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The Financial Conduct Authority has ordered Binance – one of the biggest crypto exchanges in the world – to halt all activities, following on from a recent crackdown on crypto trading in China.
Evidence of inflation is continuing to mount, as the UK consumer price index – CPI – climbed to 2.1% in May. This puts UK inflation at its highest in two years, and above the Bank of England’s target of 2%.
With the growing popularity of cryptocurrencies, and concerns over the dilution of fiat currency through quantitative easing programmes since 2008, many governments and central banks are weighing up the switch from physical to digital currencies.
The National Federation of Independent Business (NFIB) Optimism Index in America broke a three-month streak of growing confidence in the US economy and recovery last month.
Gold is up 1.12% this week or $20.96 per ounce as investors continue to pursue the precious metal as an inflation hedge and safe haven asset.
Russia has enough gold reserves in mines to last for approximately 40 years, according to Alexander Kozlov – head of the Ministry of Natural Resources in Russia.
The proclamation comes around the same time that President Putin fired a warning the way of US President Biden about sanctions currently in place on US dollar transactions surrounding Russia.
The latest survey of central banks by the World Gold Council shows that national institutions continue to be positive about gold, with no real change between 2020 and 2021 in the percentage of central banks believing national gold reserves will grow globally.
The new poll shows that 21% of central banks surveyed plan to increase their gold reserves in the next 12 months; a figure which could grow depending on the manner of Covid-19 recovery (if there even is an end to it).
Gold production in Australia is catching up to that of China, according to data from the first quarter of operations this year.
Figures from Australia show 74 tonnes of gold output between January and March, while stats from the China Gold Association show that China produced 74.44 tonnes in Q1.
The US Dollar has seen its value bounce back in trading yesterday on the back of strong jobs data. The Dollar’s gains have put additional pressure on gold however, pushing it back below $1,900 per ounce.
Having fallen to 89.66 on Tuesday the US Dollar index rose to a peak of 90.63 overnight, up 1%.
Precious metal prices can fall as well as rise. Bullion investments are not regulated by the FCA. We do not provide investment or tax advice and recommend carrying out your own research before making investment decisions.
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