November Gold News 2021

Singapore's central bank has added 26 tonnes of physical gold to the nation's reserves back in June, but strangely the International Monetary Fund (IMF) has only disclosed the information as of last Thursday.

Following strong gains last week, gold and silver prices have fallen back this week. The US dollar has been boosted by America's decision to release 50 million barrels of oil from its reserves, as well as by a reduction in unemployment stateside.

Office for National Statistics (ONS) data released today shows another increase in UK inflation, now up to 4.2% as of October from 3.1% in September, with the pound making gains against a basket of major currencies as a result.

Sterling today hit a new low for the year following the latest GDP figures from the Office for National Statistics. The pound hit $1.337, and has only risen fractionally since to $1.339.

The past 10 days have been a perfect storm of troubles for the pound. Last week the Bank of England decided not to raise interest rates, the US reported a jolt in inflation yesterday, and now the poor GDP figures.

A hoard containing an incredible 131 gold coins from the Anglo-Saxon period of England, has been officially declared a treasure, and is the largest find of coins from this period.

It's that phrase again – supply chain problems. The United States has reported the slowest levels of growth in factory output of the past five quarters, with a lack of transport, drivers, shipping containers, and port staff all combining into a perfect storm of delays.

A new cryptocurrency called SQUID has caused chaos this week after scamming investors by prohibiting the sale of currency – before the owners shut up shop and disappeared with millions.

New data from the China Gold Association shows that consumer demand (in China) for gold is up by 48.44% in the past nine months. Industrial demand is beginning to return, but with threats still present the evidence is clear that many consumers are opting for gold bullion or jewellery in the face of uncertainty.