The price of gold and silver changed direction again and declined during the last week of November. The recent EU Summit resulted in approving the Greek bailout, which may have contributed to the rally of the Euro. Albeit it didn't seem to curb the fall of precious metals prices. Several other reports were published during last week and may have moderately affected forex and commodities markets: the U.S jobless claims declined by 23k to reach 393k; the U.S GDP for Q3 2012 was revised up to 2.7% (annual growth); new home sales edged down in October while pending home sales rose by 5.2%. These news items may have contributed to fall of precious metals during the week as these reports are mostly positive on the U.S economy.
Gold price resumed its downward trend and declined during the previous week by 2.31%; moreover, during said week, the average rate reached $1,729.3 /t. oz which is also 0.24% lower than the previous week's average rate of $1,733.4 /t. oz. Gold ended the week at $1,710.9 /t. oz.
Silver, much like gold, declined during the previous week by 2.67%; alternatively, the average rate also rose by 1.39% to reach $33.87/t oz compared to the previous week's average $33.41/t oz.

The prices of gold and silver changed direction again and traded up during most of the week. The week was short on account of Thanksgiving. There were, however, some reports that these parities may have gotten closer to a resolution which could be concluded next week. Moreover, the recent positive news of the rise in the manufacturing PMI (flash report) in China may have also positively affected the prices of commodities. Several other reports were published during the week and may have had a moderate effect on the forex and commodities markets: the U.S jobless claims sharply declined by 41k to reach 410k; the U.S housing starts rose by 3.6%. These news items may have contributed to modest fall of precious metals at the middle of the week.
Gold price shifted from its downward trend and traded up during the previous week by 2.14%; moreover, during said week, the average rate reached $1,733.4 /t. oz which is also 0.63% higher than the previous week's average rate of $1,722.86 /t. oz. Gold ended the week at $1,751.4 /t. oz.
Silver, even more than gold, hiked during the previous week by 5.39%; further, the average rate also rose by 2.51% to reach $33.41/t oz compared to the previous week's average $32.59/t oz.

The prices of gold and silver changed direction again last week and edged down. Moreover, the high volatility of precious metals from the beginning of the month has eased down during last week. Will this low volatility continue during this short week? This week the U.S will celebrate Thanksgiving; this could lower the trading volume in all major markets and thus may raise the volatility by the end of the week. Last week, the minutes of the recent FOMC meeting didn't reveal any information regarding the Fed's next step. Further, Bernanke's speech also didn't seem to affect the bullion market. The Euro group is likely to decide on the Greek bailout this week. During last week, several other reports were published that may have slightly affected the forex and precious metals: the U.S jobless claims sharply increased by 78k to reach 439k; the Philly Fed index declined to -10.7, plausibly due to the adverse effect Hurricane Sandy on the region; U.S core PPI edged down by 0.2%, while the U.S core CPI increased by 0.2%.

The video report herein presents an outlook of gold and silver that include the main publications and events that may affect precious metals during November 19th and November 23rd. Some of these reports include:
Euro-group Meeting: The Euro-group Meeting will convene in Brussels as the EU leaders will decide on the Greek bailout plan. Following last week's meeting, the EU ministers of finance had decided to make the decision regarding Greece's next bailout package; if the EU will decide to make this bailout, which many expect will take place, then this may pull up a bit the Euro;
Bernanke's Speech: In anticipation for the government tackling the fiscal cliff by the end of the year, many will look towards Bernanke's speech that could offer some insight behind the Fed's future monetary steps. The Chairman of the Federal Reserve will talk at the Economic Club of New York. The title of the speech is "The Economic Recovery and Economic Policy ";

The prices gold and silver remained virtually unchanged on the first day of the week as the Euro, Yen and other currencies remained unchanged yesterday. Yesterday's Euro-group meeting was concluded with little headway as the EU ministers of finance approved Greece's budget but postponed its decision of approving the next loan tranche to next week. On today's agenda: European Council Meeting, Great Britain CPI, German ZEW economic sentiment, BOE Inflation Estimate and U.S. Federal Budget Balance.

On Monday, Gold remained unchanged at $1,730.9; Silver slipped by 0.25% to $32.52. During the month, gold increased by 0.69%; silver, by 0.63%.

On Today's Agenda
European Council Meeting: In the European Council Meeting the EU ministers of finance will meet and talk about the recent monetary developments in Europe; this could include Greece's eligibility to receive the next bailout package;
U.S. Federal Budget Balance: this report indicates the government debt growth and thus may affect the U.S dollar. In the previous report referring to September, the deficit declined by $75 billion to a deficit of $1,089 billion for the fiscal year of 2012; this is a decrease of 16% compared to the last fiscal year;
Great Britain Consumer Price Index: some expect the inflation rate had further dwindled; in the recent report regarding September the annual CPI decreased from 2.5% to 2.2%; this news might affect the British pound, which is also linked with commodities prices;

The prices of gold and silver continued last week their downward trend. Will this downward trend progress this week? The U.S manufacturing PMI edged up during October to reach 51.7%; jobless claims decreased by 9k to reach 363k. These reports may have contributed to downfall of precious metals rates. Further, the U.S non-farm payroll may have had a negative effect on precious metals prices and other commodities prices on Friday. During the last week, the Euro/USD declined by 0.83%; further, the Aussie dollar also depreciated against the USD by 0.36%. This downward trend may have contributed to the decline of bullion rates.
The main reports and events that may affect the bullion markets are: U.S Presidential elections, Euro-group meeting, U.S trade balance report, China's CPI, RBA rate statement, ECB rate decision, and U.S. jobless claims.

The video report herein has an outlook of gold and silver for the main publications and events that may affect precious metals during November 5th and November 9th. Some of these reports include:

Thursday, Euro-group Meeting: The Euro-group Meeting will be held in Brussels and the EU ministers of finance will talk over the recent political and monetary developments in Europe; in the last meeting there was little headway and the market didn't react to the news coming out of this meeting;
Thursday, ECB Press Conference and Euro Rate Decision: The last time the ECB decided to reduce its cash rate was back in July when President of ECB lowered the EU interest rate by 0.25pp to 0.75%. Since many EU countries are still struggling, and since the FOMC announced in September of QE3, ECB might decide to make another rate reduction in the near future by another 0.25pp. If ECB will cut the rate again, it may affect the Euro;

The recent FOMC meeting didn't seem to affect much the prices of gold and silver during last week, as the FOMC left its monetary policy unchanged. On a weekly scale, both gold and silver edged down. Several U.S reports may have slightly affected precious metals rates during last week: during the third quarter, the U.S GDP rose by 2%, – this growth rate was slightly higher than many had anticipated; the U.S new home sales rose again during September; jobless claims fell by 23k to reach 369k;. During the previous week, the Euro/USD declined by 0.65%; on the other hand, the Aussie dollar depreciated against the USD by 0.41%. This mixed trend may have contributed to the low movement of bullion rates. The main events of the week will include the non-farm payroll report, BOJ monetary policy statement and U.S manufacturing and factory orders reports.

The video report herein has an outlook of gold and silver for the main publications and events that may affect precious metals during October 29th and November 2nd. Some of these reports include:

Wednesday – China Manufacturing PMI: According the recent report regarding September 2012 the Manufacturing PMI rose to 49.8; this means that China's manufacturing sectors continues to contract but at a slower pace than in the previous month; if the index will rise again and even pass the 50 mark, this may positively affect commodities;
Wednesday – U.S. Manufacturing PMI: During September 2012 the index rose to 51.5%, which means the manufacturing is growing; this index may affect forex, and commodities markets;
Friday – U.S. Non-Farm Payroll Report: in the recent report for September 2012, the labor market expanded by a higher than expected rate: the number of non-farm payroll employment rose by 114k; if the upcoming report will continue to show growth of above 110 thousand (in additional jobs), this may lower the chances of the Fed introducing additional stimulus plan by the end of the year; this report may affect not only the U.S dollar, but also commodities (see here my last review on the U.S employment report);

During the previous week, gold and silver prices decreased. Last week's EU Summit didn't ease the concerns of traders as Spain didn't request a bailout. Several U.S reports may have contributed to the decline in gold and silver prices: the Philly Fed index turned positive for the fist time since April; housing starts hiked by 15% during last month; U.S core CPI rose by 0.1% during September. During last week the Euro/USD rose by 0.56%; on the other hand, the Canadian dollar depreciated against the USD by 1.39%. The main events of the week will shift back to the U.S and will include the FOMC meeting and U.S third quarter GDP report.

The video report herein has an outlook of gold and silver for the main publications and events that may affect precious metals during October 22nd to 26th. Some of these reports include:

Wednesday – U.S. New Home Sales: in the previous report (for August), the sales of new homes declined to an annual rate of 373,000 – a 0.3% decline (month over month); if the number of home sales will change direction and rise, it may indicate a sign of some recovery in the U.S real estate market which may also affect the strength of the USD;
Wednesday – FOMC Meeting (Statement): The FOMC will convene for the seventh time this year and decide at the end of two day of session on any changes in its monetary policy and interest rate; Following last month's FOMC meeting, in which the FOMC announced of the launch of QE3, it seems unlikely that the Fed will introduce additional stimulus plan. The Fed might, however, hint of any future plans to intervene again the U.S financial markets. The FOMC statement may affect the US dollar and precious metals prices; I guess that even if the FOMC won't announce of additional monetary steps, but will only allude to its intention to do so in the near future, this news is likely to affect gold and silver;
Friday – First U.S GDP 3Q 2012 Estimate: This will be the first estimate of U.S's third quarter 2012 real GDP growth. In the recent estimate the U.S GDP during the second quarter expanded by 1.7%; in the 1Q2012 the GDP growth rate reached 1.9% (annual rate). This shows a fall in the growth rate for the US's GDP. If there will be a sharp shift in the growth rate from Q2 to Q3 this could affect not only the US dollar but also commodities prices.

The prices of precious metals changed direction and bounced back from their recent downward trend. Their recent rise coincided with the rally of the Euro and other "risk currencies". The U.S CPI rose by 0.6% during September. The core CPI rose by only 0.1%. There are speculations around the growth of China's economy. According to the recent TIC report, the demand of foreigners for U.S treasuries rose in August by a net of $91.4 billion. This news may suggest that investors are more risk averse. Today's (late at night) GDP report for Q3 may shed some light on China's progress. Tomorrow, the EU Economic Summit will commence and could have a strong effect on the Euro and commodities prices. On today's agenda: Claimant Count Change, Minutes of MPC Meeting, and U.S. Housing Starts and Building Permits.
St. Deviation of Precious Metals
The slow movement of both bullion rates is represented in the low volatility of precious metals prices' during October: the standard deviations of gold and silver (daily percent changes) reached 0.63% and 1.15%, respectively. These figures are the lowest during 2012.
On Today's Agenda
U.S. Housing Starts: this report was historically correlated with gold– as housing starts rise, gold price tended to decline the next day (even when controlling to the U.S dollar effect); in the previous report, the adjusted annual rate reached 733,000 in August 2012, which was 2.3% above July’s rate;
China's Q3 GDP: in the second quarter of 2012, China expanded by only 7.6% in annual terms; the current expectations are that the Q3 2012 grew in annul terms may even further fall; if the growth rate will be lower than in the previous quarter it may adversely affect commodities;

During last week, gold and silver prices slightly declined. A couple of U.S reports may have moderately affected forex and commodities prices: the U.S PPI rose by 1.1% during September; U.S jobless claims fell by 30k to 339k. These news items may have contributed to movement of the USD against other major currencies, and consequently bullion rates. In Europe, the speculations around the future move of Greece and Spain and their debt crisis might reach new high this week as the EU Summit will be held. If the EU Summit will result in some big headlines, such as Spain making the formal request to ECB to start its bond purchase program, this could help rally the Euro. Nonetheless, during last week the Euro/USD fell by 0.68%; on the other hand, AUD/USD rose by 0.47%.

The video report herein has an outlook of gold and silver for the main publications and events that may affect precious metals during October 15th to 19th. Some of these reports include: U.S CPI, Housing starts, Euro summit, China's GDP, U.S retail sales, Philly Fed index, FOMC members' speeches, Canadian core CPI, Existing home sales, and U.S. jobless claims.

Tuesday –U.S Core CPI: According to the U.S Bureau of Labor statistics during August, the CPI rose by 0.6%(M-o-M); the core CPI rose by 0.10%; the core index rose over the last 12 months by 1.9%;

Wednesday – U.S. Housing Starts: this report was historically correlated with gold– as housing starts rise, gold tended to decline the next day (even when controlling to the USD effect); in the previous report, the adjusted annual rate reached 733,000 in August 2012, which was 2.3% above July’s rate;

Wednesday –China Third Quarter GDP 2012: during the second quarter of 2012, China expanded by only 7.6% in annual terms; the current expectations are that the Q3 2012 grew in annul terms may even further fall; if the growth rate will be lower than in the previous quarter it might adversely affect commodities prices;
Thursday – EU Economic Summit: there will be a two day EU economic Summit, in which the European leaders will talk about the recent financial developments related to the EU debt crisis. In the Summit the members may talk about Spain's debt crisis. Perhaps Spain will make its official request for aid in this Summit. If there will be big headlines from this Summit it may have some effect on the financial markets;

The prices of gold and silver didn’t do much yesterday as both precious metals edged up for the first time this week. The uncertainty around the future steps of Spain and whether it will request from ECB to start its bond purchase program is likely to keep the Euro weak against the USD. Currently, the prices of gold and silver are falling. On today's agenda: G7 Summit, IMF Meeting, Canadian and American trade balance monthly updates, U.S. Jobless Claims, FOMC member Stein Speaks, and U.S. Federal Budget Balance.

Europe Still Awaits Spain
One of the main factors for the recent weakness of the Euro against the USD is the delay of Spain in making the formal request for ECB to commence its bond purchase program. In the meantime, the recent downgrade of Spain's credit rating to one level above junk bonds by S&P may nudge Spain towards making the request sooner rather than later. On the other hand, Spain's bond yields continue to fall and this, according to analysts, is one of the key reasons for Spain delaying its request. Spain's delay also seems to adversely affect related countries such as Italy, as its borrowing costs continue to rise. In any case, until Spain will make the formal request, the situation is likely to keep pulling down the Euro.
On Today's Agenda
American Trade Balance: This report will refer to August; it will show the recent shifts in imports and exports of goods and services to and from the U.S, including commodities; according to the recent American trade balance report regarding July 2012 the goods and services deficit edged up during the month to $42 billion;
U.S. Jobless Claims Weekly Report: in the previous weekly update the jobless claims increased by 4k to 367,000; this upcoming weekly report may affect the U.S dollar and consequently the prices of commodities;
U.S. Federal Budget Balance: this upcoming publication will present the changes in the U.S federal balance for September 2012; this report indicates the government debt growth and thus may affect the U.S dollar. In the recent report regarding August the deficit rose by $190 billion to a deficit of $1,164 billion for the fiscal year of 2012; this is a decrease of 5% compared to 2011;

During last week, gold and silver prices remained nearly unchanged. The Aussie dollar declined against the USD mainly due to RBA's decision to lower the cash rate by 25pp. This development may have contributed to the unclear trend of precious metals. There were several reports that were published last week: the U.S manufacturing PMI rose to 51.5; 114k jobs were added in September according to the recent non-farm payroll report; U.S jobless claims rose by 4k to 367k. This mixed signal regarding the progress of the U.S economy may have also contributed to the unclear trend in major commodities markets. In Europe, regarding Greece and Spain may have curbed the recent rally of the Euro. Nonetheless, during the week the Euro/USD rose by 1.41%; on the other hand, the Aussie dollar fell by 1.87%. Bernanke gave a speech last weeks, and in it he assured that the Fed will keep the rates low even if the economy were to recover. The minutes of the FOMC meeting from September revealed a similar message.

Gold edged up during last week by 0.39%; further, during said time the average reached $1,783.2 /t. oz. Gold finished at $1,780 /t. oz.

Silver nearly didn't change on a weekly scale; on the other hand, the average rate increased by 1.68% to $34.8/t oz.

In the video link herein for gold and silver there is a broad overview of the main publications, speeches and events that may affect gold and silver prices between October 8th and October 12th. These include the above-mentioned news items such as: U.S producer price index, FOMC members' speeches, American trade balance, Australia's employment report, Euro-Council summit, G7 Summit, ECB President speaks, China's new loans, and U.S. jobless claims (just to name a few).

During last week, crude oil prices shifted with an unclear trend as the price of WTI oil slipped while Brent oil edged up. Due to the different paths these oil prices followed, the gap between the Brent oil and WTI widen again: The difference between Brent and WTI ranged between $19 and $21. During last week, WTI oil declined by 0.45%; Brent oil rose by 0.86%. The oil stockpiles declined again during last week by 2.4 M bl.
During last week, crude oil price (WTI) declined by 2.5% and reached by Friday $89.88/b; Brent oil, also fell by 0.88% to $112.26/b; during September-October, WTI spot oil fell by 6.83%; Brent oil, by 2.77%.
The difference between Brent oil and WTI spot oil increased by the end of the week; it ranged during last week between $19 and $22 per barrel range. During the month the premium rose by 6.22%.
Oil Stockpiles –Declined by 2.4 Mb
The oil stockpiles decreased during the previous week by 2.4M bl to reach 1,796.4 million barrels. The linear correlation between the changes in stockpiles tends to be negative: the linear correlation between oil price and the lagged by one week oil stockpiles is -0.18, this suggests that the price of oil, assuming all things equal, will rise next week. The upcoming report will be published on Wednesday, October 10th and will pertain to the week ending on October 5th.
OPEC Monthly Report
The OPEC report will show the main changes in crude oil and natural gas's supply and demand worldwide; the report will also pertain to the shifts in the production of OPEC countries during September 2012; this news may affect oil prices (See here a summary of the previous report).
The next report will be published on Wednesday, October 10th.

Precious metals prices shifted with an unclear trend throughout the week with an unclear trend despite the appreciation of the Euro and several "risk currencies" during last week. On the other hand the Aussie dollar declined against the UDS mainly due to RBA's decision to lower the cash rate by 25pp. This development may have contributed to the unclear trend of precious metals. There were several reports that were published during the previous week: the U.S manufacturing PMI rose to 51.5; 114k jobs were added in September according to the recent non-farm payroll report; U.S jobless claims rose by 4k to 367k. . Bernanke gave a speech last weeks, and in it he assured that the Fed will keep the rates low even if the economy were to recover. The minutes of the FOMC meeting from September revealed a similar message.
The complete gold and silver weekly recap analysis

The prices gold and silver rose again for the second consecutive day. The rally was plausibly fueled by the recent appreciation of the Euro against the USD. The ECB left its interest rate unchanged at 0.75%. Mario Draghi stated (again) that ECB is ready to start its bond purchase program that will help Spain. This news may have contributed to the recent recovery of the Euro. U.S jobless claims rose by 4k to reach 367k. On today's agenda include: U.S. Non-Farm Payroll (update: 114k jobs were added in September) and Canada's Employment Report.
Minutes of FOMC Meeting
The minutes of the FOMC meeting, which was held back in September 13-14 came out yesterday. The report showed the FOMC is considering continuing with its current monetary expansion plan even if the U.S economy will recover:
"To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens."
On Today's Agenda
U.S. Non-Farm Payroll Report: according the recent report U.S employment expanded by 114k. The rate of unemployment declined to 7.8%. In August, the labor market expanded by a lower than expected rate: the number of non-farm payroll employment rose by 96k; the U.S unemployment rate slipped to 8.1%; this report may affect not only the U.S dollar, but also commodities. The table below shows the relation among the prices of gold, silver and USD/YEN with the labor report. In the last report the prices of silver and gold hiked. My guess is that if the upcoming report will be positive and rise above the 120k mark, it is likely to pull up precious metals rates.

During last week, gold and silver slightly declined as the recent developments in Greece, Spain and Italy that included riots against austerity measures may have pulled down not only bullion rates but also the Euro. By the end of the week, the release of Spain's budget for 2013, which introduced, according to the Spanish government, austerity measures that are with accordance to the EU guidelines, may have contributed to the rally of the Euro and precious metals rates. There were several reports that were published during the previous week: the U.S GDP growth rate was revised down to 1.3%; U.S new home sales declined in August by 0.3%; U.S consumer confidence index rallied in September; U.S jobless claims declined by 26k to 359k. This mixed signal regarding the development of the U.S economy may have contributed to the little movement of bullion rates.
The FOMC decision to launch QE3 is likely to resurface this week as Bernanke is set speak on the Fed's monetary policy; the minutes of the recent FOMC meeting will be published. These two items could affect gold and silver rates during the week. Here is a short outlook for October 1st to 5th.
The video report has an outlook of gold and silver for the main publications and events that may affect precious metals during October 1st to 5th. Some of these reports include:

Monday – Bernanke's Speech: Following the recent decision of the FOMC the Chairman of the Federal Reserve will talk about the Fed's policy. The speech's title is: ""Five Questions about the Federal Reserve and Monetary Policy";
Thursday – ECB Rate Decision: The last time the ECB decided to cut the rate was back in July when President of ECB, Mario Draghi announced the EU interest rate will be reduced by 0.25pp to 0.75%. Since many EU countries are still struggling, and since the FOMC decided on QE3, ECB might decide to make another rate cut in the near future by another 0.25pp. If ECB will cut the rate again, it may affect the Euro;
Thursday – Minutes of September's FOMC Meeting: Following the recent FOMC meeting, in which it was decided to launch QE3, and to extend the Fed's pledge of keeping the short term rates low until mid-2015, the bullion market reacted to this news – gold and silver prices hiked on the day of the announcement. The minutes of the recent FOMC meeting might add some additional perceptive and insight behind this decision and the future steps of the FOMC especially in anticipation of the upcoming FOMC meeting at the end of October;
Friday – U.S. Non-Farm Payroll Report: in the payroll report for August 2012, the labor market expanded by a lower than expected rate: the number of non-farm payroll employment rose by 96k; the U.S unemployment rate slipped to 8.1%; if the upcoming report will continue to show little growth of below 120 thousand (in additional jobs), this may raise the chances of the Fed introducing additional stimulus plan in the near future;