November Gold News 2020

Chancellor Rishi Sunak has warned that the ‘economic emergency’ facing the UK economy is only just beginning, following a cut down and alarming spending review yesterday.

The warning comes as the Office for Budget Responsibility forecasts the UK economy will contract by 11.3% in 2020 and will take two years to return to pre-pandemic levels.

In what has been a volatile year for platinum, prices could be on the brink of a rally, following reports of a significant supply deficit facing the precious metal in 2020.

In their quarterly platinum report the World Platinum Investment Council’s research shows that platinum supply is over one million ounces below current demand.

It has been a rollercoaster week for gold and silver as Joe Biden secured the final states required to claim victory in the US election.

Prices had been rising in response to the Biden win, before news broke that a Covid-19 vaccine by Pfizer has an estimated 90% effectiveness, with stock markets soaring in a knee-jerk reaction, and putting pressure on precious metals.

The Bank of England has announced a fresh round of money printing in an extension to its Quantitative Easing program.

Having already increased the QE program several times this year, the new influx of cash now brings the total to an eye-watering £895 billion.

Joe Biden has extended his lead over Donald Trump in the nail-biting final stretch of the US election.

With legal challenges already launched by Republicans in a bid to overturn the results however, the vote looks a long way from being finalised.

With one day to go until polling stations open for the US election, bookmakers are keeping with Joe Biden to be elected the next President of the United States.

The gold price is down 0.44% in the last week; an $8.40 loss bringing gold to $1,894.70 per ounce. As BullionByPost, MoneyWeek, and others have said over the past month, a lot of this is down to anticipation of tomorrow night's results.