Germany lists all its gold in 2,300-page document, The Gold Kilo Bar is released, India’s gold consumption overtakes China’s, Venezuela may be forced to sell 80 tonnes of gold.
Germany lists all its gold in 2,300-page document
The German central bank, the Bundesbank, has listed every gold bar it owns. This is thought to have been sparked by a ‘repatriate our gold’ campaign that was started in Germany, which led to the bank repatriating its gold from vaults in the US and France. The report shows that one-third of its reserve is now held in Germany at the Bundesbank in Frankfurt.
The Gold Kilo Bar is released
To celebrate the first anniversary of The Royal Mint Bullion trading platform, The Royal Mint has released a new Kilo Gold Cast Bar. The website has seen a 57% increase in bullion sales since its launch in September 2014. The Gold Kilo Bar is one of the latest additions to the Royal Mint Refinery (RMR) brand. The kilo bar, like all Royal Mint bullion bars, bears the branded RMR logo, an established trademark since 1852.
Chris Howard, The Royal Mint’s Director of Bullion, says the launch of royalmintbullion.com opened up gold trading to a whole new audience: “This new audience may previously have been put off by the perceived complexities of the market. As royalmintbullion.com passes its first anniversary and begins to mature, we wanted our offering to reflect this and felt the Kilo Gold Cast Bar adds depth to our range and will appeal to the serious investor.”
India’s gold consumption overtakes China’s
India has regained its top position as the biggest consumer of gold in the first nine months of 2015, with a total consumption of 642 tonnes, according to the GFMS Gold Survey Q3 2015 Review and Outlook.
The increase is thought to be down to India’s jewellery consumption, which has increased by 5% year-on-year to an estimated 193 tonnes.
China is trailing by just 63 tonnes at total consumption of 579 tonnes in the first nine months.
Venezuela set to sell gold to pay down debt
The cash-strapped South American country is rumoured to be about to sell part of its gold reserves in order to raise funds to pay its debt. Falling oil prices in the country have meant that Venezuela is spiralling into debt. The country refuses to say how much gold it actually has, but according to the International Monetary Fund, Venezuela’s reserves had dropped to $11.7BN in May 2015 from $14BN in February 2015.
Gold price jumps after rumoured US interest rate delay
The price of gold rose by 2% and silver by more than 5% at the beginning of October. It was its one of gold’s biggest daily percentage jumps this year. It was thought to have been caused by hopes that the US Federal might yet again delay a rise in interest rates.