Gold and silver changed course and fell during last week. Will gold and silver bounce back this week? As I have pointed out in the latest precious metals weekly outlook, several reports, events and speeches will take place during the upcoming week that may affect bullion prices. These items include: EU GDP, Philly Fed survey, Bernanke’s speech, U.S housing starts, U.S PPI, Canada’s manufacturing sales, U.S and Canada’s CPI, and U.S jobless claims. Currently, the prices of gold and silver are slightly down. On today’s agenda: U.S. Retail Sales Report and Euro-Group meetings.
Here is a short outlook for precious metals for Monday, May 13th:
Precious Metals – May Update
On Friday, the rate of gold sharply fell by 2.18% to $1,436.6; Silver also decreased by 1.05% to $23.64. During the previous week, gold declined by 1.88%; silver, by 1.46%. Moreover, during last week, the SPDR Gold Shares (GLD) fell by 1.75% and reached by May 10th 139.6. Conversely, shares of Goldcorp Inc (GG) rallied by 2.94% during last week.
On Today’s Agenda
Euro-Group Meetings: In these meetings, the Euro-Group President and the EU ministers of finance are expected to go over the Cyprus debt relief program. They may also talk about the future steps needed to strengthen the EU banking system;
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):
All Day – Euro-Group Summits
13:30 –U.S. Retail Sales Report
10:00 – German ZEW economic sentiment
10:30 – Australian Annual Budget Release
Tentative –IEA Monthly Oil Report
For further reading:
- Gold and Silver Outlook for May 13-17
- Weekly Outlook of Financial Markets for May 13-17
- Gold and Silver Outlook for May
- Gold and Silver Yearly Outlook For 2013
- Is the Golden Era of Gold Over?