Gold and silver prices changed direction from the slow climb up the ladder they
have experienced in the first couple of weeks of October as they declined during
most of last week. The speculation revolving the next move of the EU
policymakers next week may have contributed to the volatility of precious metals
prices. Some speculate that the liquidity problem many European banks are facing
caused them to trade in their commodities holding including in gold and silver
in order to boost their capital buffer. The Philly Fed Manufacturing Index
sharply inclined during October and the U.S. housing starts also picked up in
September; these news items may have also helped relieve some of the tension in
the financial markets and thus cool the recent gains in the bullion markets.
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