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Posts tagged as “Gold”

Mitsubishi Head of Business Dev: “Smart Money” is Turning to Gold as a Hedge

Central banks continue to buy gold after a summer rally that stalled as the calendar turned to fall. The latest Mitsubishi precious-metals update says many factors could sour 2020, and so therefore “smart money” is looking to gold as a hedge.

“Illustrating lingering macroeconomic concerns, the importance of diversification away from dollar assets and tail risk hedging, central banks around the world have continued to be net buyers of gold: November saw Turkey, Russia, Poland and newcomer Serbia (which bought 9 tons of gold) all add to their holdings of the yellow metal,” wrote Mitsubishi head of business development Jonathan Butler.

Chair of Slovakia’s Biggest Party: U.K. “Can Hardly” Be Trusted with Nation’s Gold

Slovakia’s former premier told parliament it should force the central bank to repatriate the nation’s gold, which is stored in the U.K. He said history has shown that allies “can hardly” be trusted.

Ex-Premier Robert Fico now chairs the biggest party in Slovakia. He seeks a special parliamentary session on the issue, claiming the gold isn’t safe in the U.K. because of Brexit and a possible global economic crisis.

Poland Repatriates 100 Tons of Gold from Bank of England

Poland repatriated approximately 100 tons of gold from the Bank of England to demonstrate the strength of the nation’s $586 billion economy, according to central bank Governor Adam Glapinski.

The institution also brought 126 tons home in 2018 and 2019, increasing its gold reserves to 228.6 tons. The country is now the 22nd largest bullion holder in the world and holds the biggest reserves of the metal in the European Union’s east, according to the central bank.

Here’s What You Need to Know About INFINIGOLD & The Perth Mint Gold Token

Last month, Infinigold announced the launch of a digital token, The Perth Mint Gold Token, backed by gold stored in the vaults of Australia’s Perth Mint, a world-leading precious metal refinery. We spoke with Andreas Ruf, the CEO of Infinigold, about working with Perth Mint to launch the token.

Gold Reverses as Global Stock Markets Gain Momentum

Spot gold hit a six-year high late last week. It is the first time since April 2013 prices soared so high – peaking at a value of $1,5334.31 an ounce. Due to this price bump, US gold futures rose by roughly 1.3% to $1,537 an ounce. Despite the positive momentum, these high levels could not be sustained over the weekend.

Several factors drive the current and future value of gold and silver. Weakness in the Argentine Peso, civil unrest in Hong Kong, and the US-China trade war has forced investors to seek safehaven.

Fed Could Cut Rates as Gold Hits Three Month High

Top Federal Reserve policymakers might cut interset rates if trade tensions continue to get worse.

Fed Chair Jerome Powell and his No. 2, Richard Clarida are watching disputes between the US and its trading partners. The next meeting of the Federal Open Market Committee takes place June 18-19, with Clarida noting that the Fed “can’t be handcuffed” by market pricing.