Gold and silver, much like the Euro, changed direction and declined during last week. The ongoing speculations around the future steps of Spain in regards to its debt problems might reach a new climax this week in the upcoming EU Economic Summit – the main event of the week as I have indicated in the precious metals weekly outlook. During this week the U.S CPI and Philly Fed Index will be published and may affect the foreign exchange and commodities markets. Currently, the price of gold and silver are tumbling down along with other commodities prices. Is this another long squeeze? On today’s agenda: China’s CPI, U.S. Retail Sales Report, BOC Business Outlook Survey, Minutes of RBA Monetary Policy Meeting and FOMC member Lacker will speak.
Here is a short outlook for precious metals for Monday, October 15th:
Precious Metals –October Update
On Friday, Gold decreased by 0.62% to $1,759.7; Silver also fell by 1.21% to $33.67. During last week, gold declined by 1.18%; silver, by 2.61%. Furthermore, on Friday the SPDR Gold Shares (GLD) also decreased by 1.48% and reached by October 12th 170.06.
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Current Gold and Silver Rates as of October 15th
Gold (November 2012 delivery) is traded at $1,735.9 per t oz. a $23.8 or 1.35% decrease as of 15:14*.
Silver (November 2012 delivery) is at $32.77 per t oz – a $0.899 or 2.67% decrease as of 15:15*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
02:30 –China’s CPI
13:30 –U.S.Retail Sales Report
15:30 – BOC Business Outlook Survey
17:45 – FOMC member Lacker’s Speech
00:30 – Minutes ofAustralia’s Bank Monetary Policy Meeting
09:30 –Great BritainCPI
10:00 –German ZEW economic sentiment
Tentative – BOE Inflation Estimate
13:30 –U.S Core Consumer Price Index
14:00 –U.S.TIC Long Term Purchases
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