China’s economy is experiencing its slowest growth rate since records officially began 27 years ago, with some experts believing that this might be the Asian powerhouse’s worst performance since the economic fragility of the late 1980s.
Welcome to the BullionByPost gold and silver news service. Our news team aims to cover all the latest headline stories affecting the gold and silver bullion markets, as well as reporting on other precious metals, the state of major currencies, and movements in the stock market.
We provide commentary on the state of the economy and wider current affairs or political decisions that impact the markets, giving our customers as much insight as possible and allowing them to make educated choices when it comes to buying and selling in the precious metals market, whether it's for investment purposes or a collection.
The Pound Sterling went below $1.24 yesterday, for the first time since April 2017, as no-deal Brexit fears unsettled international investors once again.
Gold gained $32 per ounce in 12 hours yesterday, with the majority of the rise coming after Powell’s speech to the House Committee on Financial Services. Powell told the committee that the Fed’s own interest-rate team – known as the FOMC – was beginning to favour a cut to protect the American economy.
The Pound Sterling fell by half a cent yesterday to $1.246, as the British Retail Consortium reported the “worst June on record” for the UK – down 1.3% compared to the same point last year.
The Indian government has increased the import duty on gold from 10% to 12.5% this week, in an attempt to address the nation’s deficit.
Gold is the second largest import in value terms, behind fuel, making it an easy target for taxation, and it hit a record-high in Rupees last month, peaking at 99,666 rupees per ounce.
The National Bank of Poland (Narodowy Bank Polski) has announced that it has increased its gold bullion reserves to 228.6 tonnes.
The bank has been pursuing gold in line with the global trend of increasing reserves to protect against economic uncertainty.
The Pound Sterling has fallen over half a cent this afternoon following two days of poor economic data.
Bank of England chairman Mark Carney admitted to the LGA conference in Bournemouth this afternoon that Q2 2019 experienced "considerably weaker" economic growth than expected, and warned of continued disappointing growth figures in the short term.
Investors in Neil Woodford’s Woodford Equity Income Fund have been told that they will have to wait at least another 28 days before they can withdraw their money from the fund.
Link Asset Services, who are the corporate director of the £3.7 billion Equity Income Fund, say the move is to give Woodford and his team more time to make the necessary changes from illiquid to liquid assets.
With gold reaching a record price of A$2,044 per ounce last month, it’s no surprise that gold mining in Australia is enjoying a fresh wave of interest from investors and consumers alike.
Rising demand for gold - a popular safe-haven investment - has seen mining firms become the subject of mergers, takeover bids, and injections of cash as investors seek to take advantage of the market upswing.
The European Central Bank has given tentative approval to the Italian coalition government for it to amend the official terms of ownership with regards Italy’s national gold reserves.
La Banca d’Italia is the official owner of Italy’s 2,451.8 tonnes of gold bullion. The right-wing Lega party is keen to amend the law to clearly state that the bank holds the gold specifically on behalf of the Italian state.
US President Donald Trump has criticised the Federal Reserve - once again - for raising interest rates at Christmas and refusing to cut them following their most recent committee meeting.
Trump turned to Twitter to express his unhappiness with the situation, and claimed that America’s gross domestic product would be higher were the Fed willing to compromise.
Gold broke through the psychological barrier of $1,400 this morning, as hostilities between the United States and Iran escalated further. Reports from the US suggest that military strikes had been approved, before being called off at the last minute.
Gold has once again surged, climbing past $1,386.25 per ounce this morning - the highest Dollar price in nearly six years. The 24 hour gain of $44 (3.3%) followed yesterday’s Federal Reserve meeting, in which the stance of the Fed appears to be turning dovish.
An Australian tech company has made a significant breakthrough in gold mining by finding a replacement for cyanide in the refining process.
The research came after a decade of collaborative work with the Commonwealth Scientific and Industrial Research Organisation (CSIRO), which reported last August that there had been a breakthrough in the testing.
The Bank of England will do more to scrutinise investment funds to protect those who invest in them in future, according to chairman Mark Carney.
The announcement comes in the wake of the Woodford incident, in which stock picker Neil Woodford barred investors from withdrawing from his equity income fund due to an overwhelming demand to back out.
The gold – silver ratio is currently at its highest level since 1993. The ratio - how many ounces of silver buys an ounce of gold - is used by investors as price measure for the two precious metals, and might suggest that silver is undervalued at present in comparison with gold.
A high profile UK stock picker has shocked thousands of investors by announcing that they cannot withdraw their money from his investment fund until the end of the month.
The equity income fund, run by Neil Woodford and his Woodford Investment Management group (WIM), made the extraordinary announcement yesterday.
Investment bankers Deutsche Bank have claimed that President Trump’s trade tariffs – and particularly the ongoing trade war with China – have halted growth in equities and cost the American markets trillions of Dollars in lost revenue.
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.