Events Impacting Gold And Silver Prices In The Week Of December 15th

In this article, we summarize the key events of the running week that could have an impact on the price of gold and silver price as a result of trading in COMEX futures.

Over the last week, between December 8th and 12th, both gold and silver did not move substantially in either direction on a weekly basis. However, on an intra-week basis, there was a big rise on Tuesday December 9th. As expected and announced in our summary last week, there was volatility because of economic data or central bank announcements. The gold and silver price move of Tuesday December 9th was more related increased fear in the periphery of the euro area and credit risk.

For the week commencing December 15th, there are some key economic releases that could cause significant volatility in the gold and silver price, as well as two major central bank speeches. Below is a more detailed calendar of economic data in key markets. We expect increased volatility on Wednesday, with CPI figures being released in the U.S. and Europe, as well as a speech of the U.S. Fed. As we are in the two last tax loss selling weeks in the U.S. and Canada, gold and silver are vulnerable. If the prices of the metals would hold up, it would be a very healthy sign; a replay of last year could be in the cards.

 

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Note: The primary focus of our website is to report on the different aspects of the gold market: fundamentals, economic and monetary analysis, basic technical analysis. Our view on the real price setting in the gold and silver market differs from the mainstream view. Price changes happen to coincide with events or announcements; mainstream media are used to report a relationship between both. However, we believe that the real price setting for the time being is taking place in the COMEX futures market. Market expert Ted Butler does an outstanding job analyzing the weekly evolution in the COMEX market and how it affects price setting.

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