Here is a short recap of the developments in gold and silver prices during the
week of February 13th to February 17th; this overview includes a short
description of the changes in the markets that were related to the recent
changes in precious metals prices; in the analysis in I use charts and I
highlight the main news items that may have influenced gold and silver traders
during the week. The announcement of Moodys to downgrade the credit rating of
several EU countries didnt seem to affect many traders. Furthermore, the decline
of the EU GDP by 0.3% during the fourth quarter of 2011 was also something that
didnt seem affect traders; during last week there were several U.S. reports that
came out and showed a slight improvement in the economic situation including an
increase in the Philly Fed index, housing starts and U.S. retail sales.
Nevertheless, these reports didnt seem to have much of an effect on precious
metals prices. The Euro slightly declined against the USD, while other risk
currencies such as the Australian dollar appreciated against the U.S. dollar
during the week. This shift in the direction of the U.S. dollar may have also
been responsible for
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