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July Gold News 2020

The US economy, considered to be one of the strongest in the world just last year, has experienced its worst contraction since records began as coronavirus rages across the country.

Q2 2020 saw the US economy contract by a shocking 32.9%, a figure worse than analysts had expected, and a worrying sign for the world’s reserve currency.

31 Jul 2020, 2:55 p.m.
Michael Pinson

After several months of impressive gains, a surge as trading opened this morning saw gold set a new all-time high in Dollars.

Gold spot price surpassed its September 2011 all-time high of $1920.30, rising to a current peak of $1,945.69 per ounce.

27 Jul 2020, 3:07 p.m.
Steve Ward

UK government bonds or gilts with record low yields have been trading recently, with investors choosing to pay for the government to hold their money in some instances as they increasingly look for safe havens to protect their wealth.

24 Jul 2020, 1:49 p.m.
Steve Ward

As a physical commodity, silver is ultimately driven by supply and demand. Trends for the past few years show that demand for silver is growing, but supply is dropping at the same time.

2020 could see both of these issues exacerbated and the silver price continue to rise.

17 Jul 2020, 3:31 p.m.
Steve Ward

China has been stockpiling gold for some time, as part of Beijing's plans to make its own currency, the Renminbi, a world player that will rival the US dollar.

The country has also been expanding its mining capabilities beyond its own borders. Mines in mineral rich nations such as Australia are being targeted by Chinese, state controlled, mining operations.

13 Jul 2020, 3:30 p.m.
Steve Ward

Chancellor Rishi Sunak has announced more measures to be taken by the government in an effort to reduce the economic damage caused by the coronavirus.

The new measures amount to additional billions to be spent by the treasury and takes pandemic spending to £190 billion.

9 Jul 2020, 3:16 p.m.
Michael Pinson

The price of gold passed the $1,800 mark this morning, peaking at $1,805.27 per ounce so far in today's trading. This is the highest gold has been since the middle of September 2011, and comes just one week since we reported gold first hitting a nine-year high.

Gold has gained between 16-18% in value so far this year, making it not only one of the best-performing assets but also putting it within $100 reach of the all-time record price.

8 Jul 2020, 12:54 p.m.
Liam Sheasby

In this age of globalisation, the governments of mineral rich nations and developed mining industries fear losing control to foreign conglomerates.

There are therefore growing concerns in Canada, which is the financial home to many of the world's largest gold mining companies, of increasing loss of control to China.

8 Jul 2020, 11:43 a.m.
Steve Ward

Gold production in Mali is expected to fall by 8.3% this year, in what is a growing trend for many mines around the world, a trend that could have big implications for gold in the future.

Overall, this year Mali expects to produce just 65.7 tonnes of gold, compared to 71.1 tonnes in 2019. By contrast, in 2018 its industrial gold production rose by 23%.

6 Jul 2020, 2:10 p.m.
Steve Ward

Palladium is the one of the most expensive traded metals, and the current highest of the four most popular bullion metals.

Palladium is an investment metal that is largely driven by its industrial applications, and the coronavirus outbreak has had a significant impact on its price in the past three months.

2 Jul 2020, 3:34 p.m.
Michael Pinson

Gold has long been a popular choice of investment for German investors, and it is perhaps unsurprising that in a time where gold demand has risen globally, German citizens are turning to gold to protect their wealth.

The report found that of the 2,000 people surveyed, 77% were considering making gold investments.

1 Jul 2020, 3:23 p.m.
Steve Ward

The price of gold today hit $1,789.69 per ounce this morning – gold's highest value since late 2011 - as markets and economies alike continue to struggle to function in lockdown.

Price forecasts have been circulating with ever-more visibility in recent weeks, with UBS suggesting $1,800 per ounce by the end of 2020 – a figure that could be passed by the end of July with gold's current demand.

1 Jul 2020, 12:56 p.m.
Liam Sheasby