November Gold News 2019

The National Bank of Serbia (Народна банка Србије in the native Serbian) has joined a growing list of central banks to add a sizeable sum of gold to the nation’s reserves.

Official figures show that Serbia added nine tonnes of gold to the central bank holdings in October. The transaction was worth approximately $438 million (€397.9 million), with the gold price at $1,503 per ounce.

The Institute of Fiscal Studies has published its analysis of the Conservative and Labour manifestos with two weeks until the general election. Their verdict? “nothing new in the Conservatives’ manifesto” and Labour “want to change everything.”

Following months of economic turmoil, Lebanon is on the brink of financial collapse, and civil unrest has now ground the country to a halt.

A lack of dollars has crippled the banking system, shutting down businesses and causing a surge in civil unrest.

The Organisation for Economic Co-operation and Development has warned of further risks to the global economy in their biennial economic report. The report is titled 'The global outlook is unstable', and warns of the various risks currently faced by economies across the globe.

The Central Bank of the Republic of Turkey (CBRT) was the largest buyer of gold for national reserves of any nation in the third quarter of 2019, acquiring an additional 71.4 tonnes of gold bullion.

Pressure from US sanctions and President Trump's threats towards the Turkish economy are believed to be behind President Erdogan's push to ditch the US Dollar from the reserves for gold.

New figures from the Office for National Statistics (ONS) yesterday morning show that the UK narrowly avoided a second quarter of economic contraction and the official declaration of recession.

The Bank of England has published fresh data on the forecast for the UK economy’s performance for 2020, revising August’s prediction for next year down by 1%.

The downgrade hit the Pound's value against the basket of major currencies, but market analysts believe this might be an indicator that the BoE will cut interest rates early next year to boost investment.