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DG365FD46564GFH654FU898 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 Moody’s to downgrade the credit rating of several EU countries didn’t 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 didn’t 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 didn’t 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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