5-2012-Gold & Silver Prices Daily Outlook 18
Gold and silver prices took a sharp turn and sharply rose yesterday. Gold recorded the sharpest single day gain this year (UTD).
The Philly Fed Index tumbled down to -5.8 in May; this news may have rallied bullion prices but traded down U.S stock indexes and oil prices. This news along with the recent minutes of the FOMC meeting from April may have rekindled the speculation around QE3.
On today’s agenda: GB 10 Year Bond Auction and Canada’s Core CPI. Currently precious metals prices are rising.
Here is a short outlook for gold and silver prices for Friday, May 18th:
Precious Metals – May Update
Gold price spiked on Thursday by 2.49% to $1,574.6; silver also rose by 3.03% to $28.02. During the month gold declined by 5.37% and silver by 12.32%.
The chart below presents the normalized prices of metals during month so far (both metals rates are normalized to 100 as of April 30th).
The ratio between two precious metals
changed direction and decrease yesterday to 56.21. During the month the
ratio rose by 4.75% as silver has
moderately under-performed gold during the month. In the chart
below are the developments of this ratio during May.
Philly Fed Manufacturing Index Fell to -5.8 in
May
In the recent May survey, the Philly
Fed Manufacturing Index tumbled from +8.5 in April
to -5.8 in May 2012. This shift is a negative signal for the developments in the
U.S economy. Furthermore, along with the recent minutes of the FOMC meeting, the
speculation around another quantitative easing was rekindled again.
If this trend will continue this index may adversely affect not only U.S Dollar but also gold prices (the recent Philly Fed review);
U.S. Jobless Claims Remained Unchanged
According to the recent report the jobless claims remained unchanged at 370,000. This news doesn’t change much the current situation in the U.S and doesn’t look well for the progress of the U.S. jobless claims.
On Today’s Agenda
Canada’s Core CPI: According to the Canadian CPI report for March 2012, the core CPI excluding food and energy increased by 1.9% from March 2011 to March 2012. This report might affect the Canadian dollar, which is also strongly correlated with bullion prices
Gold and silver prices took a sharp turn and sharply rose yesterday. Gold recorded the sharpest single day gain this year (UTD).
The Philly Fed Index tumbled down to -5.8 in May; this news may have rallied bullion prices but traded down U.S stock indexes and oil prices. This news along with the recent minutes of the FOMC meeting from April may have rekindled the speculation around QE3.
On today’s agenda: GB 10 Year Bond Auction and Canada’s Core CPI. Currently precious metals prices are rising.
Here is a short outlook for gold and silver prices for Friday, May 18th:
Precious Metals – May Update
Gold price spiked on Thursday by 2.49% to $1,574.6; silver also rose by 3.03% to $28.02. During the month gold declined by 5.37% and silver by 12.32%.
The chart below presents the normalized prices of metals during month so far (both metals rates are normalized to 100 as of April 30th).
The ratio between two precious metals
changed direction and decrease yesterday to 56.21. During the month the
ratio rose by 4.75% as silver has
moderately under-performed gold during the month. In the chart
below are the developments of this ratio during May.Philly Fed Manufacturing Index Fell to -5.8 in
MayIf this trend will continue this index may adversely affect not only U.S Dollar but also gold prices (the recent Philly Fed review);
U.S. Jobless Claims Remained Unchanged
According to the recent report the jobless claims remained unchanged at 370,000. This news doesn’t change much the current situation in the U.S and doesn’t look well for the progress of the U.S. jobless claims.
On Today’s Agenda
Canada’s Core CPI: According to the Canadian CPI report for March 2012, the core CPI excluding food and energy increased by 1.9% from March 2011 to March 2012. This report might affect the Canadian dollar, which is also strongly correlated with bullion prices
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