Gold and silver continued to trade down during last week. The speculations around the future moves of the FOMC regarding its monetary policy including the QE3 program time-frame may have contributed to the rise in the bearish market sentiment towards precious metals. Several U.S reports came out last week: the jobless claims increased by 20k to reach 362k; CPI remained unchanged in January; Philly Fed index fell again in February. Housing starts declined in January by 8.5%. Following these recent developments, will gold and silver continue to fall next week? Here is a short outlook for February 25th to March 1st; this includes a fundamental analysis of the main reports and events that may affect metals prices including: U.S new home sales, core durable goods, second GDP fourth quarter estimate, Canada’s GDP, German consumer climate, Italian Parliamentary Election, Bernanke testifies, U.S, China and GB manufacturing PMI, EU monetary developments, and U.S. jobless claims..
In the video report herein there is an outlook of gold and silver that include the main publications and events that may affect precious metals during February 25th and March 1st. Some of these reports include:
Tuesday – Bernanke’s Testimony: This testimony might be the main event of the week. Following the recent publication of the minutes of the January FOMC meeting, if Bernanke will hint of the future plans of the FOMC vis-à-vis the QE3 and the timeframe the Fed might consider putting on it, this news could pull down commodities rates. The Chairman of the Federal Reserve will testify before the Committee on Banking, Housing, and Urban Affairs in the U.S Senate. The title of the testimony is “Semiannual Monetary Policy Report to the Congress“;
Thursday – Second U.S GDP 4Q 2012 Estimate: This will be the second estimate of U.S’s fourth quarter 2012 real GDP growth. In the previous estimate the U.S GDP contracted by 0.1% in the fourth quarter; in the third quarter the GDP expanded by 2.7%; in the 2Q2012 the GDP growth rate reached 1.7% (annual rate). This presents a drop in the growth rate for the US’s GDP.
For further reading: