Gold and silver prices sharply inclined yesterday, after they had sharply
declined during most of the past few days. The good news from U.S. on the gains
in the housing starts and the expectation that ECB will issue additional loans
to EU banks helped rally the commodities prices. Today, the U.S. Existing Home
Sales report will be published and the Core Retails Sales of Canada. Here is a
market outlook of precious metals prices for today, December 21st: Gold and
Silver Prices –December Update Gold price sharply inclined on Tuesday by 1.31%
to $1,617.9; silver price also rallied by 2.29% to $29.54. The chart below shows
the shift in the downward trend of gold and silver prices during most of
December (normalized gold and silver prices to November 30th 2011). During
December gold price dropped by 7.6% and silver price by 10%. The ratio between
gold and silver prices slightly declined on Tuesday, December 20th and reached
54.77. During the month the ratio gained 2.6% as gold price has outperformed
silver price. ECB to Offer Cheap Loans to EU Banks According to a recent article
by Bloomberg, the European Central Bank is planning to issue three year loans at
a
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