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Updated 22:46 25/02/21

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March Gold News 2016

The Russian central bank is aggressively adding to their gold hoard and like China edging closer to backing their currencies with gold. In 2015, Russia increased their gold reserves by 208.4 tonnes and in February alone purchased a further 356,000 ounces. China followed Russia lead by adding a further 320,000 ounces in February.

Lord Rothschild, believes Russia clearly wants to increase their gold holding at the expense of the U.S dollar. Russia has been liquidating its treasury holdings and reinvesting the proceeds to boost their bullion holdings and reduce their foreign debt.

China also regards gold as a strategic assets ...

31 Mar 2016, 10:25 a.m.
Duncan Richardson

The Russian central bank purchased 356,000 ounces of gold in February to become the largest buyer of the yellow metal. Russia’s foreign reserves now stand at $386.9bn.

The Russian central bank have added $19bn to their foreign reserves since the end of 2015, when the country’s central bank announced they plan to increase the countries gold hoard by a further $500 billion in the next five years. China added 320,000 ounces in February as the country continues to diversify its foreign reserves away from the U.S dollar.

In contrast, Canada who have a long history of mining gold, have now ...

30 Mar 2016, 5:12 p.m.
Adam Pike

Institutions which saved the global economy in 2008, are losing their magic touch if conventional wisdom is to be believed.

Eight years after Hank Paulson went before congress and begged for financial bailout, central banks have cut interest rates 637 times and bought £8.5 trillion in financial assets. As the global economy once again slows, central banks are intervening like never before.

In the last 6 weeks the Bank of Japan has lowered interest rates into negative territory. Whilst in Europe the ECB increased their monthly policy and are now unlikely to raise interests in 2016.

Central banks are running ...

23 Mar 2016, 10:45 a.m.
Duncan Richardson

Following two days of profit taking the gold price surged $30.70 to $1,261.70 per ounce yesterday. The price rose immediately after the Federal Reserve announced their intention to raise interest’s rates only once this year.

The gold price fell to a six year low of $1,049.60 on the 17th of December, since then the bull run in the yellow metal has taken the price to $1,265.58 today. A bull market is defined as a 20% increase from a low.

Janet Yellen was also cautious over the outlook for the U.S economy and warned that global economic and financial developments has ...

21 Mar 2016, 11:09 a.m.
Adam Pike

The catalyst for the next global recession is in view after a series of false starts. Inflation data in the U.S. spiked to 3% in February to a post Lehman high. Housing, insurance, clothes, restaurants and medical bills are all rising. It appears as though the endless rounds of money printing are finally working their way through the system?

Historically the only way to kill inflation is to raise interest rates. This time is different because the U.S. economy would simply collapse if interest rates reverted back to their historic average. In 1980 and 9 years after Nixon closed the ...

18 Mar 2016, 10:56 a.m.
Duncan Richardson

Central banks are accumulating massive amounts of physical gold led primarily by Russia and China. Much has been said about Putin, but one can’t deny he is a master tactician.

Putin understands the average lifespan of an empire is 250 years and America has been at the top spot for the last 240 years. Putin and China both know America is failing and want to take advantage of is inevitable decline.

IMF gold purchasing data shows the two emerging powers have been the largest net buyers of gold for the last 8 years. In 2015 the two countries combined snapped ...

14 Mar 2016, 4:05 p.m.
Peter Walden

The European Central Bank surprised the markets yesterday by unleashing a massive stimulus package, in what market is describing as a last ditch attempt to kick start the Eurozone economy.

ECB president, Mario Draghi announced the bank is to cut its deposit rate by 10 basis points, expand its quantitative easing program by a further 20 billion euros a month and in an extreme move, start purchasing corporate debt. Draghi pledged he will continue to pump money into the system to stop the continent falling into a deflationary spiral.

The markets reacted negatively with equity markets falling on fears the ...

11 Mar 2016, 11:49 a.m.
Duncan Richardson

The gold price has now fallen for three consecutive day after reaching a three year high of $1,272 per ounce on Tuesday.

Golds decline is a surprise when you consider the European Central Bank (ECB) is expected to announce further stimulus measures when they meet later today. Low Inflation and anaemic growth in the Eurozone is putting pressure on ECB president Mario Draghi to act.

The markets are expecting the ECB to cut the rate of interest they pay on money deposited by commercial banks from -0.3 to -0.5%. Negative rates are a last ditch attempt to stimulate the economy.

10 Mar 2016, 9:56 a.m.
Peter Walden

The International Monetary Fund has issued a stark warning that the global economy is heading towards “economic derailment” unless central banks and governments make unpopular decisions to stabilise the economy.

IMF Deputy managing director, Davis Lipton, said action is needed to promote growth and dispel the notion that central banks are running out of ammunition. It now seems certain the fund will downgrade their economy growth forecast for the fourth consecutive year.

Lipton is calling on governments to borrow and invest more rather than just relying on central banks to promote growth through quantitative easing and negative interest rates.   

9 Mar 2016, 11:37 a.m.
Duncan Richardson

The economic depression playing out in the periphery of Europe is a direct result of policies implemented by unelected elites in Brussels, according to former Bank of England Governor Mervyn King

King believes the euro needs to be dismantled to allow the weakest members to walk away from a vicious cycle of austerity and high unemployment. King believes the Greek people have been let down by EU elites and austerity won’t work if the economy continues to contract.

Lord King who spent 10 years at the helm of the Bank of England, said the poorest EU countries will eventually have ...

3 Mar 2016, 5:16 p.m.
Duncan Richardson

Russia added a further 688,000 ounces of gold to their official reserves in January making them the largest buyer of the yellow metal according to IMF data.  Russia’s total reserves now stand at 46.2 million ounces.

China purchased 197.1 metric tons of gold in 2015, having only started to report new purchases last year. In 2015 Russia and China accounted for over 90% of central bank purchases last year.

According to a number of economists Vladimir Putin is buying gold to diversify Russian reserves away from U.S dollars and at the same time undermine the U.S. and Europe banking system.

3 Mar 2016, 5:16 p.m.
Peter Walden