During last week gold and silver hiked after they had remained nearly unchanged during the first couple of weeks of August. The renewed expectations that the Fed will issue another stimulus plan in the near future were ignited following the minutes of the FOMC meeting. There were also speculations that the ECB will issue a bond purchase program. In the meantime there were other reports that may have had a modest effect on the bullion market such as the rise in American new home sales during July and the increase in U.S. jobless claims by 4k to 372k.
Here is a short outlook for August 27th to 31st; this includes a fundamental analysis of the main publications and speeches that may affect precious metals markets including: Bernanke’s speech, pending home sales, U.S consumer confidence report, U.S GDP for Q2, China’s manufacturing PMI, U.S factory orders, Canada’s GDP, ECB President Speech and U.S. jobless claims.
The video report has an outlook of gold and silver for the main publications and events that may affect precious metals between August 27th and August 31st. Some of these reports include:
Wednesday – Second U.S GDP 2Q 2012 Estimate: In the preliminary estimate, the U.S GDP during the second quarter expanded by 1.5%; in the 1Q2012 the GDP growth rate reached 2% (annual rate). This shows a fall in the growth rate for the US’s GDP. If there will be a sharp shift in the growth rate from first to second estimate, this could affect USD and commodities.
Friday – Bernanke’s Speech: Following last week’s publication of the minutes of the FOMC meeting and the renewed expectations for another FOMC monetary intervention, many will look towards Bernanke’s speech that could hint of the Fed’s future steps. The title of the speech is “Monetary Policy Since the Crisis“.
The price of gold rose during last week by 3.3%; further, during said time the average rate reached $1,650.42 /t. Gold finished at $1,672.9 /t. oz. The price of silver, even more than gold, hiked on a weekly scale by 9.34%, and its average rate rose by 6.5% to $29.82/t oz. Furthermore, during last week the SPDR Gold Shares (GLD) also rose by 3.3% and settled by August 24th at 161.97.
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