September Gold News 2020

Investment bank JP Morgan Chase & Co have been handed a record fine of $920 million after admitting to market manipulation.

The charges refer to a period between 2009 and 2016 in which numerous traders at the bank took part in a practice known as spoofing.

Chinese company Origin Space have announced they will be launching a “space mining robot” in November, in what could prove to be one of the first major advances towards space mining.

The machine – surprisingly weighing just 30 kilos – will be equipped with scopes designed to scan asteroids near to Earth for valuable minerals, as well as precious metals like gold and silver.

UK national debt continues to grow as the government spends more and more money to combat the ongoing Covid-19 pandemic.

Government debt in August grew by another £35.9 billion, pushing total UK debt up to an eye-watering £2.024 trillion – the highest figure in history for Britain.

The FTSE 100 yesterday suffered its worst day in over three months as growing numbers of coronavirus cases in the UK brought in new coronavirus restrictions.

With restrictions expected to impact businesses once more, over £50 billion of value was wiped from the UK’s flagship stock market.

Despite a recent post-lockdown surge in house prices, analysts at the Centre for Economics and Business Research have forecast a 14% drop to come for the property market next year.

The Office for National Statistics has revealed that the UK economy grew by 6.6% in July versus June, but GDP is still far below pre-pandemic levels.

Equally worrying is that the recovery now appears to be slowing down, leaving the UK wallowing in the historic contraction caused by Covid-19.

Scotland’s Cononish gold and silver mine – operated by Scotgold – hopes to pour its first gold by November 30th 2020, in a positive boost for UK mining efforts.

Cononish is Scotland’s first commercial gold mine, situated in the Highlands between Fort William and Glasgow.

Brexit, one of the key economic drivers for investors in 2019, is now back to the forefront of news this week as talks continue to make no progress.

Boris Johnson has announced that if a deal is not reached by October 15th, that he will recommend both sides “move on”.