Gold & Silver Prices – Daily Outlook July 16

Gold and silver bounced back on the last day of last week but this rally might not last long. According to the recent Chinese GDP report for Q2, China expanded by only 7.6 in annual terms. There are many items of today’s agenda including: Euro Area Annual Inflation, U.S. Retail Sales Report and Monetary Policy Meeting Australia’s Bank. Currently gold and silver are falling.

Here is a short outlook for precious metals for Monday, July 16th:

Precious Metals – July Update

Gold rose on Thursday by 1.71% to $1,592; Silver also increased by 0.77% to $27.37. During July, gold declined by 0.76% and silver by 0.88%. Furthermore, on Friday the SPDR Gold Shares (GLD) also rose by 1.01% and reached by July 13th 154.14. Currently, GLD is declining.

The ratio between the two precious metals rose on Friday to 58.17. During July the ratio edged down by 0.12% as gold slightly out-performed silver.

Current Gold and Silver Rates as of July 16th

Gold (August 2012 delivery) is traded at $1,584.7 per t oz. a $7.3 or 0.46% decrease as of 12:03*.

Silver (August 2012 delivery) is at $27.055 per t oz – a $0.314 or 1.15% decrease as of 12:02*.

(* GMT)

For the rest of the report you can see it in Seeking Alpha

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

Today

10:00 – Euro Area Annual Inflation

13:30 –U.S. Retail Sales Report

00:30 – Monetary Policy Meeting Australia’s Bank

Tomorrow

09:30 – Great Britain CPI

10:00 –German ZEW economic sentiment

10:00 –Governor King speaks

13:30 –U.S Core Consumer Price Index

14:00 – Bank of Canada’s Overnight Rate

15:00 – Bernanke’s Testimony

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