FT News Briefing A new gold rush
11 snips
May 24, 2023 Germany's drop in exports to China signals trouble for Europe's largest economy, especially in the automotive sector. The UK faces setbacks in its solar industry as a major developer cites insufficient incentives. Meanwhile, gold is experiencing a resurgence as a safe haven investment amid political tensions and economic instability. With rising global uncertainties, many countries are increasing their gold reserves, and institutional investors are flocking back to this glittering asset despite higher interest rates.
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German Exports Decline
- German exports to China fell 11% in the first four months of 2024, causing concern.
- This drop is attributed to car makers losing market share and high power prices affecting chemical producers.
UK Loses Solar Investment
- Oxford PV, a UK solar developer, may build its new factory overseas due to a lack of UK incentives.
- The company criticizes the UK's lack of industrial strategy compared to the US and EU.
Gold Prices Surge
- Gold prices are nearing all-time highs as investors seek safe havens amid market volatility.
- Geopolitical tensions and central bank buying contribute to gold's appeal.