Gold and silver declined again yesterday for the second straight day following the ongoing development from Europe that produce news on an hourly basis. Today, China’s new loans report will be published along with China’s M2 report, Great Britain PPI and UoM U.S. consumer confidence report will become available.
Gold sharply declined on Thursday by 1.79% to $1,759.6; silver also declined by 0.74% to $34.11. During the month, gold increased by 2.0% while silver slightly declined by 0.7%.
The European Debt Crisis Update November 11th
The recent news for Italy was that European Central Bank started to purchase Italian bonds. This news stabilised the markets yesterday as the Euro moderately inclined against the USD and Italy’s 10 year bond yields slightly declined.
Italy’s senate is set to vote today, November 11th on a package of debt-reduction measures to clear the way for forming a new government. This move may further help stabilise the European financial markets.
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Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.