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The following article was published in our article directory on February 13, 2013.
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Article Category: Finances
Author Name: James A. Bakerman
Gold price remained virtually unchanged as it inched down on a weekly scale. The price associated with silver declined. Their modest drop partly coincided with the depreciation of the Euro and Aussie dollar against the United States dollar. ECB President Mario Draghi's remarks regarding the strength of the Euro currency and the expected drop in the inflation during 2013 contributed to the sharp depreciation of the Euro. This news, however, appear to have slightly influenced bullion investors as gold and silver only moderately declined. Will gold and silver continue to trade slowly up next 7 days? Here is a short outlook for Feb 11th to February 15th; this includes a fundamental analysis of the main report and decisions which may influence metals traders including: ECONFIN Meetings, BOJ monetary policy conference, U.S consumer sentiment, U.S retail sales, Euro Area GDP for Q4, U.S federal budget balance, and U.S. jobless claims.
Gold slipped during last week by 0.22%; conversely, during said week, the actual average rate reached $1,672.68 an ounce that is 0.47% above last week's average. Gold ended the week at $1,666 an oz.
Silver rate decreased during the previous 7 days by 1.62%; conversely, the average rate increased by 0.6% to reach $31.66/t oz compared to last week's average.
The Euro changed course and tumbled lower against the U.S dollar through 2.02% (on a weekly scale); the Canadian dollar also depreciated against the USD by 0.55%; the Australian dollar depreciated against the U.S dollar by 0.85%. The correlations between leading currency pairs and precious metals have moderately destabilized in recent weeks: during January-February the actual correlation between USD/CAD and gold had been -0.25 and between Australian dollar /USD and gold the correlation arrived at 0.35. These correlations suggest the recent developments in the actual forex markets may have had a moderate effect on the shifts in precious metals. These correlations might strengthen in the times to come. Thus, if the Euro and other "risk" currencies will change course and appreciate during the week; this might pressure up gold as well as silver.
There are some primary reports as well as events that may affect gold and silver between February 11th and February 15th. These include the above-mentioned news items such as: ECONFIN Meetings, BOJ monetary policy meeting, U.S consumer sentiment, U.S retail sales, U.S federal budget balance, and U.S. unemployed claims.
In conclusion, my belief is that precious metals will change course as well as slowly increase during the week. The reduced volatility in the bullion market coincided with the low trade quantity in the CME of silver and gold. If the low volume of trade continues, this could keep gold and silver in a low volatility mode. If the ECB President or the EU lawmakers in the EU Summit can come up with big headlines concerning the progress of the EU economy this could influence Euro traders and indirectly affect precious metals.
The approaching reports regarding the U.S economy including: consumer confidence, retail sales and jobless claims, could affect the United states dollar and bullion prices: if these types of reports will show contraction in the actual U.S economy, they may positively affect gold and silver. The actual U.S money foundation has increased in recent weeks, that could lead to a rise in the price associated with gold via its growing need as a safe haven investment. In India, if the Rupee will continue to weaken against the USD, as it did in the prior week, it may adversely affect the demand for gold in India. Finally, when the Euro, Aussie dollar, Canadian dollar and other risk currencies will change course and appreciate against the USD, they could also positively affect precious metals.
Keywords: kitco silver, gold, silver, silver coins, gold coins, silver price, gold price, silver prices, gold prices, investing, precious metals, gold and silver
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