Gold and silver renewed yesterday their upward trend and sharply inclined as major currencies traded up against the US dollar. Currently gold and silver are traded down. Yesterday the minutes of the last FOMC meeting was published and showed the negative analysis of the FOMC of the US economic outlook. Today, there are many reports to be published including U.S. Unemployment Claims report, Canadian Trade Balance, American Trade Balance and U.S. Federal Budget Balance.
Gold rose on Wednesday by 1.30% to $1,661.0; silver also inclined by 2.47% to $32.00. The chart below shows the changes of gold and silver prices during October. During the current month, gold inclined by 3.7%, and silver by 9.0%.
The ratio between gold and silver slightly declined again on Wednesday, October 12th to 51.32. During October, silver inclined by a slightly larger rate than gold as the ratio decreased by 4.8%.
For further reading: Gold and Silver Prices Monthly Outlook for October 2011
Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.