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Updated 15:14 13/05/21

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May Gold News 2015

China is to launch a $16 billion gold investment fund focusing on gold mining projects across central Asia. The fund will buy stakes in gold mines and develop a gold exchange traded fund. This latest initiative will enable Chinese miners to jointly explore the 16 gold producing regions in Central Asia. In total around 60 countries will invest in the fund, which will also facilitate gold purchases for the Central Banks of the member states.

Yesterday Barrick Gold announced it has formed an alliance with the Chinese gold producer Zijin Mining. In a joint statement the two companies outlined their ...

27 May 2015, 11:53 a.m.
Peter Walden

Six of the world’s largest banks have been fined a combined £3.7 billion for manipulation of the currency and foreign exchange markets. Royal Bank of Scotland, UBS, Citigroup, Barclays and Bank of American were fined by U.S and UK regulators on Wednesday following an ongoing investigation. Despite the record fine shares in all the banks rose following the announcement.

The traders used internet chat rooms to organize their manipulation and called themselves the “cartel” and the “three musketeers.” One Barclays trader was caught saying “if you aint cheating, you ain’t trying.” Despite systematic manipulation costing corporations and individuals an estimated ...

22 May 2015, 10:46 a.m.
Duncan Richardson

History has proven all fiat currencies fail and on average last between 40-50 years.  With the U.S. dollar in its 44th year is the greenback on the borrowed time? Only gold and silver have stood the test of time.

It’s been a difficult 4 years for silver and gold investors as prices have declined whilst stock markets have soared. Many in the industry argue gold and silver prices are being held artificially low as Central Banks try to keep the show on the road.

If a currency and asset price collapse is on the horizon today’s metal prices could represent ...

22 May 2015, 9:55 a.m.
Duncan Richardson

The Danish government is proposing a new law that will ban the use of cash transactions. The proposed law will see all physical currencies and traditional bank accounts abolished in an attempt to give the government new tools to end the boom bust cycle.

On the surface this seems innocuous enough with shops simply refusing cash as method of payment and demanding payment in electronic form. The Danish government argue that removing cash will make the economy run more efficiently.

If the Danes do move towards a cashless society every transaction could be monitored directly by the government.  Are we ...

20 May 2015, 11:25 a.m.
Duncan Richardson

Britain has officially dipped into deflation for the first time since records began in 1989 as measured by the consumer price index (CPI). Prices for goods and services fell by 0.1% in April with oil prices, supermarket wars and a strengthening pound driving the CPI downwards.

Inflation had already fallen to zero in February and March - meaning average prices were the same as a year ago. Economists had predicted that inflation would remain at zero for April. Experimental data from the Office for National Statistics (ONS) suggest it is the lowest rate since 1960.

The gold price advanced £16.50 per ounce last week as concerns rose that Greece may exit the euro and the U.S. may delay any interest rate rise. Priced in U.S. dollars gold is now trading at a three month high. The silver price rose 7.77% over the week and now trades at $17.70 per ounce.

The gains come as markets start to anticipate a possible Grexit. Over the weekend a leaked IMF document said the Greek government has no chance of meeting its sovereign debt obligations unless the country taps into further bailout funds.

The IMF is demanding the Greek ...

18 May 2015, 12:05 p.m.
Peter Walden

Global debt is now estimated to be over $2 trillion and with a world population of 7.3 billion each man, women and child owes on average $27,200.

Worryingly 29% or $57 trillion has been accumulated since the start of economic crisis in 2008. Since 2008 government and personal debt have soared and overall debt in China has expanded by over 50%.

Currency comes into existence as debt and the interest on that debt can only be paid when new currency is created. Governments and central banks have no choice but to encourage corporate, private and government debt or implement money ...

15 May 2015, 3:35 p.m.
Duncan Richardson

On Thursday the World Gold Council confirmed gold coin and bar sales in Germany surged over 20% in the first quarter.

Inflation fears in the country have grown as a result of the European Central Bank implementing a $1.3 trillion quantitative easing program. Many Germans worry QE will lead to excessive inflation and potential hyperinflation.  Gold sales in France, Switzerland and Austria all rose in the first quarter.

Europeans are also concerned the Greek sovereign debt crisis could cause a breakup of the European Union. Geopolitical tensions between the U.S. and Russia over the Ukraine has also helped to support ...

15 May 2015, 2:50 p.m.
Adam Pike

The gold price has rose to £777 per ounce following worse than expected U.S. employment data.

The U.S. Department for Labour announced the number of people registering for unemployment benefits fell by only 1,000 in April. In recent weeks the dollar has lost ground against the pound making gold cheaper in sterling.

Gold has also been boosted by concern Greece is running out of money and increased political tension in the Middle East.

The silver price has surged over 7% in the last three trading days, its biggest rise since August 2013. Both metals have broken above their 200 day ...

14 May 2015, 4:03 p.m.
Adam Pike

Greek finance minister, Yanis Varoufakis, says the financial situation in Greece is “terribly urgent” and the crisis could potentially come to a head within the next couple of weeks.

Varoufakis issued his latest warning as Eurozone finance ministers met in Brussels to discuss a potential final 7.2bn euro bailout. As the country runs out of money the chances of an outright debt default is rising.

The countries creditors are demanding the Greek government implement a number of reforms before further money is released, but the Greek government is resisting.

The newly elected government confirmed it will not break its election ...

12 May 2015, 12:22 p.m.
Duncan Richardson

After a disastrous night for Labour the gold price fell almost £13 per ounce this morning as markets reacted to the Conservatives edging closer to an overall majority in the General Election. The drop in the gold price was due to the a dramatic strengthening of the pound as pre-election fears of a hung parliament were quashed.

As early exit polls were announced yesterday evening the pound soared as much as 2.5% against the euro international investors rushed back into the UK as it became apparent a coalition would not be required. The FTSE 100 also jumped 2% over the 7,000 mark ...

8 May 2015, 5:26 p.m.
Duncan Richardson

Head of the U.S. Federal Reserve, Janet Yellen has warned global stock markets are at risk.

Yellen told the audience at the International Monetary Fund that current stock market valuations are high and represent potential dangers.

Despite bonds and stocks trading at all-time highs Yellen added she cannot see any asset bubbles forming.

Earlier this year the FTSE 100, Dow Jones and German Dax have all recorded new highs. Many argue the bond market is even more extreme with 70% of all German Bunds, 50% of all French and incredibly 17% of all Spanish debt trading with a negative yield.

7 May 2015, 10:48 a.m.
Adam Pike

The gold price remains within a tight range despite poor economic data out of the U.S. American employers added 169,000 jobs in April, the lowest monthly increase since January 2014.   Poor employment data supports the gold price because the dollar weakens and reduces the probability of an interest rate rise.  Since March the U.S. dollar has fallen 7% against a basket of international currencies.

Meanwhile, the U.S. trade deficit widened in April to $51.4 billion and Gross Domestic Product grew by a mere 0.2% in the first quarter.

Many analysts believe if the U.S. economy continues to slow the Fed ...

6 May 2015, 3:57 p.m.
Adam Pike