Gold and silver started off the week, much like the previous week, with very moderate changes; as the week progressed, the speculation around the recent news from Fitch, the rating agency, that leading U.S. banks are exposed to European debt and may be negatively affected by it, may have been among the factors to stir up the commodities markets on Thursday resulting in gold and silver prices sharply falling on that day. The slower paced growth rate of the Philly Fed Index may have also affected traders to trade down commodities and stocks. On Friday, gold and silver prices made correction and moderately inclined. During the week both metals declined: gold’s slow paced growth during November was nullified during this week.
Here is a short review of the changes in gold and silver during the week of November 14th to November 18th 2011:
Gold slightly declined again by 3.00% during the week; furthermore, this week’s average gold of $1,756 /t. oz was 1.67% lower than the previous week’s average price of $1,785 /t. oz. Gold finished the week at $1,725 /t. oz.
Silver, even more than gold, sharply declined during the week by 4.51%, and this week’s average was 33.27/t oz or 3.91% above the previous week’s average $34.63/t oz.
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