Gold & Silver Prices – Daily Outlook 21 June

Gold and silver prices continue to remain high and start to pick up at a very slow rate. The concerns over the Greek debt crisis that occupied the news in the last few days seem to have had little affect on gold and silver prices. The main publications of the day will be
the core retail sales of Canada and the U.S. existing home sales.

Let’s examine the news of the day related to the precious metals market for today June 21st:

Gold and silver prices – June

Gold price started the week with a 0.16% increase to $1,541.


Silver price also inclined on Monday, June 20th by 0.9% to $36.07.

During June, gold price increased by 0.3%, but silver price declined by 5.8%.

The chart below shows the normalized gold and silver prices (May 31st 2011=100).

Gold prices forecast & silver price outlook 2011 JUNE 21

The gold to silver ratio: As of yesterday, June 20th the ratio between gold and silver prices continue to hover around the 43 mark as it dropped yesterday to 42.75; during June this ratio inclined by 6.5%, which means that gold price has outperformed silver price during June.

Gold prices forecast & silver price outlook ratio 2011 JUNE 21 The stability of the ratio in recent days may indicate the slowdown in the daily changes in gold and silver prices.

The chart below also shows that gold and silver prices are still very heavily correlated (daily percent changes) and their relation continues to be stable and high.

Correlation Gold & Silver Prices  Dec 2010- June 2011 21 June

The Euros to US dollar and crude oil prices

The recent concerns over Greek debt has proven to have little to no affect on the gold and silver prices; as the Euro/USD fluctuated very sharply mainly during last week, while gold and silver prices (as seen above), continued to rise very moderately.

The upcoming report to be published today about the existing home sales, might affect the perspective of traders and might even affect USD trading, but will probably also have little affect on gold and silver prices.

Current Gold and Silver prices

The precious metals prices are currently traded with little rises in the European markets:

The current gold price, short term futures (July 2011 delivery) is traded at $1,544.2 per t oz. with a $2.2 increase or 0.14% as of 10:36*.

Current silver price, short term futures is at $36.075 per t oz – a $0.004 incline or 0.01%, as of 10:36*.

The current ratio of gold to silver prices is at 42.80.

(* GMT)

Gold and silver prices Outlook:


Gold and silver prices continue to crawl up after they declined, mainly silver price, at the beginning of the month.


I still think that in the mid term gold and silver prices will continue to incline.


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


2:30 – Monetary Policy meeting Australia’s Bank

13:30 – Core retails sales Canada (April 2011)

15:00 – U.S. existing home sales


15:30 – EIA report about Crude oil inventories

17:30 – Decision on Federal Reverse’s Interest Rate



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