Russia has officially overtaken China to rank fifth in the world for the largest central bank holding of gold bullion, with only the US, Germany, France and Italy ahead of it.
January Gold News 2019
Zimbabwe is seeking to be readmitted to the London Bullion Market Association this year and accredited as a trusted gold producer. The African nation was removed from the LBMA in 2008 after failing to meet its required 10 tonne output for the year but has since renewed its gold mining and consistently met this target for three years.
The chairman of the Bank of England, Mark Carney, told MPs in Parliament yesterday that the financial markets are now quite confident that there will not be a No Deal scenario for Brexit, with many firms factoring in the strong opposition to Theresa May’s Brexit deal as the same opposition to no-deal.
Prime Minister Theresa May suffered the largest defeat in history in the House of Commons last night, with 432 MPs voting against her Brexit Withdrawal Agreement and only 202 in favour.
The result means that the PM’s deal is now dead, and with the EU saying that this was the only deal available to the UK for leaving it now brings up a very realistic prospect of a No Deal scenario.
- Deal would create the world’s largest producer of gold
- Similarities with Barrick Gold’s deal to buy Randgold in September for $6.1 billion
- Company will be called Newmont Goldcorp and listed as NEM
- Combined output of 7.9 million ounces of gold in 2017
- Forecasts of $100 million saved per year following $1 to $1.5 billion of asset sales
US financial services giants JP Morgan today reported a drop in earnings, resulting in their first missed profit forecast in 15 quarters.
JP Morgan recorded a $7.1 billion profit for the year – a 70% increase vs 2017 – but the fiscal results published show that JP Morgan earned $1.98 per share in the last quarter, compared to estimates of $2.21 per share.
The UK economy is at a six-month low for economic growth after new statistics published on Friday showed a 0.8% reduction in growth for manufacturing – with car production the biggest sector hit.
The value of the US Dollar dropped on Wednesday following the news that the United States and China had made progress towards resolving their ongoing trade war after three days of discussions in Beijing.
The price of palladium is still on the rise in 2019 after a year of gains in 2018. The price per ounce is now $1,333.21 (£1,044) – higher than the gold price in GBP and a staggering $500 (£400) per ounce more than the value of an ounce of platinum.
Twenty Conservative MPs have rebelled against their own party and voted with the opposition yesterday in favour of an amendment to the latest Finance Bill; the first time the UK Government has lost a Finance Bill vote since 1978 – 41 years ago.
The Blackwater gold mine in New Zealand is to be brought back into production under the operation of Tasman Mining, with $500 million proposed spending and the creation of 100 jobs locally.
Argentine mining firm Patagonia Gold PLC has acquired four new exploration blocks for potential future gold mining.
Tech giants Apple have reported the loss of $9 billion in 2018 through their share buyback programme.
Chinese scientists at the Dalian Institute of Chemical Physics have stumbled upon a way to transform copper into a metal with properties similar to gold and silver.
The price of gold hit a one-year high yesterday at £1,024 per ounce as Brexit, poor global economic performances, trade fears, harsh debt levels, and the US government shutdown all continue to weigh on investor confidence.
The UK Treasury has appointed two new external financial experts to the Bank of England’s Financial Policy Committee (FPC). Dame Jayne-Anne Gadhia and Dame Colette Bowe will begin their three-year terms in March and June respectively, working to spot risks to the UK’s financial stability.