Daily Market Update

London Property Slide Worsens With Biggest Drop Since 2009

via Bloomberg

– 3.8% fall y/y in Q1, the seventh straight decline in values – Nationwide
– Nationally, U.K. real-estate market remains ‘subdued’
– Some of the weakness relates to Brexit as economic uncertainty impacts sentiment

London continued to lead the U.K.’s weakening property market at the start of 2019, with prices falling the most since the financial crisis a decade ago

Nationwide Building Society said Friday that values in the capital dropped 3.8 percent year-on-year in the first quarter. That’s a seventh straight decline and leaves London as the worst-performing region in Britain.

Some of the weakness relates to Brexit, which is having an impact on sentiment. Consumer confidence remains close to its lowest level since 2013, according to GfK.

The Bank of England said on Friday that mortgage approvals dropped last month. Business investment fell for a fourth quarter at the end of last year, the statistics office said in a separate report.

The uncertainty over when and how the U.K. will leave the European Union has gotten worse this month as the government extended the deadline, having so far failed to get lawmaker approval for its exit deal. Still, a shortage of homes, record employment and low interest rates are preventing an even sharper downturn in the property market.

Nationally, property values rose 0.2 percent in March from February. The annual rate of change improved to 0.7 percent from 0.4 percent, though Nationwide said the market remains “subdued.”

Courtesy of Bloomberg

 


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News and Commentary

Gold near 3-week lows as dollar, equities rise (Reuters.com)

Gold ends further below $1,300 as stock market revs higher to start Q2 (MarketPulse.com)

U.S. halts arms sales to NATO-ally Turkey, protests plans to buy from Russia (PakistanToday.com.pk)

Oil rises on Iran sanctions threat, Venezuela shutdown (TheStar.com.my)

Brexit: No deal more likely but can be avoided – Barnier (BBC.com)

Global Trade Takes Sharp Turn Down With Biggest Drop Since 2009 (Bloomberg.com)


Source: HedgeEye Cartoon

Central Banks Are Buying Gold at a Record Clip (GoldSeek.com)

Central Bankers — Keeping The Wheels On The Bus (SprottMedia.com)

Gold market manipulation update (Gata.org)

Global Trade Takes Sharp Turn With Biggest Drop Since 2009 (ZeroHedge.com)

London Real Estate Suffers Largest Drop In A Decade (ZeroHedge.com)

Gold Prices (LBMA PM)

01 Apr: USD 1,291.90, GBP 987.27 & EUR 1,149.15 per ounce
29 Mar: USD 1,291.15, GBP 991.09 & EUR 1,151.19 per ounce
28 Mar: USD 1,306.90, GBP 995.20 & EUR 1,161.18 per ounce
27 Mar: USD 1,318.25, GBP 997.78 & EUR 1,168.23 per ounce
26 Mar: USD 1,315.25, GBP 993.15 & EUR 1,162.02 per ounce
25 Mar: USD 1,319.35, GBP 1001.39 & EUR 1,165.82 per ounce

Silver Prices (LBMA)

01 Apr: USD 15.07, GBP 11.50 & EUR 13.42 per ounce
29 Mar: USD 15.10, GBP 11.52 & EUR 13.45 per ounce
28 Mar: USD 15.19, GBP 11.58 & EUR 13.53 per ounce
27 Mar: USD 15.40, GBP 11.65 & EUR 13.65 per ounce
26 Mar: USD 15.44, GBP 11.66 & EUR 13.65 per ounce
25 Mar: USD 15.52, GBP 11.77 & EUR 13.72 per ounce

Recent Market Updates

– ItalExit and Cyber Risks in a Cashless World May Be Bigger Risks Than Brexit : Interview with GoldCore CEO
– Ireland and EU Countries Must Seek ECB Approval to Manage Gold Reserves – Draghi
– Global Risks Increasing – Underlining The Case For Gold in 2019 (GoldCore Video Presentation)
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– 5 Ways to Prosper In the Coming Crisis – Goldnomics Podcast
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– Happy Saint Patrick’s Day from GoldCore

Mark O'Byrne
Executive Director

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