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Remembrance Day, Diwali and the release of the 2016 Gold Britannia
As I sit here at my London desk staring out the window at the Savoy hotel, I’m thinking about Remembrance Day, Diwali and the gold price. Usually on Diwali, I’m in a joyful mood eating lots of treats (my favourite is Goan Nevri if you are thinking of being generous) given to us by our customers. Today I’m also thinking of Remembrance Day and the great human sacrifice borne by our generation and the ones gone by and I feel genuinely humbled. It is due to this incredible self-sacrifice that allows this country to be able to enjoy Diwali and other holidays without prejudice and for this I am truly thankful. For one thing I would never have been introduced to all the treats such as Goan Nevri and those delicious soft sweets Kesar Peda.
The Royal Mint are marking today with the release of the 2016 Gold Britannia.This 24 carat coin will be capital gains exempt as previous coins have been and will feature the new portrait of Queen Elizabeth II by the Royal Mint’s engraver, Jody Clark. The 2016 Gold Britannia will be the fourth coin released by the Royal Mint that will be 999 fineness as the previous editions were minted in the more traditional 22 carat.
The gold price of late has been volatile and heavily traded down. The ETFs have been dumping the precious metal as there has been an increased expectation the FED will raise interest rates before the end of the year. Yellen and the rest of the FOMC have been intimating quite decidedly to come over as hawkish as can be allowed. The sudden spurt of hawkish sentiment ushered in the news that the US economy had created 271,000 jobs in October, smashing the 185,000 forecast. It was hardly surprising that Yellen had looked quietly puffed-up at her previous address. The price of gold does seem supressed at the moment and I’m still not fully convinced the rates rise will be just yet. If more economic data is blindingly good it is a possibility, but it will have to be rousingly good.
In all, today I am thankful. The qualms and worries of the gold price fade into the background whilst I play with my new 2016 Gold Britannia on my desk. I am noshing down onto my third goan nevri and feeling rather self-effacing as I read about the great sacrifice gone before us.
Article by Michael Cooper