Open menu Close menu Menu
Open charts menu Close charts menu Charts

Call us: 0121 634 8060, 7 days, 7am - 10pm

Free Insured Next Day Delivery

Ounce Gram
Gold £1244.21 £40.002
Silver £14.194 £0.4563

Updated 20:20 19/02/20

£ $

Gold breaks through £850 per ounce as ETF’s experience inflows


Adam Pike, News Editor
20 Jan 2015, 10:37 a.m.

The gold price has broken through £850 per ounce as investors seek safe havens following the Swiss Central Banks decision to remove the euro franc currency peg. Uncertainty over Sunday’s election in Greece, where the anti-bailout party Syriza heads the polls, is also adding to the uncertainly in markets.

Investors are also waiting for Thursday’s announcement from the ECB, which could see them implementing a full blown quantitative easing program. Any program which results in the ECB expanding its balance sheet via money printing should further boost the gold price.

The majority of the world’s largest gold backed exchange traded funds (ETF’s) have experienced significant inflows. The world’s largest gold ETF, the SPDR Trust, added 23.3 tonnes in the last 48 hours.

Worries over the health of the world economy has also boosted golds appeal after the International Monetary Fund lowered its global growth forecast for 2015 from 3.8% to 3.5%.

Since the start of the year gold has surged £92 per ounce and silver £1.75 per ounce. Interestingly both the gold and silver price have increased at the same time oil and other base metals have retreated as deflation fears in Europe take hold.

View original source at: www.mining.com

comments powered by Disqus