September Gold News 2019

The World Gold Council has issued a new raft of ‘Responsible Gold Mining Principles’ in the wake of gold’s increased demand in the past 12 months. The price of gold in Dollar terms has increased by 25.10% in that time – almost $300 more per ounce.

Palladium has this morning set a new all-time price record of $1,701.50 per ounce, following two weeks of continual price records.

The metal set a new record of $1,627.53 on Thursday September 19, then set a new record of $1,636.60 just a day later. A weekend surge saw palladium hit $1,664.50 last Monday, and again the price has jolted higher today.

The Supreme Court has ruled that the prorogation of Parliament was unlawful, in a historic decision for British politics.

In another blow to Boris Johnson, the Supreme Court has declared the suspension of Parliament void, and MPs look set to return to Commons in the coming days.

The US Federal Reserve has cut interest rates for the second month in a row, dropping down to 1.75-2%. The move is similar to the European Central Bank's decision to cut rates earlier this month, with the global economic slowdown cited as the reason for both of the moves.

Fears of possible military conflict in the Gulf grew this weekend, following a number of drone attacks on Saudi Arabian oil facilities on Saturday.

Despite denying responsibility for the attack, several countries have come forward to blame Iran, reigniting the simmering tensions from June’s oil tanker attacks.

The European Central Bank has announced the return of quantitative easing – only eight months after initially ending the stimulus measure.

The decision, likely the last major action by Mario Draghi before he departs as ECB president, is designed to counter the economic regression currently being experienced in the Eurozone.

Gold could set a new all-time record of $2,000 per ounce in the next two years according to analysts at Citigroup.

In their latest research note, economists at the American investment bank said the decline in US economic growth and that of the wider world could see the current strong demand for gold continue.

The amount of gold mined and refined each year is expected to increase by 17.4% by 2023 according to analytics firm GlobalData. The growth should be at least 2.5% each year for the next five years, with a total output of 132.1 million ounces.

Official data from China’s Central Bank shows that the country has now added 99 tonnes of gold to the nation’s reserves as of the end of August, worth an estimated $7.574 billion.

Given that gold has made 12.48% gains in the past three months in Dollar terms, and 25.06% for the past year, it’s unlikely that the People’s Bank will slow down its hunt for buying gold – especially when they are keen to avoid the US Dollar in their reserves, and will have little interest in the fragile Sterling or Euro currencies.

Korea’s NH Nonghyup Bank has started offering its customers silver bars following a surge in demand for safe haven assets.

The move makes Nonghyup the fourth bank in Korea to offer retail investors silver bars, in a trend that could spread across the Asian banking sector.

The pound sunk to a two-week low this morning ahead of what could be a chaotic and historic week in Westminster.