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Independent Authority for precious metals
A new report shows that gold is now the second-most popular way to invest in Switzerland, being mentioned by 48% of those questioned. Almost one fifth of Swiss nationals are even planning to invest in the precious metal within the next twelve months.
Theresa May broke down in tears today, as she announced that she will stand down as Prime Minister within weeks.
As she stood on the steps of Downing Street, Mrs May said she will resign as Conservative leader on June 7 but will remain as prime minister until a replacement is selected.
Russia has increased both its gold mining output and its gold reserves in the first quarter of this year according to figures from the Russian Central Bank and the World Gold Council.
An anonymous gold hunter has discovered a 1.4 kilogram gold nugget near Kalgoorlie, Western Australia.
The nugget was found in an area just outside Kalgoorlie known as the Golden Mile; a site with sizeable gold reserves that experienced the first major gold rush in 1893.
Banco Central de Venezuela have reportedly sold almost 14 tonnes of gold in the past fortnight, for a total of $570 million. The news, reported by Bloomberg, does not specify a buyer, though it is heavily rumoured to be the United Arab Emirates.
Observant readers will have noticed that the price of gold per ounce in Pound Sterling climbed to an impressive £1,013 per ounce last week, but what caused it?
An Australian family have discovered a gold nugget worth more than £20,000 while out for a walk last Sunday.
The nugget, which weighs 624 grams, was discovered by accident when a young girl kicked what she thought was a rock and instead turned out to be a large lump of gold.
Last Tuesday, Republican Congressman Alex Mooney (West Virginia) introduced this bill to the House of Representatives, in the hope of the act becoming law and forcing the US government to audit the nation’s gold reserves.
To date, the US is estimated to hold 8,133.5 tonnes of gold in storage – the most of any nation in the world - but no such audit has ever successfully been performed by authorities in America.
Dubbed ‘Brown’s Bottom’, the sale of half of the UK’s gold reserves between 1999 and 2002 by then-Chancellor Gordon Brown is considered a particular low point in British history.
Today marks the 20th anniversary of this event, so we revisit Gordon Brown’s mistakes; how a cautious Chancellor let down his guard and undersold more than half of Britain’s gold reserves.
Global stock markets are rushing to sell following President Trump’s warning to China on Sunday that a tariff hike and fresh tariffs would be coming their way if they didn’t stop stalling talks.
Trump warned China that he would up the tariff rate to 25% on $200 billion worth of Chinese imports. Robert Lighthizer - US Trade Representative – accused Beijing of going back on promises already made.
The gold - silver ratio reached a 26-year high on Wednesday. At 87.136, the difference in value between an ounce of gold and an ounce of silver hasn't been greater since 1993.
If history repeats itself, silver could be about to increase in price, and investors are asking themselves when the ratio will finally start to drop.
The latest figures from the World Gold Council reveal that central banks across the world bought approximately 145.5 tonnes of gold in the first quarter of this year.
The ongoing US/China trade war, combined with Brexit and the Eurozone slowdown, has seen the desire for safe haven assets rise, with physical gold a popular way to diversify investments.
Nordgold has announced investment of $70 million into the Lefa mine in the past year, and plans to keep spending in 2019 and beyond.
The money was used to increase efficiency and extend the lifespan of the site, while also working to improve conditions for communities in the local area.
Three men have been jailed by a South Korean court for fraud following false claims last year that their company had found a large hoard of lost gold beneath the Sea of Japan.
Three unnamed business executives were responsible for a team that declared they had found the wreckage of the Russian cruiser ‘Dmitrii Donskoi’, and that it contained gold bullion lost during the Battle of Tsushima in 1905.
Australia, the world’s second largest producer of gold, could see a major shortage if new sources are not found in the next five years.
The forecast output for 2019 of 332.8 tonnes (10.7 million ounces) is worth approximately $19.2 billion, meaning Australia could lose between $7.2 - $7.7 billion AUD.
Gold sampling at a decommissioned Welsh mining site have proved to be ‘very significant’ according to Alba Mineral Resources, who own the Clogau St David mine in the Dolgellau mining belt, North Wales.
The Pound Sterling has hit a two-week high value of $1.30690 today following news articles suggesting Theresa May will finally concede to Labour over their Customs Union requests.
The Pound is also currently worth €1.16382, though the Eurozone’s improved economic performance and slowing British factory growth have limited Sterling’s gains against the Euro.
The Spanish economy has reported a 0.7% growth in GDP this week; up from the previous quarter’s growth of 0.6% and with twice as much economic growth as neighbouring France.
The data also shows that Spain’s economy grew 2.4% faster in the first quarter of this year compared to the same period last year. Spain has now grown consistently since 2013.
