Gold and silver prices sharply declined on the first day of November; this
movement was probably driven in part by the news from Greece of a referendum.
Today the FOMC will release a statement and Bernanke will also give a speech.
Currently gold and silver prices are traded up. Today, the ADP of U.S.
employment estimate will be published and Australian Retail Trade report. Here
is a market outlook of precious metals prices for today, November 2nd: Gold and
Silver Prices – October Update Gold price declined on Tuesday by 0.78% to
$1,711.8; silver price also sharply fell by 4.72% to $32.73. The chart below
shows the changes in gold and silver prices since October 20th (normalized gold
and silver prices (October 20th 2011=100)). During the week (so far), gold price
decreased by 2.0% and silver prices by 7.2%. The ratio between gold and silver
prices sharply rose on Tuesday, November 1st to 52.30. During the week, silver
price declined by a larger rate than gold price as the ratio rose by 5.6%. The
chart below shows the developed of this ratio since August. Greeces Papandreou
Submits EU's Deal for a Referendum Following last weeks EU agreement on
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