonds are negative in Germany, Switzerland, Sweden, Austria, Netherlands and now Denmark. Early this week Nestle bonds turned negative and for a brief time so did Shells. Historically economists thought rates would never go negative as they thought investors and depositors would instead hold onto their cash.

There are a number of potential reasons to explain this phenomenon. The first explanation is simply the ...

6 Feb 2015, 11:55 a.m.
Duncan Richardson

According to Belgian news agency, RTBF, the Central Bank of Belgium is planning on repatriating 200 tonnes of gold vaulted with the Bank of England. The gold was originally moved to the UK out of fear of Nazi theft in the 1930’s.

For security reasons no date has been given and according to RTBF a ship with up to 50 military personal and helicopter will transport the gold back to Belgium. Based on the current spot price the gold would be worth $7 billion.

It appears the issue of gold repatriation is not going away. Last year the Netherlands and ...

5 Feb 2015, 12:25 p.m.
Peter Walden

The gold price has fallen during the first hours of London trading despite the news that the European Central Bank (ECB) announcing they will continue to take a tough stance on Greek debt. The gold price has retreated 0.92% in the last 24 hours to trade at £826.68 per ounce. The silver, platinum and palladium price have also fallen.

Following a strong rally in January, many commentators are expecting gold to consolidate gains before advancing higher.

The ECB announced they will no longer accept Greek government debt as collateral for loans to the countries commercial banks. Greek banks will now ...

5 Feb 2015, 12:24 p.m.
Adam Pike

Three of Greece’s largest banks have started to tap emergency funding from the Central Bank of Greece in response to customers withdrawing their money due to the political uncertainty following Syriza election win last week.

Greek financial institutions have come under increasing pressure after Prime Ministers Alexis Tsipras stormed to power on a pledge to end austerity and renegotiate the countries massive debts.

Liquidity started to tightened prior to the election which prompted the Greek Central Bank to apply for emergency funding from the ECB. Initially the funding was only meant to be in place for two weeks.

Sources close ...

4 Feb 2015, 11:35 a.m.
Duncan Richardson

The Russian Central Bank bought over $6 billion of gold bullion in 2014 in an attempt to diversify away from the U.S. dollar.

According to data released by news agency, Thomson Reuters, Russia purchased 152 tonnes of gold in 2014, 123% increase when compared to the previous year. In 2014 Russia accounted for nearly a third of all Central Bank gold purchases.

Some economic experts are forecasting Russia will sell U.S. denominated assets and utilise the proceeds to buy gold thus reducing their dependence on the U.S. dollar and providing support for the weakening Russian rouble.

The rouble has lost ...

2 Feb 2015, 11:34 a.m.
Duncan Richardson

The gold price advanced on Friday afternoon after the fourth quarter U.S. GDP figures disappointed.

U.S. economy expanded by only 2.6% in the fourth quarter the smallest increase since the first quarter in 2014 and well below the 3% previously forecasted. The gold price rallied on the news and finished Fridays trading up nearly 2%.  The silver price also rose on the news and finished up 1.5%.

Whilst gold posted positive gains all the major U.S. and Asian stockmarkets fell as sentiment turned negative. The stock market sell-off started in China with the Shanghai Composite falling 1.44% and the Hong ...

2 Feb 2015, 11:34 a.m.
Adam Pike