Gold and silver continued their downward trend throughout most of last week. The FOMC decided to purchase treasury securities at a pace of $45 billion per month starting January 2013 (in addition to purchasing mortgage backed securities at a pace of $40 billion). This news, however, didn’t help rally gold and silver last week even though the US dollar depreciated against major currencies. Will precious metals continue to trade down this week? As I have stated the recent precious metals weekly outlook, several reports may affect precious metals this week. These items include: core durable goods, Bank of Japan’s monetary policy meeting, U.S housing starts, existing home sales and Philly Fed survey. On today’s agenda: U.S. TIC Long Term Purchases and ECB President will give a speech.
Here is a short outlook for precious metals for Monday, December 17th:
Precious Metals – December Update
On Friday, the price of gold edged down by 0.04% to $1,695.2; Silver price, on the other hand, edged up by 0.01% to $32.30. During last week, gold declined by 0.55%; silver, by 2.34%. Moreover, during last week, the SPDR Gold Shares (GLD) also decreased by 0.59% and reached by December 14th 164.15.
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Current Gold and Silver Rates as of December 17th
Gold (short term delivery) is traded at $1,688 per t oz. a $8.6 or 0.51% decrease as of 08:40*.
Silver (short term delivery) is at $32.17 per t oz – a $0.13 or 0.4% decrease as of 08:40*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
14:00 – U.S. TIC Long Term Purchases
14:30 – ECB President Speaks
09:30 – Great Britain CPI
Tentative – BOE Inflation Estimate
23:50 – Japanese Trade balance
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