Market Closed

1475.67

1455.00

1415.00

1375.00

1355.00

1335.00

1315.00

1295.00

1275.00

1255.00

1235.00

1217.00

1495.00

1535.00

1575.00

Gold Price Trends.

Gold had a robust 2019.

1D 5D 1M 3M 6 M YTD 1Y 5Y All

CFDs on Gold (US $ / OZ) . D . TVC

1475.67 + 6.07 (+041%)2019 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Mar May Jul Sep Nov

97.000

96.500

96.000

95.500

97.500

98.000

98.500

99.000

Dollar Price Trends.Despite President Trump’sweak dollar campaign,

1D 5D 1M 3M 6 M YTD 1Y 5Y All

SOURCE:

TRADINGECONOMICS.COM

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

28174.2

26500.0

25500.0

25000.0

24500.0

24000.0

23500.0

23000.0

22500.0

22000.0

21500.0

27000.0

27500.0

28500.0

Stock MarketTrends.

Gold had a robust 2019.

26000.0

1D 5D 1M 3M 6 M YTD 1Y 5Y All

CFDs on Gold (US $ / OZ) . D . TVC

1475.67 + 6.07 (+041%)2019

14-Nov

Range of top 10and bottom 10average forecasts

Blue Chip consensus

Sources: B

lue Chip

Econom

ic Indicators

and B

lue Chip

Financial Forecasts

Date of forecast

Atlanta FedGDPNow estimate

Evolution of Atlanta Fed GDPNow realGDP estimate for 2019: Q4

Quarterly percent change (SAAR)

24-Nov14-Nov4-Nov25-Oct15-Oct5-Oct25-Sep 4-Dec

0.0

0.5

1.0

1.5

2.0

2.5

3.0

EconomicData.

U.S. economic growth remainedsteady in 2019 and while theeconomy is still expanding, growthremains moderate and notparticularly remarkable.

Retail sales fell flat inSeptember, howevermarking the first declinesince February.

1.5

1.8

0.4 0.4 0.40.2

2

1

0

-1

-2

-3

0.50.7 0.6

-2.2

-0.5 -0.4

Jan 2019 Apr 2019 Jul 2019 Oct 2019

SOURCE: TRADINGECONOMICS.COM | U.S CENSUS BUREAU

Consumer Spending.

Tonnes600

500

400

300

200

100

Y-t-d central bank net purchasesare 12% higher than last year. 2010 2012 2014 2016 2018

Q1 Q2 Q3 SOURCE: Metals Focus ; Refinitiv GFMS ; World Gold Council

Gold Supplyand Demand.

0.6

0.1

0

0.2

0.4

0.6

-0.2

-0.4

-0.2

0.6 0.6 0.6

0.3 0.3 0.3 0.3

0.4

0.5

Jan 2017 Jul 2017 Jul 2018Jan 2018 Jan 2019 Jul 2019

SOURCE: TRADINGECONOMICS.COM | U.S CENSUS BUREAU

World Economies on Edge.

The story of 2019 was not just asordid tale of trade tensions,market volatility and political jitters.

(United Kingdom)

World Economies on Edge.

Here we show you the progression of the GDP in Mexico.

(Mexico)

SO

UR

CE

: CO

UN

TR

YE

CO

NO

MY

.CO

M | G

DP

ME

XIC

O

Quat. GDP Annual Growth (%)

Quat. GDP Growth (%)

Quarterly GDPDate

Quarterly GDP at market prices 2019

< GDP Mexico 2018

2019Q3 253,562M.$ 0.0% -0.2%

2019Q2 251,558M.$ -0.1% 0.1%

2019Q1 243,828M.$ -0.1% 0.0%

U.S.and China trade standoff What’s at stakeU.S. imported record $539 billion in goods from China in 2018, in billions

computers & electronics

Electrical equipment

Miscellaneous manufacturing

Machinery

Clothing

Fabricated metal

Furniture

Transportation equipment

Chemicals

Plastic $ rubber products

Lrather and similiar goods

Transportation equipment

Computers & electronics

Chemicals

Machinery

Oil & gas

Fram crops

Miscellanous manufacturing

Waste & scrap

Electrical equipment

$186.5

SOURCE: U.S CENSUS

U.S. and Chinatrade standoff:

Persistent trade deficits have a variety ofnegative economic consequencesincluding the loss of domestic jobs, higherinterest rates, a weaker currency andinflation risks.

What’s at stake

$49.9

$44

$38.7

$29.8

$26.5

$25.8

$27.8

$17.9

$16.2

$11.1

$7.1

$5.9

$3.7

$3.5

$3.4

$21.7

$21.4

$20.2

$20

U.S. exported $120 billion in goods to China in 2018, in billions

Gold-backed ETF holdings hit anew record of 2,855t

ETF Flows.Gold ETFs play an important role inthe global gold marketplace,particularly with respect toinstitutional and individualshareholders seeking a diversifiedinvestment strategy.

Holdings grew by 2585 in Q3 the highest level of quarterly inflowssince Q1 2016. Accommodative monetary policies, along withsafe-haven and momentum buying, drove demand.

2,855t

Market.World Jewelry

As of 2018

Jewelry accountsfor half of globalgold demand. (in percent)

China and Indiaare the biggest buyersof gold jewelry. (in percent)

3142

27

Technology Jewelry Others China

Central Bank

InvesmentIndia

50

SOURCE: World Gold Council

27

15

08

Oun

ces

(Mill

ions

)

2000 2005 2010 2015 2019

0

10

20

30

40

50

60

Central BankBuying.

Other nations are worried aboutthe fallout from the trade war, thepossibility of a currency war, andare seeking a way to sidestep U.S.sanctions. Regardless, the centralbank buy-up has stoked gold demand and helped fuel rising prices.

70

80

Central Bank Gold ReservesTurkey India China Russia

2019 was the year of globalmonetary easing as more than 30central banks around the worldcut rates in response to tradepressures, slowing growth, andgeo- political mayhem. EmergingMarkets, in particular, saw themost rate cuts in a decade.

-2.2

Map credit Zain Ullah

Central banks back into easing mode in 2019

SOURCE: Bank for International Settlements

GlobalEasing.

Russia

ChinaU.S.

Brazil

Argentina

Data compiled June 18, 2019.

* Bank of America Merril Lynch forecat.

Chile

Norway

Malaysia

PhilippinesNew Zealand

CzechRepublic

Loweredinterest rates

Raisedinterest rates

Expected to cutinterest rates*

Iceland

Macedonia

Sweden

India

Australia

GlobalDebt.Nothing makes the world more vulnerable to a downturn than its collective debt and since the financial crisis, world debt has surged to an all-time high.

The Ratio of Debt to Gross Domestic Product (GDP) for Key Economies

March ‘99 March ‘03 March ‘07 March ‘11 March ‘15 March ‘19

280%

300%

320%

340%

360%

380%

400%

100%

150%

200%

250%

300%

U.S.

China

Germany

Eurozone

U.K.

Japan (Right Axis)

To

tal

Cre

dit

to

th

e N

on

fin

an

cia

l S

ec

tor

as

a P

erc

en

tag

e o

f G

DP

SOURCE: Bank for International Settlements.FEDERAL RESERVE BANK OF ST. LOUIS

100

75

50

25

100755025

% of Rep/Lean Rep

% of Dep/Lean Dep PEW RESEARCH CENTER

Political Polarization.

% who say_should be a top priority for Trump and Congress this year

Republicans and Democrats differ over key priorotiesfor the president and Congress in 2019.

SOURCE: Survey of U.S. adults conducted Jan. 9-14 2019

Reps place greaterpriority than Dems

Terrorism Economy

Social SecurityImmigration

Military Crime

Budget Deficit

Global trade

Transportation

Race relation

Environment

Climate change

Drug addiction

Poor and needy

Eduction

Health care

Republicans andDemocrats placeroughly equal priority

Dems place greaterpriority than Reps

Medicare

Jobs

LoomingUncertainty.

18

350

300

250

200

150

100

50

0

Heightened Uncertainty

161412100806040220001998

A monthly index of global economic policy uncertainly A record high in August

SOURCE: Economic Policy Uncertainly

(Business Cycle)

Key Take-Aways.

Gro

ss D

omes

tic

Pro

duc

t (G

DP

)Depression

Trough

Time

Peak Recession

Expa

nsio

n

Recove

ry