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DG365FD46564GFH654FU898 Gold and silver prices suffered a sharp drop yesterday and thus completed 4.2% and 5.1% deceases, respectively from the end of last week. The recent announcement of ECB along with the Fed to issue US dollar based loans to European Banks may have helped restore some confidence in the European market and consequently rallied up the Euro against the US dollar. This news also eclipsed the negative results of the Philly Fed Manufacturing Index . The declines in precious metals prices coincided with the recent rally of US stock markets and the rise in US Treasury bills yields. Today, US TIC long term purchases will also be published. Let’s examine the precious metals market for today, September 16th: Gold and silver prices –September Gold and silver prices sharply declined yesterday: Gold price fell on Thursday by 2.47% to $1,781; silver price also declined by 2.55% to $39.50. During September, gold price declined by 2.7% while silver price fell by 5.4%. The chart below (normalized gold and silver prices (August 31st 2011=100)) shows the price development of precious metals during September. The ratio between gold and silver prices stats to slowly pick up in recent days; on Thursday, September 15th the
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