Gold and Silver Prices – Daily Outlook for April 15

Gold and silver plummeted during most of last week. The sharpest fall came on Friday when gold declined by 4.1%; silver fell by 4.9%. The main event from last week – the publication of the minutes of the recent FOMC meeting – may have been the trigger for the plunge in the prices of precious metals. The minutes may have rekindled the speculations regarding the future of the Fed’s asset purchase program. If the asset purchase program will end in the near future, it could reduce the concerns of many investors regarding the possibility of the US dollar devaluing. The rise in volatility may have been the reason for the CME to raise its margins on gold and silver contracts by almost 20%. This news may have been the main reason for the recent drop in bullion prices. Will gold and silver continue to tumble down this week? Currently , the price of gold is falling by 9% and the price of silver is tumbling down by more than 11%. At the current pace, gold and silver are heading for the worst performing month in the past few years. The shift in market sentiment seem to have pulled out many investors from gold and silver. Will this bearish market sentiment in the precious metals market persist?  As I have pointed out in the latest precious metals weekly outlook, several reports, summits and publications may affect bullion prices. These items include: U.S housing starts, Philly fed index, U.S CPI, IMF and G20 Summits, and U.S jobless claims. On today’s agenda: U.S. TIC long term purchases, China’s GDP for Q1 2013 (update: China’s GDP grew by only 7.7% – lower than expected – in the first quarter of 2013), Minutes of RBA’s meeting and Kuroda’s speech.

Here is a short outlook for precious metals for Monday, April 15th:

Precious Metals – April Update                                 

On Friday, the price of gold tumbled down by 4.06% to $1,501.0; Silver also decreased by 4.93% to $26.33. During April, gold declined by 5.88%; silver, by 6.93%. Moreover, during last week, the SPDR Gold Shares (GLD) also plummeted by 5.8% and reached by April 12th 143.95. Shares of iShares Silver Trust (SLV) also plunged by 4.21% during last week.

For the rest of the report you can see it at Seeking Alpha 

Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):


03:00 –China First Quarter GDP 2013

07:15 – Kuroda’s Speech

14:00 – U.S. TIC Long Term Purchases

00:30 – Minutes of Australia’s Bank Monetary Policy Meeting


09:30 – GB CPI (March 2013)

09:30 – Great Britain PPI Input

10:00 – Euro Area CPI

11:00 – German ZEW economic sentiment

Tentative – Bank of England Inflation letter

13:30 – Canada Manufacturing Sales

13:30 –U.S Core Consumer Price Index

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