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Gold at all time high in UK as Pound Tanks

Discussion in 'Money Matters' started by KeithAngel, Jul 30, 2019.

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  1. KeithAngel
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    KeithAngel 2063 Lifetime Member

    Ed Conway (@EdConwaySky)

    On the bright side, the pound sterling is not the worst performing currency in the world today. That accolade goes to the Madagascan Ariary. The pound, on the other hand, is only the second-worst performing currency in the entire world pic.twitter.com/bwJLNID8Ho

    July 29, 2019
    Sterling’s Johnsonian weakness will also have tricky implications for the Bank of England, whose rate-setting monetary policy committee will be looking at the fall in the pound with a certain trepidation ahead of their latest interest rate decision on Thursday.

    Falls in the pound feed eventually through into higher inflation – but it is not the kind of inflation that signals an economy that is heating up. That leaves an uncomfortable decision to leave rising inflation, or to raise interest rates to combat it at a time when the economy may be struggling even more.

    https://www.theguardian.com/busines...0845f89e316d89#block-5d3fdd228f0845f89e316d89
    KeithAngel, Jul 30, 2019
    #1
  2. Aromulus
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    Aromulus The Don Staff Member

    It doesn't seem too different from a few days ago............
    Aromulus, Jul 30, 2019
    #2
  3. Mattecube
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    Mattecube face the sunshine so shadows fall behind you Trusted Member

    yes but nobody had used the word "Johnsonian" it's a little sniddy political dig.
    Mattecube, Jul 30, 2019
    #3
    • Agree Agree x 2
  4. KeithAngel
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    KeithAngel 2063 Lifetime Member

    If interest rates rise a lot of folk will be in major crisis

    Theres a huge amoun of personal debt out there
    KeithAngel, Jul 30, 2019
    #4
  5. KeithAngel
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    KeithAngel 2063 Lifetime Member

    The pound was down by 0.5% against the US dollar and the euro on Tuesday as the selling continued overnight on Asian markets and into the morning session in London. The currency was trading at $1.2153 and €1.0905 on the money markets but there were reports of sterling being offered at parity with the euro at bureaux de change at major airports.

    https://www.theguardian.com/busines...ling-no-deal-brexit-dollar-euro-boris-johnson
    KeithAngel, Jul 30, 2019
    #5
  6. oss
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    oss Somewhere Staff Member

    This was my receipt last Wednesday 62.85 using WorldRemit.

    upload_2019-7-30_13-44-42.png

    Today's quote from WorldRemit as I am due to send again tomorrow 61.24, thats a change of 2.6 percent in a week, or since May 11.9 percent and it will keep getting worse from now on, I expect to see 50 or even less.

    upload_2019-7-30_13-47-9.png

    That's their rates not the actual exchange rate but their cut stays pretty much the same and is more realistic than the actual interbank rate which I would only get if I were there and spending on my credit card.
    oss, Jul 30, 2019
    #6
  7. Daveyw1988
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    Daveyw1988 Active Member

    Wow I. Went in may and was 67 peso to a pound
    Daveyw1988, Jul 30, 2019
    #7
  8. KeithAngel
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    KeithAngel 2063 Lifetime Member

    You havnt seen anything yet Im expecting $1.09 or worse
    KeithAngel, Jul 30, 2019
    #8
  9. graham59
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    graham59 Banned

    My house and land are paid for... only food and utilities... plus a bit of pocket money. I'm not going to fret over it .

    Hopefully, come November it will strengthen again. :like:

    When I first visited the Phils, it was 38 pesos to one pound . I later saw it exceed 100 pesos to the pound.
    graham59, Jul 30, 2019
    #9
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  10. Daveyw1988
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    Daveyw1988 Active Member

    I tend to exchange when I’m there...believe it or not...best rates and I’ve always used is BDO
    Daveyw1988, Jul 30, 2019
    #10
  11. Bootsonground
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    Bootsonground Guest


    Fake news headline detected.
    So the price of gold in the UK is higher than anywhere else in the world?? lol
    All time high? Wasn't it almost 2000 USD per ounce in 2011?
    Bootsonground, Jul 30, 2019
    #11
  12. graham59
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    graham59 Banned

    I need to go down to our local river and start panning again (when nobody is looking ;) ) .
    graham59, Jul 31, 2019
    #12
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  13. KeithAngel
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    KeithAngel 2063 Lifetime Member

    KeithAngel, Jul 31, 2019
    #13
  14. John Stevens
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    John Stevens Active Member

    Ahhh first word problems
    John Stevens, Jul 31, 2019
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  15. oss
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    oss Somewhere Staff Member

    Fake reply detected.

    Or at least poorly researched presumptive reply.

    The price of gold reached 1,917 USD around the 22-23rd of August 2011, in GBP that was £1,161 at an exchange rate of 1.65 USD per GBP.

    Today's gold price is £1,176 thus exceeding your 2011 quote in GBP terms.

    Gold is supposed to have the same value everywhere a global spot rate, currencies however are not the same price everywhere.

    Thread title is "Gold at all time high in UK as Pound Tanks".
    oss, Jul 31, 2019
    #15
  16. Bootsonground
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    Bootsonground Guest

    I know what the price of gold is Keith..Why the link?

    Correct..My bad.
    When I think of spot gold historical prices,I automatically think USD.
    I doubt that since the Brit. treasury sold half of it`s reserves for peanuts in early 2000`s, it`s really even an issue these days.
    When it comes to national gold reserve lists,the UK are are way down there so the headline is a Storm in a tea cup.
    What`s critical now is If Boris gets the UK out and saves Britain 10 Billion a year.
    If Britain decides to invest it correctly, the value of the Pound will recover accordingly.
    Bootsonground, Jul 31, 2019
    #16
  17. oss
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    oss Somewhere Staff Member

    The markets have just devalued our entire economy by 13% over the last few months, and you think 10 billion a year is going to make a difference, a 2.31 trillion pound economy the foreign purchasing power of which has just been reduced by about 300 billion pounds, simplistic I know but how could I stand in the way of a bit fake fact conjuring.

    The real effect of the devaluation will not be that big but then that ten billion number does not really exist either, the fall out from leaving will eat up all of that and much more.
    oss, Jul 31, 2019
    #17
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    • Funny Funny x 1
  18. Markham
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    Markham Guest

    Are your predictions any more reliable than George Osborne's? :)
    Markham, Jul 31, 2019
    #18
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  19. oss
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    oss Somewhere Staff Member

    Has the UK economy just been hugely devalued by the markets?
    oss, Jul 31, 2019
    #19
    • Winner Winner x 1
  20. oss
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    oss Somewhere Staff Member

    And I predicted no-deal, I just didn't get the date right, I would still like to be proven wrong on that one, but I won't be.
    oss, Jul 31, 2019
    #20
    • Agree Agree x 1
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