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Gold and silver made a comeback as their prices sharply rose during most of last week, which was the best performing week for the bullion market during February. By the end of week gold and silver prices rose by 2.93% and 6.42%, respectively. Here is a short recap of the recent changes in gold and silver for the week of February 20th to February 24th; this overview includes a short description of the developments in the financial arena that are related to precious metals.
The news from the beginning of last week of the Euro Zone ministers of finance approving the bailout package for Greece brought back some stability to the financial markets. Not only gold and silver rose during last week, but also other commodities were traded up. On the other hand, the news of the slight gain in the U.S. home sales may have curbed the rally of precious metals.
The Euro sharply rose against the USD, while other “risk” currencies such as the AUD and CAD slightly depreciated against the USD during the week. This shift in the direction of the Euro/ USD may have helped the rally of gold and silver during last week.
The video link above presents a broad outlook for the major news and events that might affect the path of gold and silver during the week of February 27th to March 2nd; the video includes reviewing the main reports, events, decisions and news items to be published during the upcoming week. Some of these reports and events include: U.S. pending home sales report, Bernanke’s testimony, U.S Consumer confidence report, U.S. ISM manufacturing PMI and U.S. jobless claims weekly update.
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