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May Gold News 2017


Gold closes at two week high as Trump turmoil accelerates

Gold closes at two week high as Trump turmoil accelerates

The gold price rose sharply on Wednesday buoyed by political turmoil in Washington. The yellow metal hit a two-week high of $1,262.66 per ounce following the announcement former FBI director, Robert Nueller, will lead an investigation into Russia’s involvement in the 2016 U.S. election.

Calls for an investigation have been mounting since Trump sacked former FBI direct, James Comey, last week. The announcement took the White House by surprise, with Donald Trump only being informed of the investigation after Deputy Attorney General, Robert Mueller, had approved the investigation.

Could a run-on Spain’s sixth largest lender turn into a stampede?

Could a run-on Spain’s sixth largest lender turn into a stampede?

Spain’s sixth largest bank, Banco Popular, appears to be losing the confidence of its customers. In 2016, the troubled bank lost 6.5% of its total deposit base as the banks solvency came into question. The bank responded by offering attractive deposit rates up to 4%, but the outflow only accelerated when the bank reported a 139-million-euro quarterly loss last week.

According to Spanish News Agency El Confidencial retail and institutional investors are withdrawing funds at such propositions the lender is on the verge of bankruptcy.  The bank's share price fell 11% last week and is down another 5.72% this morning.

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Gold Price Falls Nearly 8% in Less Than Three Weeks

Gold Price Falls Nearly 8% in Less Than Three Weeks

The gold price has fallen 7.6% (£-79.26/ oz t) in the last three weeks, approaching levels not seen since January this year.

The decline was accelerated by an overnight plunge of 1.75% after a statement from the Federal Reserve on Wednesday, in which they asserted that their fiscal tightening policy is set to continue. The probability of further interest rate hikes in June was upgraded from 67% to 97% as a result, putting downward pressure on gold as Treasury bond yields and the dollar both rose.

The Fed affirmed that they remained confident in the US economy, claiming that slower ...

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