Precious metals resumed their slow descent during the week after they had rallied in the previous week. Despite the hopes of many that Bernanke will hint of stimulus plan in the near future, he didn't comply and in his testimonies at the Hill he didn't offer any information about the future steps of the FOMC. During the week there were several U.S reports that presented a mixed signal as to the economic progress of the U.S: U.S housing starts rose during June, while existing home sales declined by 5.4%; Philly Fed index remained negative but slightly rose, while retail sales edged down.
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