Gold and Silver Outlook for November 14
Submitted by Trading NRG as part of our contributors program.
The prices of gold and silver slightly declined again for the second consecutive day. The low volatility was in other markets including oil, stocks and forex. The recent Euro Summits were concluded with no big headlines regarding Greece’s debt crisis. On today’s agenda: Minutes of October’s FOMC Meeting, Claimant Count Change, U.S Producer Price Index, Governor King speaks, U.S. Retail Sales Report and Euro Area Industrial Production.
On Tuesday, Gold declined by 0.35% and settled at $1,724.8; Silver also declined by 0.12% to $32.49. During November, gold rose by 0.33%; silver, by 0.54%.
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As seen below, the chart presents the developments in the normalized prices of bullion during November (normalized to 100 as of October 31st). During recent days, both gold and silver bounced back after they had declined during the beginning of the month.
On Today’s Agenda
Minutes of FOMC Meeting: Following the October FOMC meeting, in which the Fed left its policy unchanged, the prices of bullion didn’t move much didn’t have a strong reaction to this news – gold and silver prices slightly declined on the day of the announcement. The minutes of the recent FOMC meeting might add some additional insight behind this non-decision and more important the potential future steps of the FOMC especially after the U.S Presidential elections, the upcoming decision to be made regarding the U.S fiscal cliff and the upcoming FOMC meeting at the middle of December;
U.S. PPI: This report will present the developments in the PPI during October 2012, i.e. the inflation rate from the producers’ stand point. In the latest report regarding September this index for finished goods hiked again by 1.1% compared with August’s rate and by 2.1% in the last 12 months; this news might affect commodities prices;
Governor King speaks: The governor of Bank of England will give a speech about the recent inflation report; he might also offer some refer to the recent MPC interest rate decision and monetary policy; this speech may influence British Pound traders;
U.S. Retail Sales Report: in the recent report for September, the retail sales increased by 1.1% from the previous month;
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