Central banks added 651.5 tons of gold to their reserves in 2018, the second-highest total on record, according to the World Gold Council. This has been boosted by buying from China and Russia, two of the world's largest purchasers. For Russia the buying is part of an attempt by President Vladimir Putin to move away from dollar dependence, according to Bloomberg.
The weaker dollar is supporting Chinese demand, according to Stephen Innes, the head of trading and market strategy at SPI Asset Management. \"Traders now think their appetite could extend through 2019 as global central banks continue to veer dovish which is adding more glitter to gold's long term prospects,\" he said.
The six banks are also expected to report an average 17% drop in net profit in the fourth quarter from a year earlier. Investors and analysts will pay close attention to the bank executives to gauge the general economic outlook for 2023.
Consumer businesses will also be of keen interest as the banks report their earnings. Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year earlier, according to data from Dealogic.
Banksy's latest artwork in Margate being unveiled with a protective screen, to protect against damage. Margate, Kent (15/02/2023) See SWNS story SWLSbanksy. A protective screen has been put over a Banksy mural that was installed earlier this week - then dismantled just 24 hours later by the council for 'health and safety' reasons. The elusive graffiti artist spray-painted a Valentine's Day tribute onto a building in Margate, Kent, on Monday depicting a 1950s battered housewife throwing her husband in a chest freezer. But just hours after the anonymous artists confirmed he was behind the work yesterday (Tues), contractors from Thanet District Council carted away the freezer that formed a vital part of the piece. Today (Wed) the authority said the freezer that was controversially removed \"on safety grounds\" is set to be returned. 781b155fdc