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Updated 03:56 12/05/21

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January Gold News 2019

Italy’s economy has slipped back into recession following a poor end to 2018. ISTAT, the Italian National Institute of Statistics, reported that between October and December the economy contracted by 0.2%.

Prime Minister Giuseppe Conte accidentally revealed the decline of the Italian economy at an event in Milan yesterday, and added that the first half of 2019 is likely to be similarly poor.

31 Jan 2019, 12:32 p.m.
Liam Sheasby

The price of gold has climbed above the £1,000 per ounce mark once again, after last night’s series of Brexit votes in the House of Commons.

MPs gathered to cast their votes on seven amendments to the Prime Minister’s Brexit deal, which remarkably featured Theresa May backing Sir Graham Brady’s amendment to abandon the Irish backstop and enter renegotiations with Europe – something she had previously arranged and said was not possible to amend.

30 Jan 2019, 12:04 p.m.
Liam Sheasby

The World Gold Council believes 2019 will see an increase in demand for gold, which will subsequently drive prices up as the year goes on. The latest publication from the WGC stated that they “expect that the interplay between market risk and economic growth in 2019 will drive gold demand”.

28 Jan 2019, 1:42 p.m.
Liam Sheasby

The price of gold in US Dollars was relatively flat and stable in 2018, ending the year down by 1.5% and recording the first annual decline in gold price since 2015, but in 2018 gold set record high prices or near highs in 72 currencies, and came close to records for the likes of the Pound Sterling, Swiss Franc, Euro and Chinese Yuan - all of which suffered from the US Dollar’s fierce rise in popularity.

28 Jan 2019, 12:15 p.m.
Liam Sheasby

The Pound Sterling rose to a two-month high point yesterday following another flat and progress-lacking round of Prime Minister’s Questions in the House of Commons.

Sterling reached $1.30 and €1.14 respectively as of yesterday’s morning trading, and has held these levels since, with investors confident that a no-deal Brexit scenario is all but certain to be avoided.

24 Jan 2019, 1:43 p.m.
Liam Sheasby

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 since 2013 - more than the three years required by the LBMA.

23 Jan 2019, 2:04 p.m.
Liam Sheasby

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.

17 Jan 2019, 12:55 p.m.
Liam Sheasby

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.

16 Jan 2019, 12:11 p.m.
Liam Sheasby
  • 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
15 Jan 2019, 5 p.m.
Liam Sheasby

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.

15 Jan 2019, 1:42 p.m.
Liam Sheasby

The latest figures from the World Gold Council and other agencies show that gold-backed ETFs grew by 3% in 2018, with an additional 69 tonnes purchased last year – a value equivalent of $3.4 billion US Dollars.

10 Jan 2019, 11:11 a.m.
Liam Sheasby

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.

9 Jan 2019, 1:27 p.m.
Liam Sheasby

The US Mint has reported that demand for its gold and silver American Eagle coins was an 11-year low; the weakest point since just prior to the financial crisis.

8 Jan 2019, 11:20 a.m.
Liam Sheasby