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.
The gold price peaked at $1357.32 per ounce on Friday, following an attack on oil tankers in the Strait of Hormuz, situated between Iran and the United Arab Emirates.
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.
