Gold and silver continued to trade up during last week. Will precious metals continue to rally this week? As I have stated in the recent precious metals weekly outlook, several publications, events and speeches will take place during this week that may affect gold and silver prices. These items include: Bernanke’s speech, China’s trade balance, German factory orders, Bank of England rate decision, Japan’s current account, Reserve Bank of Australia’s rate decision, China’s CPI, and U.S jobless claims. On today’s agenda: Australian Retail Sales, Spain’s unemployment Change and ECB President’s speech.
Here is a short outlook for precious metals for Monday, May 6th:
Precious Metals – May Update
On Friday, the price of gold slipped by 0.23% to $1,464.2; Silver increased by 0.77% to $23.99. During last week, gold rose by 0.73%; silver, by 0.99%. Moreover, during last week, the SPDR Gold Shares (GLD) rallied by 0.84% and reached by May 3rd 142.09. Shares of Goldcorp Inc (GG) also rose by 0.21% during last week.
The strong demand for physical precious metals such as gold and silver is plausibly among the factors pushing precious metals prices higher. Nonetheless, the ongoing decline in GLD’s gold holdings continues to serve as an indication for the drop in demand for gold as an investment.
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):
00:30 – Australian Retail Sales
08:00 – Spain’s unemployment Change
14:00 – ECB President Speaks
02:30 – Australian Trade Balance
05:30 – Reserve Bank of Australia – Cash Rate Statement
08:00 – Swiss National Bank Foreign Currency Reserve
11:00– German Factory Orders
For further reading:
- Gold and Silver Outlook for May 6-10
- Weekly Outlook of Financial Markets for May 6-10
- Gold and Silver Outlook for May
- Is the Golden Era of Gold Over?
- Will These Gold Producers Bounce Back?
- Is it Time to Sell Gold?