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Bank of England moving gold to US to avoid tariffs

ByVictoria

Gold inventories in New York are on a path to levels last seen at the outset of the COVID-19 pandemic, with stockpiles in the city hitting $82 billion.

“People can’t get their hands on gold because so much has been shipped to New York, and the rest is stuck in the queue,” an unnamed industry executive told the FT. “Liquidity in the London market has been diminished.”

“London remains the major gold market in the world. If you are involved in that market and want to trade or use your gold, you really need to have it in London,” BoE governor Andrew Bailey told the U.K.’s Treasury Committee. 

Source – Fortune

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    South Africa’s rand, stocks and government bonds strengthened on Friday, boosted by higher gold prices as worries over the United States’ worsening fiscal health sent investors into the safe-haven asset.

    At 0929 GMT, the rand traded at 17.9150 against the dollar, 0.5% stronger than Thursday’s closing level.

    Gold prices rose on Friday and were poised for their biggest weekly gain in more than a month, as a softer U.S. dollar and concerns over the country’s fiscal outlook boosted bullion’s safe-haven appeal.

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    Silver in demand and up

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    On April 16, spot silver traded between $32.28 and $33.11. The white metal closed with a strong gain of 1.57 per cent at $32.90 as gold surged and the US Dollar Index and yields slumped.

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    KY gold and silver tax bill gets governor sued

    ByVictoria
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    In a complaint filed in Boone Circuit Court on March 27, the same day the legislation was delivered to the secretary of state’s office, an online bullion exchange and three Northern Kentucky residents said they and others are owed refunds on taxes improperly collected for their precious metals in the past eight months, naming Gov. Andy Beshear and several state offices as defendants.

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    Trump Tariff Fears Spark Disconnect in Silver and Copper Markets

    ByVictoria
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    “Investors around the world have started the year looking for protection against sticky and potentially rising inflation, fiscal debt worries and the unpredictability of Trump,” said Ole Hansen, head of commodities strategy at Saxo Bank. 

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  • Three men on trial over stolen GOLD toilet

    ByVictoria
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    The one-of-a-kind 18-carat gold toilet was swiped in under five minutes from Blenheim Palace, the sprawling English country mansion where British wartime leader Winston Churchill was born, in the predawn hours of September 14, 2019, a prosecutor told jurors Monday.

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    I thought this was interesting and thought I’d share. I’m not entirely surprised that something was stolen I am surprised that the burglars got away with the darn thing! I feel like this is actually kinda funny but hopefully justice will be served. – V.

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    Gold and Silver prove high volatility

    ByVictoria
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    Gold prices have dropped by Rs 3,800 within two days after the US President Donald Trump said he has no plans to fire the US Fed’s chief Jerome Powell and also signalled progress with China on the tariff front.

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