A rare, gold ‘Brasher Doubloon’ has sold for an eye-watering $9.36 million at auction recently, setting new records for both the auction house, and grading company - the Numismatic Guaranty Corporation. The sale is being celebrated as the highest amount paid for a NGC coin, more than doubling the previous record.
January Gold News 2021
Inflation is set to be a key driver for gold prices in 2021 and beyond, and could help propel gold to a new all-time high. The Covid-19 outbreak saw inflation fall to near-zero in 2020, but the economic response could see inflation rise, and rise significantly in the months ahead, pushing up demand for inflation hedges like gold.
Newly elected President Joe Biden has had a busy first day in the Oval Office, and the changing of the guard from the Trump administration has been a boost to the pound sterling.
Against the dollar, the pound jumped to its highest since May 2018, reaching $1.374 at its peak before closing at $1.366.
A double-dip recession is looking increasingly likely for the UK economy in 2021 following the release of the latest GDP figures.
After a historic contraction in Q1 and Q2 of 2020, the UK economy had shown signs of recovery, with six consecutive months of growth. November’s GDP figures have ended that spree, with a fall of 2.6%, and point to a potential double-dip recession in 2021.
The Russian central bank has reported this week that its gold bullion holdings surpassed the value of its US dollar reserves.
According to the Moscow Times, Russia's gold as of June 30th last year was worth $128.5 billion – almost $4 billion more in value than the US dollars the Eurasian state holds in its reserves.
A previously discovered golden ornament has been officially classed as a treasure, and is believed to be one of Britain’s oldest examples of gold metalwork.
The nearly pure gold ornament was originally discovered in 2014 by a group of young volunteer archaeologists and was found in the Kirkhaugh Cairns located in Kirkhaugh, Northumberland.
A gold vein has reportedly been discovered in Turkey, thanks to a fertiliser company operating in the region. The estimated value of such a find could be as high as $6 billion, with up to 99 tonnes (3.5 million ounces) of gold in the vein.
Sterling has begun 2021 with gains that have pushed it to a 32-month high against the Dollar. GBP has been boosted by a number of factors, and analysts believe there could be further gains to come for the Pound in the weeks ahead.
Sterling climbed as high as $1.36958 last night and has been trading around the $1.366 mark so far today. This puts Sterling at its highest since May 2018 against the Dollar.
2020 was undoubtedly a year of economic uncertainty, and as investors globally turned to traditional safe havens in gold and silver, demand reportedly reached unprecedented levels for many of the world’s largest mints.
As the official mint of America, this pattern has also been repeated at the U.S. Mint, which saw demand for its popular Eagle coins soar to levels not seen in four years.
It has been a relatively volatile first week of trading in 2021 for precious metals, with prices up and occasionally down as markets react to changing outlooks in what will likely be another year of economic upheaval.
As trading opened on Monday, both gold and silver saw impressive gains as markets reacted to the ever-increasing numbers of Covid-19 cases across the US and Europe.