Bullion, as many other commodities, didn't do much on a weekly scale. Perhaps many traders continue to anticipate for next week's FOMC meeting that might stir up the markets, especially if there will be big headlines. In the mean time the precious metals market dwindled with little movement. During the week, there were several headlines from the IMF: it reported that the European banks' financial problem is far from over and the banks may reduce their balance sheets by as much as $2.6 trillion. The IMF also projected the EU will contract in 2012 by 0.3% and expand by only 0.9% in 2013. On the other hand the IMF also announced its global growth outlook in 2012 to be 3.5% which is 0.2 percent points higher than its previous estimate. These headlines helped shift the direction of the financial markets on a daily basis. Finally, by the end of the week it was reported that the Philly Fed had grown by a slightly slower pace and the jobless claims weekly update wasn't too positive.
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