January 2015 Review

Gold and silver bars being sold by Royal Mint for first time in almost half a century, the Chinese go lunar for gold and Bundesbank continues to repatriate its stores. Here’s our roundup of January’s bullion news headlines.

Royal Mint Refinery Gold Bars sold online for the first time

For the first time in 47 years, The Royal Mint started selling gold and silver bars directly to the public. These bars were last produced by The Royal Mint 47 years ago. They are available in weights ranging from 1g to 100g and are struck with the historic marque of The Royal Mint Refinery: RMR.

They can also be bought through a Self-Invested Personal Pension (SIPP) or Small Self-Administered Scheme (SSAS), which allows buyers to benefit from their marginal rate of tax on their gold purchases. Find out more about including gold in your pension

Chinese Lunar New Year causes gold rush

The beginning of the month saw an incredible 61 tonnes withdrawn from the Shanghai Gold Exchange (SGE), as the most populated country in the world geared up for the Chinese New Year by buying gold jewellery and presents for their friends and family.

Dollar strength continues

The US index has hit a 12-year high and is showing no signs of slowing down. Because gold and silver are priced in dollars, this means a rise in the price of gold and silver for those outside the USA.

Gold keeps shining

Meanwhile in Europe, gold prices in January climbed to a fresh five-month high. This is due to the weak US dollar and a boost in the metal’s safe-haven status, following concerns that the European Central Bank will announce stimulus measures.

Bullion news – importers offer discounts in India

January saw Indian jewellers keep their inventories lower than usual in expectation of an import duty cut. Last year India scrapped the 80:20 rule, which had meant traders were forced to export 20% of all gold imported into the country. A falling Indian trade deficit has caused speculation in the markets that New Delhi will cut import duty in the budget, scheduled for 28 February.

Bundesbank continues to repatriate gold

The start of 2015 saw the German central bank continue to transfer many of its gold reserves from abroad.

Last year 120 tonnes of gold were transferred to Frankfurt from storage locations abroad: 35 tonnes from Paris and 85 tonnes from New York. Germany’s gold reserves are the second largest in the world after those of the United States. According to its 2013 report, the Bundesbank intends to repatriate 674 tonnes from overseas by 2020.

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