Gold and silver tumbled down during last week. Will gold and silver change course and rally this week? As I have stated in the recent precious metals weekly outlook, several reports may affect bullion rates. These items include: U.S new home sales, German manufacturing PMI, EU monetary developments, Canada’s retail sales, Bank of Japan monetary statement, U.S GDP for Q1 2013, and U.S jobless claims. Currently, gold and silver are trading sharply up. On today’s agenda: U.S. TIC long term purchases, China’s manufacturing PMI and U.S existing home sales.
Here is a short outlook for precious metals for Monday, April 22nd:
Precious Metals – April Update
On Friday, the price of gold slightly rose by 0.24% to $1,395.3; Silver decreased by 1.23% to $22.96. During April, gold declined by 12.51%; silver, by 18.85%. Moreover, during last week, the SPDR Gold Shares (GLD) also plummeted by 5.89% and reached by April 19th 135.47. Shares of iShares Silver Trust (SLV) also plunged by 11.4% during last week.
On Today’s Agenda
U.S. Existing Home Sales: This report will refer to the developments in U.S. existing home sales during March; in the previous report regarding February, the number of homes sales slightly increased to a seasonally adjusted annual rate of 4.98 million; if this trend will continue, it might pull up the U.S dollar;
For the rest of the report you can see it at Seeking Alpha
Current Gold and Silver Rates as of April 22nd
Gold (short term delivery) is traded at $1,417.8 per t oz. a $22.9 or 1.64% increase as of 03:08*.
Silver (short term delivery) is at $23.42 per t oz – a 2% increase as of 03:08*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
15:00 – U.S. Existing Home Sales
02:45 – China flash Manufacturing PMI
09:00 – Flash German, French and Euro Zone Manufacturing PMI
13:30 – Canada Retails Sales
13:45 – BOC Gov Carney Speaks
15:00 – U.S. New Home Sales
00:30 – Australia’s CPI for Q1 2013
For further reading: