The prices gold and silver rose again during last week, and I suspect bullion rates will continue to rally during this week. The recent speech of Bernanke at Jackson Hole raised the expectations that another QE program is right around the corner. I still think Bernanke’s speech didn’t offer any insight as to the future steps of the FOMC. His main points in the speech weren’t much different than any of his recent speeches or testimonies. As I have pointed out in the precious metals weekly outlook the main events of the week will revolve around the U.S manufacturing PMI, Mario Draghi’s speech and U.S non-farm payroll report. Today is a Holiday (Labor Day) in the U.S so the markets there will be closed. On today’s agenda: Australian Retail Sales, GB Manufacturing PMI, EU Flash Manufacturing PMI and ECB President Draghi Speaks.
Here is a short outlook for precious metals for Monday, September 3rd:
Precious Metals –September Update
On Friday, Gold increased by 1.84% to $1,687.6; Silver also rose by 3.27% to $31.44. During August, gold rose by 4.52%; silver, by 12.64%. Furthermore, on Friday the SPDR Gold Shares (GLD) also hiked by 2.31% and reached by August 31st 164.22.
Current Gold and Silver Rates as of September 3rd
Gold (October 2012 delivery) is traded at $1,689.1 per t oz. a $1.5 or 0.09% increase as of 08:08*.
Silver (October 2012 delivery) is at $31.86 per t oz – a $0.418 or 1.33% increase as of 08:08*.
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):
02:30 – Australian Retail Sales
09:30 – GB Manufacturing PMI
14:00 – Spanish Flash Manufacturing PMI
Tentative – ECB President Draghi Speaks
05:30 – Reserve Bank of Australia – Cash Rate Statement
15:00 – U.S. ISM Manufacturing PMI
2:30 – Australian GDP Second Quarter 2012
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