Gold and Silver Prices – Daily Outlook for May 13

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: