January Gold News 2022

It was a tale of two halves yesterday as Bitcoin slumped to a six-month low of $33,800 whilst the Swiss franc – a traditional safe haven currency – surged to a six-year high against the euro.

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A gold penny featuring the portrait of King Henry III has sold at auction for a sensational fee of £648,000 (USD $873,073). The coin, discovered in the Devon countryside last September, was sold through auctioneers Spink & Sons for at the weekend.

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UK inflation rose by 0.3% points between November and December to put inflation at 5.4% overall, according to the Office for National Statistics (ONS) - the highest levels seein in Britain since the early 1990s.

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Brent crude oil today hit $88 per barrel – the highest since October 2014 - following a drone strike at an oil storage site near Abu Dhabi airport in the United Arab Emirates.

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The pound sterling today found itself at the highest level of value against the basket of other major currencies since June 24, 2016 – the day after the fateful EU referendum that saw the United Kingdom opt for Brexit.

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The World Gold Council has released its 2022 Outlook and is expecting another year of mixed fortunes and forecasting for the precious metal, though the short-term concerns may turn out to be a blessing for gold.

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Gold and silver have both seen gains this week following fresh inflation data from the US. This week’s figures showed CPI for December hit 7% year-on-year in the US, the highest number in 40 years.

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