Gold Investments Market Update – China Announces Possible Diversification into Gold

China Considering Diversification into Gold

BEIJING (Dow Jones) – China’s central bank is considering raising its gold reserve by 4,000 metric tons from 600 tons to diversify risks brought by the country’s huge foreign exchange reserves, the Guangzhou Daily reported, citing unnamed industry people in Hong Kong. China’s foreign exchange reserves, at US$1.9056 trillion at the end of September, is the world’s largest. US dollar-denominated assets, including US treasury bonds and mortgage agency bonds, account for a big proportion of the foreign exchange reserves. Gold Confirms Its Safe Haven Status Amid Steep Global Stockmarket Declines Renewed concerns about the health of the global economy sent equity indices sharply lower and bond prices higher on Thursday. Gold’s safe haven status helped it stay steady around its best levels for around a week, moving $5.40 higher to $737.80 an ounce. It is currently trading at $745 (1300GMT). European equities markets extended sharp falls seen in late trade during the previous session, after Wall Street indices came under pressure. The London FTSE 100 fell 87 points or 2.2 per cent to 3,918.41, losing the 4,000-point mark and moving towards levels last seen in October. The FTSE 250, seen as more representative of the wider UK economy, dropped 76 points or 1.3 per cent to 5,632.28. Germany’s Xetra Dax 30 fell 2.7 per cent to 4,236.21 while the CAC 40 in Paris sank 2.5 per cent to 3,009.87. The Nikkei average plunged 6.9 per cent to 7,703.04, its lowest finish since the 26-year intraday low reached in late October. Overnight in New York the benchmark S&P 500 index plunged 6.1 per cent to 806.58, less than 4 per cent away from an 11-year low. Investors took fright at data that showed the cost of living plunged the most since records began in 1947 and the first decline in so-called core consumer prices, which exclude food and energy, in more than 25 years." FT.com

Bank of England Rate Cut

The Bank of England monetary policy committee considered cutting rates by 2% in November before settling for 1.5% prompting speculation that another 0.5% cut might happen when the committee meets in December. The Swiss National Bank also announced a 1% interest rate cut today, continuing the trend of lower global interest rates.

Lloyds Investors Back HBOS Rescue Plan

96% of Lloyds investors backed the bank’s controversial rescue of HBOS and its plans to raise £5.5bn of capital. Victor Blank, the Lloyds Chairman said that the landmark deal would transform his bank, deliver £1.5bn of cost savings and create value for both Lloyds and HBOS investors.

Mark OByrne

Also on news-goldcore-com

Videos

New Russia/China Gold Backed Currency Imminent

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Blog posts

Central Banks…Why Bother?

Central banks…why bother? Inflation is here and it cannot be contained. US inflation is touching a 40-year high, the UK has hit the 40-year high, and the EU’s has already hit an all-time high. Figures of 8%, 9%, and 7% respectively are bad enough. This gives people strong enough reason to want to abolish central […]

READ MORE

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

New Russia/China Gold Backed Currency Imminent

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Blog posts

Central Banks…Why Bother?

Central banks…why bother? Inflation is here and it cannot be contained. US inflation is touching a 40-year high, the UK has hit the 40-year high, and the EU’s has already hit an all-time high. Figures of 8%, 9%, and 7% respectively are bad enough. This gives people strong enough reason to want to abolish central […]

READ MORE

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE