Gold moves in mysterious ways • US-China trade détente boosts gold price • RNC Minerals hits ‘mother lode’ in Western Australia • Dramatic gold coin discovery in Italy
The Royal Mint’s Chris Howard looks back at what the week has held for precious metals.
This week’s news agenda appears to have been dominated by unpredictable gold price movements. However, I stand by my view that macropolitical issues are responsible for a temporary change in how the precious metal behaves and that it will balance back out again in the future.
Let’s see what else has been happening this week in precious metals.
US-China trade détente boosts gold price
We kick off with news that the price of gold hit its highest marker in two weeks thanks to a relaxation of trade tensions between the US and China.
Many feared that President Trump’s aggressive approach to foreign policy would have major repercussions for FX markets, resulting in lower demand for the precious metal.
However, it looks as though it is going to keep surprising us for now.
RNC Minerals hits ‘mother lode’ in Western Australia
To Western Australia and exciting news that increased mining efforts have resulted in a haul of gold valued at around A$11.5m.
The remarkable discovery at RNC Minerals’ Beta Hunt Mine in Kambalda includes a specimen stone weighing 209lb – thought to contain 153lb of gold. That, plus a handful of other similar findings, has led experts to describe the mining expedition as the location of a “mother lode” of gold.
What an exciting day that must have been for the miners!
Precious metals: dramatic gold coin discovery in Italy
Finally, another exciting discovery, this time in northern Italy, where around 300 gold coins have been unearthed in what was once a historic theatre.
The late Roman imperial coins date back to the fifth century and were found in near-perfect condition by construction workers at the previous site of the historic Cressoni Theatre in Como.
The engravings featured on the shiny metal suggest they were minted during the reigns of five different Roman emperors.
This golden discovery serves as yet another reminder of the timelessness of gold and its widespread use in societies across all ages!
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