Submitted by
Trading
NRG
as part of our
contributors program
.
Gold remained virtually unchanged as it inched down on a weekly
scale. The price of silver declined. Their modest fall partly
coincided with the depreciation of the Euro and Aussie dollar
against the USD. 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, seem to have slightly influenced bullion
traders as gold and silver only moderately declined. Will gold and
silver continue to trade slowly up next week?
In the
video report herein provides an outlook
of gold and silver that include the main publications and events
that may affect precious metals during February 11th and February
15th. Some of these reports include:
Tuesday - ECONFIN Meetings: EU ministers of finance and EU
leading policymakers will convene for the monthly meeting. In this
meeting the EU ministers will likely discuss the recent multi-year
EU budget decision and future development of the EU economy;
Wednesday -U.S. Retail Sales Report: this report will show the
monthly changes in the retail sales and food services for January;
in the recent report regarding December, the retail sales increased
by 0.5% from the previous month;
Thursday - EU GDP for Q4 2012: according to the previous
quarterly update the annual GDP contracted by 0.1% as of the third
quarter. This flash estimate will refer to the fourth quarter of
2012. If the EU economy will continue to shrink, this may also
weaken the euro currency;
In conclusion, my guess is that precious metals will change
course and slowly increase during the week. The low volatility in
the bullion market coincided with the low trade volume in the CME
of silver and gold. If the low volume of trade will continue, this
could keep gold and silver at a low volatility mode. If the ECB
President or the EU policymakers in the EU Summit will come up with
big headlines regarding the progress of the EU economy this could
influence Euro traders and indirectly affect precious metals. The
upcoming reports regarding the U.S economy including: consumer
confidence, retail sales and jobless claims, could affect the USD
and bullion prices: if these reports will show contraction in the
U.S economy, they may positively affect gold and silver. The U.S
money base has increased in recent weeks, which could lead to a
rise in the price of gold via its growing demand as a safe haven
investment.
For further reading:
What Could Impede This Gold Company?
Gold and Silver Outlook for February