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National Heroes Day Banking Hours

Butterfield will be closed on Monday, 20 June, 2022 for National Heroes Day. To access your accounts, please use our Butterfield Online, ATM and mobile banking services.



Our Banking Centres will re-open on Tuesday, 21 June, 2022 from 9:00 a.m. – 4:00 p.m.

We have moved! Our new address is: PO Box 250, IFC6, IFC Jersey, St Helier, Jersey, JE4 5PU.

 

Please be advised our EUR & USD Notice account rates have been updated. Please click here to view our Notice account rates. 

 

Butterfield will be closed on Monday, 13 November, for the Remembrance Day public holiday. Our Banking Centres will reopen on Tuesday, 14 November, at 9 a.m. To access your accounts, please use Butterfield Online and our ATM network.

Old Sterling Banknotes – removed from circulation on 1 October 2022.

Please be advised that as of Saturday, 1 October 2022, Butterfield will not accept old paper sterling notes for banking deposits or transactions as they will no longer be legal tender. The official last day of use is Friday, 30 September 2022.

Butterfield clients are encouraged to deposit old notes or swap them out for the new polymer ones at any Butterfield Banking Centre before Saturday, 1 October 2022. From this date, only polymer sterling banknotes will be accepted.

We will be closed on Monday, 23 January 2023 for National Heroes Day. Our Midtown Plaza Banking Centre will be this Saturday from 9:00 a.m. until 12:00 p.m. and otherwise all Banking Centres will reopen on Tuesday, 24 January 2023, with normal operating hours of 9:00 a.m. - 4:00 p.m. You can continue to access your accounts during the public holiday by using our Butterfield Online, ATM and mobile banking devices.

Please be advised our General Terms and Conditions have been updated in reference to a new clause 11.3.  Please click here to view the full document.

Holiday Banking Hours:

Butterfield will be closed from 2 p.m. on Friday 23 December and will reopen 9 a.m. Wednesday 28 December, 2022.

We will close again from 4 p.m. on Friday 30 December, 2022 and will reopen 9 a.m. Tuesday 3 January, 2023.

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Update on Saturday Banking: Saturday Banking will be temporarily suspended as we allow time for annual training and infrastructure investment initiatives. To access your accounts, please use our Butterfield Online, ATM and mobile banking services. Saturday Banking hours will resume as normal on March 4th.

Please be aware that we will be carrying out work on our technology systems from 6 pm on Friday, 6 October. Butterfield Online and Saturday Banking will be unavailable this weekend. All services are expected to resume as normal on Monday, 9 October. 

Butterfield will be closed on Monday, 2 September 2024, for the Labour Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 3 September 2024, from 9:00 a.m. - 4:00 p.m.

Butterfield will be closed on Monday, 17 June 2024 for the King’s Birthday public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 18 May 2024 from 9:00 a.m. - 4:00 p.m.

Update on Saturday Banking: We are pleased to announce the return of Saturday Banking. Our Front Street Banking Centre will be open from 10:00 a.m. to 3:00 p.m. every Saturday for you to take care of your personal banking needs.

Update on Saturday Banking: Saturday Banking will be temporarily suspended effective 15 July 2023, as we allow time for annual training and infrastructure investment initiatives. We will advise when Saturday Banking services have resumed. To access your accounts, please use Butterfield Online and our ATM network. We apologise for any inconvenience caused.

Hurricane Lee Advisory: Please be advised that our offices and Banking Centres in Bermuda will be open for business from 12:00 p.m. to 4:00 p.m. today.

The ATMs at Collector’s Hill, Modern Mart, Somerset MarketPlace and Somerset Banking Centre are back in service and Saturday banking will be available tomorrow at Front Street from 10:00 a.m. to 3 p.m. 

We are pleased to report the issue with debit card settlements has been fixed for the vast majority of accounts impacted, and we are working to correct the few outstanding. If you still see an issue with your account and you require access to blocked funds immediately, please contact the call centre.

Please be advised that our Banking Centres will be closing at 2:00 p.m. on Friday, 6 October. Butterfield Online will also be unavailable this weekend from 4:00 p.m. on Friday, 6 October until Monday, 9 October at 9:00 a.m. as part of a scheduled systems update.

Our Island Saver Instant Access account now has a reduced minimum of £10,000. Click here for more details

Our Fee Schedule has been updated, effective Friday, 1 March 2024. For full details, please review the Fee Schedule here

 

Butterfield will be closed on Monday, 17 June 2024 for the National Heroes Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.
All Banking Centres will reopen on Tuesday, 18 June 2024, with our normal operating hours of 9:00 a.m. - 4:00 p.m.

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Please be advised our EUR & USD Notice account rates have been updated.  Please click here to view our Notice account rates. 

 

26 June 2024

By: Richard Maparura, Senior Portfolio Manager, Asset Management, Butterfield

As we approach the half year mark, the precious metals market continues to present exciting opportunities for investors. At the time of writing, gold and silver are up double digits.

Whether investors have been drawn to the enduring appeal of gold as a safe-haven asset or the industrial demand of silver for its extensive use in electronics, solar panels, and medical applications, staying informed has become increasingly key. The indexes which track the performance of gold and silver have outperformed the S&P 500, Russell 2000, the Bloomberg Aggregate Bond Index, US REITs, and treasury inflation-protected securities (TIPS) returns year to date.

Given the finite nature of the supply of precious metals, the conventional laws of supply and demand do not apply. Instead, gains in price tend to generate higher demand as price appreciation signals more value for use. According to a recent report by the United States Geological Survey, close to 187,000 metric tons of gold has been mined to date with remaining reserves estimated to be around 57,000 tonnes. The Silver Institute forecasts that a deficit (total supply less demand) will remain in 2024, marking the fourth consecutive year of a structural market deficit. Although this year’s deficit is expected to ease by close to 10% to 176 million ounces (194 million ounces in 2023), it will still be exceptionally high by historical standards.

Given the breadth of the precious metals market, let’s put the spotlight on the shiniest one; gold. Gold cannot be ignored, particularly given its greater use case as a store value and as global gold reverses are now larger than the reserves of the second-largest reserve currency, the Euro dollar. To understand why there has been such a positive price momentum, we have to consider both demand and supply dynamics.

Demand dynamics

Gold has been an important component of central bank reserves because of its safety, liquidity and return characteristics – the three key investment objectives for central banks. As such, central banks are significant holders of gold, accounting for around a fifth of all the gold that has been mined throughout history. Official world gold reserves have reached over 1,100 million troy ounces, the most since the 1970s. Over the last 13 years, world central banks’ gold holdings are up over 20%. Global gold reserves are now even higher than just before President Nixon broke the US dollar’s link to gold in 1971. In 2022 and 2023 alone, world central banks bought over two thousand tons of gold. Gold buying by central banks posted its strongest start to any year on record in 2024, helping drive overall demand for bullion higher in the first quarter. Despite its limited use in transactions, gold is generally viewed as a politically neutral safe asset which can be stored on home soil and can be insulated from sanctions or seizure.

According to Bloomberg, China has been selling record sums of US debt amid signs of diversification. During the first quarter of 2024, China sold a record amount of Treasury and US agency bonds, indicating its move to diversify away from American assets as trade tensions persist. Beijing offloaded over $50 billion of treasuries and agency bonds according calculations based on the latest data from the US Department of the Treasury. Meanwhile, the share of gold in China's reserves has more than doubled since 2015. Belgium, one of the top five US foreign-owned debt holding countries, also disposed over $20 billion of Treasuries during the first quarter of 2024 in exchange for gold and other foreign assets. In a separate report, the deputy managing director of the International Monetary Fund indicated that gold purchases by some central banks may have been driven by concerns about geopolitical and sanctions risk. China and countries with close ties to it have been increasing their holdings of gold in foreign-exchange reserves, while countries in the US bloc have kept them broadly stable.

Despite rising real rates, gold demand is likely to remain strong as emerging countries such as the BRICS have started trading oil and other commodities using non-US dollar currencies. These currencies may need to be exchanged into gold, a more stable store of value. China now settles half of its cross-border trade in renminbi, up from zero in 2010. The rise in renminbi use highlights efforts to circumvent using the US dollar. Gold has been revered in almost all human cultures for as long as civilizations have been able to admire and use it. Because of its unique properties, gold makes its ways into almost every sphere of modern life in some way, shape or form. The practical use applications of gold in jewellery, finance and investing, electronics and computers, dentistry and medicine, aerospace, medals and awards are expected to sustain robust demand. More recently, gold demand in India saw a significant rise, supported by a robust economic backdrop, while consumption in China increased in the first quarter, due to a surge in hedging needs.

Supply dynamics

According to the World Gold Council, the gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find. Even though there was a record first-quarter mine production in 2024, up 4% year on year, the bigger picture about mine production is that it effectively plateaued around 2016 and 2018 and we have not seen meaningful growth since then. Mine production inched up only 0.5% in 2023 compared to a year ago. In 2022, the growth was 1.4% year on year, and 2.7% the year before, while in 2020 global gold production logged the first decline in a decade, sliding 1%. It is apparent from these numbers that after 10 years of rapid growth from around 2008, the mining industry is now struggling to report sustained growth in production.

Large-scale gold mining is very capital-intensive, and requires significant exploration and development, taking an average of 10 to 20 years before a mine is ready for production. New gold deposits are becoming harder to find around the world as many prospective areas have already been explored. It is therefore getting harder to find gold, secure mining permits, finance, and operate the mine. Even during the exploration process, the likelihood of a discovery progressing into the development of a mine is low, with only about 10% of global gold discoveries containing sufficient metal to warrant mining.

Aside from the discovery process, government permits are getting harder to secure and requiring more time to come through. This is making mining more difficult. Securing licenses and permits needed before mining companies can start operations can take several years. Additionally, many mining projects are planned for remote areas that require infrastructure such as roads, power, and water, resulting in added costs in building these mines and financing operations.

Conclusion

As the global economy grapples with ongoing geopolitical tensions, gold often emerges as a stable investment, enhancing its allure for investors. On the other hand, any persistent inflationary pressures, driven by increased government spending and disrupted supply chains, may continue to draw investors toward gold.

As fiat currencies face devaluation risks, gold’s intrinsic value becomes more attractive. Interest rates and quantitative easing programs could also significantly impact gold prices. Most recently, gold prices have been taking a breather after rallying to record highs, however, the overall outlook for this precious metal continues to appear positive and with more room to run.

Sources: World Gold Council & Bloomberg Economics

Disclaimer: The views expressed are the opinions of the writer and whilst believed reliable may differ from the views of Butterfield Bank (Cayman) Limited. The Bank accepts no liability for errors or actions taken on the basis of this information.