Gold and silver tumbled down during yesterday's trading. This fall didn't come after a fundamental change but rather on account of the recent developments in Europe, in particular the aftermath of the recent elections in France and Greece. This news adversely affected not only precious metals prices but also other commodities prices such as oil prices and U.S and Europe stock markets. Currently the rise of extreme parties in Greece and the difficulty of its leaders in forming the coalition, raise the concerns of Greece keeping up with its austerity plan. Despite these events the Euro is only slowing falling against the USD and didn't tumble down as gold and silver prices did during the week so far.
On today's agenda: Australian employment report, Japan's current account and the U.S will issue a 10- year bond auction. The full daily outlook on gold and silver for May 9th
Gold tumbled down on Tuesday by 2.11% to $1,604.5; silver also decreased by 2.2% to $29.46. During the month gold decreased by 3.59% and silver by 5.02%.
The ratio between gold and silver slightly rose to 54.47. During the month the ratio increased by 1.51% as gold has moderately outperformed silver during May.
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