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Updated: 22:52 23/05/22

March Gold News 2018

23 Mar 2018

The Bank of England has voted not to raise interest rates following their latest review meeting. The decision was announced at 12 noon today, with the Monetary Policy Committee (MPC) voting 7-2 against a rise at present.

In response to the decision the value of the Pound Sterling rose to €1.15 and a one-month high of $1.42, with some investors reassured by the votes in favour of a rise from Ian McCafferty and Michael Saunders, while the FTSE 100 continued its fall below 7000 points suggesting that not everybody was convinced of the strengths of Sterling in the face of global trade tariff wars.

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21 Mar 2018

Gold prices fell sharply on Monday to a low of £932.03 per ounce as the government announced a Brexit deal with the EU was agreed in principal. Stirling rose by 1% in value, with confidence coming from the progress in talks and expectations of an interest rate rise coming from the Bank of England’s meeting this Thursday.

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20 Mar 2018

Zimbabwe’s new president Emmerson Mnangagwa has declared the southern African nation “open for business” as his government rolled back previously prohibitive laws this week in an attempt to stimulate the country’s economy and counter crippling levels of hyperinflation.

The Indigenisation and Economic Empowerment Act was introduced by former president Robert Mugabe, in an attempt to increase black Zimbabweans’ stake in the mining sector. The change to the law sees diamond and platinum mining kept under the old rules, but opens up gold, silver, and other metals and minerals to foreign investment.

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14 Mar 2018

The value of the US Dollar dropped slightly in the past 24 hours after President Trump fired Rex Tillerson from his position as Secretary of State, replacing him with Mike Pompeo, the CIA Director.

The US Dollar Index fell 0.24% initially, recovering slightly to a 0.18% drop, which equates to millions of dollars in value lost from across the markets. Gold prices perked up slightly, touching $1331 before falling back to $1325 per ounce.

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14 Mar 2018

Chancellor Philip Hammond gave his Spring Statement yesterday afternoon in the House of Commons, with the mini-budget speech highlighting a reduction in national debt and suggesting government spending would increase later in the year as a result.

His appearance at 12:30pm in the Commons saw the Chancellor speak for 26 minutes about the economic outlook for the United Kingdom for 2018 and beyond. Mr Hammond said there was “light at the end of the tunnel” as debt was expected to fall as a percentage of gross domestic product for 2018-19.

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13 Mar 2018

The price of the Euro against the Dollar has fallen from $1.25 to $1.23 in the last few days, with analysts expecting the Euro to continue its devaluation. The US government’s campaign to promote a weak Dollar as a way of rebalancing their trade deficit, coupled with a large infrastructure project generating inflation, has resulted in an artificial boost over the last 14 months to both the Euro and the Pound off the back of this weakness.

The key point to note here is that it’s an artificial boost; this isn’t inherent strength from the Euro, it’s market opportunism. The latest decline in Euro value against the Dollar is a sign of its instabilities returning and while it might appear a small amount, it could be the sign of things to come.

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09 Mar 2018

February was a static month for gold and silver prices, with the price in ounces only slightly moving either way throughout the shortest month of the year. Prices were boosted by the struggling US Dollar and the continued Brexit Effect on the Pound, as well as elections in Germany and Italy destabilising the Euro, but looming interest rate rises reigned in any attempt by bullion to pull away with a price rise.

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07 Mar 2018

The cost of silver is low, and the gold to silver ratio is at its widest gap for a decade. The last time the markets reached a gap this wide silver subsequently skyrocketed in both demand and price. Given that the industry demand is there and it’s only going to increase, surely now is the best time to buy silver?

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06 Mar 2018

Up in the Scottish hills near the idyllic village of Tyndrum is a deposit of gold worth over £200 million according to prospective miners Scotgold. Research performed in 2012 and again in 2015 estimates around five tonnes of gold is lying in wait, and now the company has been granted permission to begin their mining operation.

The Cononish Mine sits south-west of Tyndrum and has been closed since the 1980s. It is located on the northern side of the Loch Lomond and the Trossachs National Park, with many prominent walking routes and ...

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