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Updated 14:30 13/05/21

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February Gold News 2017

There's been an increase in gold prices to levels not seen since Donald Trump's election victory in November last year.

Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said: "(Gold price) support has come from the unwinding of the post-election Trump trade, which has seen bond yields and the U.S. dollar both move lower," 

The price of gold crept over the $1250/£1005 per ounce mark for the first time in over three months on Friday.

CNBC reports that investors appear to think that the U.S. administration's ability to implement fiscal policy to stimulate the U.S. economy is ...

24 Feb 2017, 4 p.m.
Daryl Jackson

It's being widely reported that the former head of the US federal reserve has said he has 'grave concerns' about the future of the euro adding that he fears it may be on the verge of collapse.

Alan Greenspan, who is 90, was the chairman of the US federal reserve from 1987 until 2006 and predicted the financial crisis that followed in 2007 in America and in the United Kingdom.  

Mr Greenspan is alleged to have said that it is now only a matter time, in his opinion, before the eurozone collapses and as a result investors are said ...

20 Feb 2017, 2:03 p.m.
Daryl Jackson

It's no surprise at the moment that the gold price has been hit by the election of Donald Trump as president of the United States of America.

Despite that, Swiss bank UBS is saying that investors need to hold their nerve.

Speaking to CNBC - UBS head of commodities Dominic Schnider expects the price for an ounce of gold to rise to $1,300 from current $1,230. Part of the reason behind the expected increase in the gold price is a bet against the policies of Donald Trump.

There was shock after the election back in November, 2015.  The price of ...

14 Feb 2017, 4:43 p.m.
Daryl Jackson

America’s biggest foreign creditors have begun to dump American debt in response to Donald Trump’s presidency and economic policies.

Once known as the world’s safest debt market, it seems as though bigger deficits, increased inflation and interest rate hikes are making US debt much less attractive to foreign investors.

Japan and several other major holders of US Treasuries are withdrawing from the $13.9 trillion market at an alarming rate. China’s holdings now stand at a seven-year low having started selling US Treasuries in May, while Japan dumped $21.3 billion in December.

Domestic demand for US Treasuries is currently high enough ...

13 Feb 2017, 12:43 p.m.
Samuel Gee

The German Federal Bank says it plans to have half its gold reserves moved to Frankfurt by the end of this year.

A lack of confidence in the euro and concerns over the future of Europe means the German public have been uneasy about keeping their gold reserves abroad.  Since the height of the cold war its reserves have been held in places like New York and Paris well out of Moscow’s reach.

Germany has the world’s second biggest bullion reserve with a 3,378-tonne, 120 billion-euro gold stockpile. They’ve already moved almost 600 tonnes out of New York and Paris ...

9 Feb 2017, 5:04 p.m.
Daryl Jackson

There's a prediction that the pound could head for just one more final dip as article 50 –the process of starting to leave the EU – is finally triggered at the end of March.

It’s thought that the start of the countdown to Brexit - and as the European Union formally responds and sets out its negotiating position - that could prove to be the low for the pound which could bring about an opportunity for more investment in the currency.  It’s predicted that the formal triggering of article 50 will mark the final phase of sterling’s decline and will ...

9 Feb 2017, 10:50 a.m.
Daryl Jackson

Gold and the yen, two of the world’s most trusted safe-haven assets, have spiked in the last week in response to the rising political tension that is gripping the globe. Demand for these assets tends to rise significantly when investors become nervous and the yellow metal has jumped by 4.9% (£+46.94/oz t) to a near three-month high in the last seven days.

With the current geopolitical climate showing few signs of subsiding, gold could be set for a sustained bull market in 2017.

Here are our top five reasons to buy gold right now…

1) Brexit

Demand ...

7 Feb 2017, 2:57 p.m.
Samuel Gee

Nervousness ahead of the French election lifted gold to a three-month high of $1,237.17 an ounce in early trade. 

It has since treated slightly on the back of the dollar strength, but safe-haven assets such as gold are back in focus thanks to the French presidential election and Trump. 

When it comes to gold, Naeem Aslam, of Think Markets, said: "Nothing has changed- fundamentals are still the same and we think that the pullback could be an opportunity to get back in, if you have missed the move.

"We still maintain our target of $1250 for gold, because the ...

7 Feb 2017, 12:04 p.m.
Daryl Jackson

The Brexit vote and the election of Donald Trump drove global demand for gold to a four-year high in 2016, as pension funds and other institutional investors piled into the precious metal while higher prices put consumers off jewellery purchases.

Global gold demand rose 2% last year to reach 4,309 tonnes, the highest level since 2013, according to a report from the World Gold Council, which represents gold miners.

This was largely driven by inflows of 532 tonnes into gold-backed exchange-traded funds (ETFs), which track the spot price of gold – ...

7 Feb 2017, 11:56 a.m.
Daryl Jackson

The man who built gold towers is now driving up the price of gold because of the uncertainty he brings to the White House.

Gold futures prices hit a more-than-two-month high Monday, and they're set to elevate further.

Gold rose about 1 percent Monday, with futures for April settling at $1,232.10 per ounce.

"It's looking the best it's looked in several months, from a technical perspective anyway," said Jim Wyckoff, senior analyst at Kitco. "We could see $100 more on the upside easily."

President Donald Trump's trade and currency commentshave driven investors to ...

7 Feb 2017, 11:48 a.m.
Daryl Jackson

THE European Union (EU) could face a bitter end over the next few months if Party for Freedom (PVV) leader Geert Wilders wins the Dutch election.

Mr Wilders would be likely to take the country out of the bloc, Marine Le Pen the Front National leader would be likely to follow suit, leaving Germany faced with the prospect of funding the cash hole. 

The PVV leader has been placed first in the polls with 31 per cent of the vote, a month before the Dutch elections. 

If Mr Wilders does pull off a shock win, it could pave the way ...

7 Feb 2017, 11:40 a.m.
Daryl Jackson

Gold prices are higher and have pushed to another 2.5-month high in early U.S. trading Monday. A somewhat nervous world marketplace at present is working in favor of the safe-haven gold market. The near-term chart postures for gold and silver have significantly improved recently, which is inviting more technically related buying interest. April Comex gold was last up $9.40 an ounce at $1,230.20. March Comex silver was last up $0.141 at $17.62 an ounce.

It’s a light week for U.S. economic reports, so traders and investors will still be focusing upon proclamations from U.S. President Donald Trump. On Friday, Trump ...

6 Feb 2017, 5:25 p.m.
Daryl Jackson

The Prime Minister has warned MPs that "now is not the time to obstruct" the will of the British people on Brexit.

The Prime Minister was speaking in the Commons before a debate on the bill to trigger Article 50, the process of leaving the European Union.

MPs are expected to debate possible amendments to the bill into the early hours of Tuesday morning.

Rebels from the Conservative Party have threatened to vote with Labour and the SNP on changes to the EU (Notification Of Withdrawal) Bill.

"The House has spoken and now is not the ...

6 Feb 2017, 4:46 p.m.
Daryl Jackson

More than half of UK companies expect to have to raise prices over the next 12 months following the slump in sterling since the Brexit vote, according to a new report.

It comes as a separate poll showed more than half of business leaders had seen a negative impact on their companies from the referendum.

Sterling has fallen by 17% against the dollar since the vote to leave the EU in June and the weakness means imported goods and raw materials are more expensive.

A survey by the British Chambers of Commerce (BCC) showed more than two ...

6 Feb 2017, 10:07 a.m.
Daryl Jackson

Gold will climb about 6 percent through the end of the year as investors seek a shelter from the rising political risk surrounding President Donald Trump, according to Independent Strategy Ltd.’s David Roche, who has about 45 years of experience covering markets.

Bullion is set to rise to $1,300 an ounce, while most assets, such as bonds, will post negative returns, the president and global strategist at the London-based economic and financial consulting firm, said in an interview on Feb. 3.

“The amount of political risk being created by this new U.S. president and administration is going to create an enormous ...

6 Feb 2017, 9:53 a.m.
Daryl Jackson

Theresa May is hoping to use talks to convince EU leaders the UK will remain a "reliable partner" but has been warned about her closeness to Donald Trump. The Prime Minister is holding talks with European leaders including Angela Merkel, Spain's Mariano Rajoy and Austria's Christian Kern at the EU Presidency Summit in Malta.

Mrs May will only attend part of the EU Presidency Summit in Valletta and will not be present when the rest of the leaders discuss Brexit. The main topics for discussion are the UK's impending exit and the migration crisis but the leaders ...

3 Feb 2017, 10:21 a.m.
Daryl Jackson

Annual bar and coin demand was 1,029.2t, dipping just 2% y-o-y. Demand was exceptionally soft up until the fourth quarter, when investors took advantage of lower prices in October and November. Q4 was the best quarter since Q2 2013. 

China had a strong finish to the year. Q4 demand rose 86% y-o-y, pushing annual demand to 284.6t, the highest level since 2013. This was slightly above the 5-year average of 275t. Four factors underpinned China’s strong finish.

  1. Investor interest was sparked in Q4, when the gold price ...
3 Feb 2017, 9:48 a.m.
Daryl Jackson

Buckle up, bond investors.

Global reflation and fading central-bank stimulus herald a new dawn for the European corporate debt market that will buoy high-yield paper at the expense of high-grade, according to analysts at Bank of America Corp., citing an upcoming portfolio shift among investors.

"In 2016 we saw the lowest in yields and spreads," strategists at the U.S. bank led by Ioannis Angelakis, wrote in a report this week. "We doubt that we will see these levels again, especially post the recent strengthening of economic data across the globe."

Monetary stimulus will reach "peak strength" this quarter, the strategists ...

2 Feb 2017, 10:30 a.m.
Daryl Jackson

The EU (Notification Of Withdrawal) Bill has successfully navigated its first hurdle, but much of the course is still to be run.

Here's what happens next:

2 February: Prime Minister Theresa May will publish the Government's strategy for leaving the European Union. She has said the issue of EU nationals living in the UK will be among those "referenced" in the White Paper.

6 February: MPs will attempt to revise the short bill and push through amendments at committee stage. Debates continue until…

8 February: final vote and if the bill is passed it goes to the ...

2 Feb 2017, 9:25 a.m.
Daryl Jackson

Theresa May is to publish her detailed Brexit plan in a White Paper after winning a huge majority for the Government's Article 50 bill in the Commons.

The document will flesh out the Prime Minister's big Brexit speech at Lancaster House last month and contain ministers' negotiating strategy for leaving the EU.

Its publication comes after the European Union (Notification Of Withdrawal) Bill was backed by 498 MPs to 114, a majority of 384, at its second reading in the Commons.

But while most Tories are jubilant after last night's vote, Jeremy Corbyn is facing ...

2 Feb 2017, 9:06 a.m.
Daryl Jackson

The former UK ambassador to the EU has told MPs the UK will need to pay the EU up to €60bn (£51bn) to leave and Brexit negotiations could last until the early 2020s.

Sir Ivan Rogers, who quit in January and accused the UK's top politicians of "ill-founded arguments and muddled thinking" over Brexit, said reports that Brussels officials were preparing an "exit bill" for the UK were "genuine".

Giving testimony to the House of Commons European Scrutiny Committee on Wednesday, he added that senior EU figures believed Britain could not ...

1 Feb 2017, 3:12 p.m.
Daryl Jackson

The European Union says it is on course to deliver on its promise of an end to mobile phone roaming charges on 15 June for EU residents travelling in the bloc.

It announced on Wednesday that it had cleared the final hurdle by agreeing caps on wholesale charges - the amount phone operators charge each other when their customers use their phones abroad - following exhaustive negotiations.

The apparent removal of that barrier allows the end of roaming charges for consumers to take place.

It means that data usage, calls and text messages will cost you no ...

1 Feb 2017, 1:11 p.m.
Daryl Jackson

Some of Wall Street’s largest fund managers have taken a contrarian bet on gold, wagering that U.S. President Donald Trump’s governing style and upcoming elections in Europe will combine to
create more stock market volatility and boost the prices of a metal long seen as a safe haven.

Fund managers from IVA, Ridgeworth and Fidelity are among those who are bullish on gold at a time when the VIX, Wall Street’s main measure of volatility is near two-year lows amid a stock-market-rally that has pushed the P 500 up 6.5 per cent since Election Day in November.

Charles de Vaulx, ...

1 Feb 2017, 10:10 a.m.
Daryl Jackson