Gold hits record high

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Gold’s looking precious

The price of gold has hit a record high as nervous investors buy up the bullion as a safe haven from volatile stock markets. The precious metal tends to keep its value even in turbulent times. With coronavirus continuing to hurt economies and tensions rising between the US and China, gold is having a field day.

Adviser comment: "Like most investments the value of gold can go down as well as up and it’s only suitable for people who are prepared to take some risk with their investment. Gold is a physical commodity, so it's possible that you might not be able to to sell it when you need to."

London loves stamp duty holiday

The recent cut to stamp duty is mainly helping homebuyers in London, according to Zoopla. The property website says agreed sales in the capital have had a 27% boost in the first 2 weeks since it was announced. Other areas of the country, where property prices are lower, haven’t yet seen the benefit of the tax cut, which raised the threshold for paying stamp duty to £500,000.

Help to Buy extended?

The Help to Buy scheme may be extended beyond December to give sales time to complete. The equity loan scheme, which enables buyers to get on the property ladder with a 5% deposit, was due to be phased out at the end of the year. But buyers may be given extra time to get their purchase over the line so that they don’t lose out due to coronavirus delays.

Fix-your-bike scheme

The government is giving out £50 bike repair vouchers as part of a scheme to get us all cycling more. If you’ve got a bike languishing at the back of the shed, it’s time for that rusty old chain to shine. The vouchers will be available online later today and it’s first come first served.

Adviser comment: "You're not legally obliged to have insurance to ride a bike, but if you cause an accident or damage another vehicle, then you might be liable for any costs. Check your contents insurance - you may already be covered under a public liability clause."