August Gold News 2020

A group of young volunteer archaeologists have made an extremely rare find in central Israel, after digging up a clay urn filled with solid gold coins from the 9th century Abbasid Caliphate.

The hoard consisted of full gold Dinar coins, clipped coins, and even a gold Solidus from the nearby Byzantine Empire.

A pair of Australian gold diggers have beaten the odds to find two huge gold nuggets on the same day.

The two gold nuggets come to a combined weight of 3.5 kilos, and are estimated to be worth $350,000 Australian Dollars.

After a pullback last week, gold has rebounded and is once more above $2,000 per ounce as investors continue to react to changing pandemic news.

News last week of a potential vaccine in Russia, triggered a sell-off for gold and silver that saw both precious metals drop to monthly low.

The challenges presented by a world with social distancing as the new normal, have been widely documented, and even official bodies like the United States Mint are not immune from its effects.

The US is suffering from a severe shortage of both common currency and bullion coins.

The UK has officially entered recession, following confirmation of a record contraction for GDP in the past three months.

Q2 2020 (April – June) saw the UK economy shrink by 20.4% versus Q1, the largest fall ever recorded for the UK economy, and one of the worst falls globally.

After beating the 2011 all-time record just last week, gold has made further gains this week and has now surpassed $2,000 per ounce, a threshold many saw as a key psychological barrier.

Gold set a new all-time record of $2,065.33 this afternoon – up 5.4% in the past seven days.

A number of British and European banks have reported significant losses so far in 2020, as the coronavirus pandemic hits their balance sheets hard.

NatWest, Lloyds, and HSBC are just some of the banks to announce significant losses, as banks suffer from both the economic downturn of coronavirus, and the increased risk of loan defaults that comes with recession.