Events Impacting Gold And Silver Prices In The Week Of December 8th

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 because of trading in COMEX futures.

Over the last week, between December 1st and 5th, both gold and silver did not move substantially in either direction on a weekly basis. However, on an intra-week basis, the huge volatility on Monday December 1st, which took the Gold Price 3% Higher and Silver 5.8% On Huge Volume, was the most noticeable event of the week. On Friday, gold fell back in the immediate aftermath of the strong US payrolls report, which boosted the appetite for equities and the dollar. Prior to the jobs report, the price of gold had stabilized around $1200 per troy ounce. The stronger jobs report has so far not caused a major reaction, at least relative to Monday’s price swing.

For the week commencing December 8th, there are no economic releases that should cause significant volatility in the gold and silver price, nor are there key central bank announcements. Below is a more detailed calendar of economic data in key markets. This is the week where gold and silver could show their strength, or, inversely, become the victim of the tax loss selling in the U.S. and Canada. 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.




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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