Latest news with #FrankWatson
BBC News
21-06-2025
- General
- BBC News
Pennsylvania grave linked to Duffy's Cut could contain Irish immigrants
A 19th Century mass grave in Pennsylvania could contain the remains of up to 120 Irish immigrants, researchers have site, at Downingtown, is 11 miles west of Duffy's Cut, where in 2009 remains from a mass grave believed to contain 57 Irish railroad workers were discovered. Those immigrants, from counties Tyrone, Londonderry and Donegal, were buried there after a cholera outbreak in 1832. One of those buried at the new grave site is believed to have fled from Duffy's Cut, possibly bringing cholera with him. The discovery was made by a team led by twin brothers Frank and Bill Watson, who have been working to uncover the remains of Irish rail workers in the area for more than 20 remains of seven of those found at Duffy's Cut were previously uncovered and reburied by the team. While some of the work crew may have died of cholera, the seven who were found had suffered violent deaths, believed to have been at the hands of local vigilantes. The first set of remains at the new site were discovered in May by geophysicist Matt Peace, on land owned by Northwood Cemetery."We knew from our historical sources that another Irish work crew connected to Duffy's Cut died and was buried there and we do suspect foul play," Frank Watson said."But now we actually have bones in hand and we've located the first human remains."The remains found at Downingtown include parts of a man's face, including the jaw and two teeth. Frank said the grave is likely to contain the remains of as many as 100 to120 people as an entire crew, including Irish-born contractor Peter Connor, "disappeared from history".Bill said they hoped to get DNA from the teeth found in order to find living descendants so the remains could be buried properly. He added that the immigrants at Downingtown were likely from the same parts of Ireland as those at Duffy's Cut. He said the man who fled to Downingtown from the cholera quarantine at Duffy's Cut "went there for a reason, probably to escape to people who he knew". Frank Watson said the workers previously found at Duffy's Cut had suffered brutal deaths."They were beaten about the head - there were no defensive wounds so they were tied up before they were killed," he said."One man was axed in the head – the tall man we call him – from behind and then when he was down he was shot in the head."He said anti-Irish sentiment, competition for jobs and the scapegoating of the immigrants for the cholera outbreak led to the violence."Tough living conditions, hard work, but with the hope of a better life, that sadly ended in a mass grave," he added. Bill said the industrial revolution was a "tidal wave of change" but this progress came at a "great price".He said many who died were placed in mass graves and it was not unusual for entire work crews to disappear."We have about 10,000 to 15,000 Irish immigrants who died building the [US] industrial infrastructure through the 1820s and 1830s, at various sites from Erie Canal to the New Orleans Canal," he said"Most of those individuals will never have their story told... Duffy's Cut was different, Downingtown we hope will be different as well." 'A matter of justice' The search at Duffy's Cut was restricted due to costs and proximity to the train line. Franks hopes to find all of the remains at the new site in order for them to be buried, following forensic analysis. "There are dozens and dozens and dozens of these poor individuals who came to America for a better life and their stories disappeared," he said."It's a matter for us of justice." In 2015, the remains of a woman discovered at Duffy's Cut - Catherine Burns - were transferred across the Atlantic and reinterred in Clonoe, County priest Canon Benny Fee said he was "delighted" to hear the remains had been found and hopes that they have been a Christian burial. "Wherever in this world a person – man, woman or child - is thrown into a hole, not a grave but just out of the way, that is a denial of their human dignity and their human rights." The Watsons and their team will work through the coming weeks and months to uncover the remains of all those buried at Downingtown."We hope maybe we can find the entire crew. It promises to be an interesting summer," Bill said.
Zawya
30-04-2025
- Business
- Zawya
Gold extends fall as dollar gains, trade tensions ease
Gold prices fell for the second straight session on Wednesday, hurt by a stronger dollar and signs of de-escalation in U.S.-China trade tensions, while focus was also on a slew of U.S. economic data due this week. Spot gold was down 1.3% at $3,274.10 an ounce, as of 1017 GMT. However, bullion was on track to log its fourth consecutive monthly gain, up nearly 5% so far in April. U.S. gold futures slipped 1.5% to $3,283.50. "The market is currently experiencing high volatility as the two-way flows compete. In short, it looks as if gold may be entering a well-earned period of consolidation," said Ross Norman, an independent analyst. The dollar index rose 0.2% against its rivals, making bullion more expensive for other currency holders. "Gold prices are lower in more stable conditions as the market took stock of what appeared to be a de-escalation of the U.S.-led trade war that has rattled the financial markets in recent weeks," Frank Watson, market analyst at Kinesis Money, said in a note. "That said, gold's reluctance to move much lower can be taken as a sign that the financial markets are still on edge amid uncertainty over U.S. trade policies and their ultimate impact on the wider global economy." U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday, while his trade team touted its first deal with a foreign trading partner. Bullion, a safeguard against political and financial turmoil, last soared to a record high of $3,500.05 per ounce on April 22 as investors sought refuge from global economic turmoil. Investors will turn their focus to a series of U.S. economic data, including U.S. personal consumption expenditures (PCE) later in the day and the non-farm payrolls report on Friday, that could shed more light on the Federal Reserve's interest rate outlook. Elsewhere, spot silver dipped 2.1% to $32.27 an ounce, platinum fell 1.1% to $966.86 and palladium lost 0.6% to $929.44.
Reuters
07-03-2025
- Business
- Reuters
China's central bank ups gold reserves for fourth straight month in February
BEIJING/LONDON, March 7 (Reuters) - China's gold reserves rose to 73.61 million fine troy ounces at the end of February from 73.45 million at the end of January, as the central bank kept buying the precious metal for a fourth straight month. China's gold reserves were valued at $208.64 billion at the end of last month, up from $206.53 billion at the end of January, central bank data showed on Friday. "The PBOC's purchases are an important factor underpinning gold, so a continuation of its buying in February could help to build further strength behind the gold price," said Frank Watson, market analyst at Kinesis Money. U.S. import tariff fears, their potential effect on global economic growth and inflation as well as geopolitical uncertainty drove gold to a record high on February 24. Bullion rose by 27% in 2024, the most in 14 years. Washington has so far added an extra 20 percentage points on existing tariffs for Chinese goods, with the latest 10-point increment enforced on Tuesday, drawing Beijing's retaliation. China unlocked more fiscal stimulus on Wednesday, promising greater efforts to support consumption and cushion the impact of an escalating trade war with the U.S, while China's state planner said the country would accelerate the annual stockpiling of strategic commodities. Global central banks, a major source of gold demand, bought more than 1,000 metric tons of the metal for the third year in a row in 2024 and are expected to remain active buyers in 2025, according to the World Gold Council. "Unlike investors, central banks are relatively price insensitive to gold and tend to buy as part of a restructuring of their reserve holdings," Watson said. "Buying by the PBOC and other central banks has been a key factor for gold's very strong price performance over the last two years. That said, other factors, like inflation, interest rates, geopolitical events and investor interest in safe haven assets will continue to shape the gold price." In 2024, the PBOC took a six-month pause after its 18-month-long gold purchasing spree before resuming the gold buying in November.
Zawya
27-01-2025
- Business
- Zawya
Gold steady as Fed expected to remain on hold this week
Gold prices pared earlier losses on Monday as the U.S. dollar edged down, while investors turned their attention to the Federal Reserve's first policy meeting this year for clues about the future path of interest rates. Spot gold was down 0.1% at $2,766.59 per ounce as of 1210 GMT, after falling as much as 0.7% earlier in the session. Prices had risen to near-record high levels on Friday. U.S. gold futures fell 0.3% to $2,771.40 per ounce. The dollar was down 0.2%, erasing earlier gains and making gold, which is priced in dollars, less expensive for other currency holders. "The risk-off sentiment across global markets, which has dragged U.S. yields and the dollar lower, has in turned helped gold erase losses from earlier in the session," said Exinity Group chief market analyst Han Tan. "Spot gold had also been ripe for a technical pullback, even though its latest quest for a new record high fell just short." Historically, gold has been a reliable hedge against geopolitical uncertainty and inflation, and thrives in a low-interest-rate environment where its lack of yield becomes less of a drawback. Fed policymakers are largely expected to keep rates steady at the end of their Jan. 28-29 meeting, according to the CME FedWatch tool. This would mark the first pause in the rate-cutting cycle that began last September. Meanwhile, the European Central Bank is set to cut rates again by another 25 basis points on Thursday. Elsewhere, spot silver fell 0.2% to $30.54 per ounce, after logging a 0.9% increase last week. "The gold-to-silver price ratio pushed back up above 90 last week, some way above its average of about 85 over the last three years, suggesting silver could have potential to make further gains relative to gold," Frank Watson, market analyst at Kinesis Money, said in a note. Palladium dipped 1.8% to $970.69 per ounce and platinum fell 0.5% to $944.48 per ounce.
Express Tribune
27-01-2025
- Business
- Express Tribune
Gold prices witness slight drop in global and local markets
Listen to article The price of gold has decreased in both global and local markets. In the international bullion market, the price of gold per ounce has fallen by 3 dollars to $2767. Meanwhile, in local markets, the price of 24-carat gold per tola has decreased by Rs 300, bringing it down to Rs 289,100. The price of gold per 10 grams also dropped by Rs 257, reaching Rs 227,209. Similarly, the price of silver per tola has fallen by Rs 14, standing at Rs 3,395, and the price per 10 grams of silver also decreased by Rs 12, reaching Rs 2,910. Gold prices dipped on Monday as the US dollar firmed, while investors turned their attention to the Federal Reserve's first policy meeting this year for clues about the future of interest rates. Spot gold dropped 0.3% to $2,764.21 per ounce by 1010 GMT, retreating from near-record high levels seen on Friday. US gold futures fell 0.4% to $2,769.30. The dollar gained 0.1%, making greenback-priced gold more expensive for other currency holders. "The U.S. dollar's resilience following the US-Colombia tariff saga has forced gold prices downward. Spot gold had also been ripe for a technical pullback, even though its latest quest for a new record high fell just short," said Exinity Group chief market analyst Han Tan. U.S. and Colombia defused tensions over a potential trade war after Colombia agreed to accept military aircraft carrying deported migrants. Historically, gold has been a reliable hedge against geopolitical uncertainty and inflation, and thrives in a low-interest-rate environment where its lack of yield becomes less of a drawback. Fed policymakers are largely expected to keep rates steady at the end of their Jan. 28-29 meeting, according to the CME FedWatch tool. This would mark the first pause in the rate-cutting cycle that began last September. Meanwhile, the European Central Bank is set to cut rates again by another 25 basis points on Thursday. Elsewhere, spot silver dropped 0.5% to $30.46 per ounce, after logging a 0.9% increase last week. "The gold-to-silver price ratio pushed back up above 90 last week, some way above its average of about 85 over the last three years, suggesting silver could have potential to make further gains relative to gold," Frank Watson, market analyst at Kinesis Money, said in a note. Palladium dipped 1.6% to $971.75 and platinum added 0.1% to $949.85.
