Gold and silver prices changed directions during the week as they have both
shifted from gain to loss throughout the week with no clear trend or direction.
The recent developments in Greece were that its parliament had passed an
austerity plan. But this plan was rejected by the EU ministers of finance as
sufficient steps for Greece to receive the next rescue funds. Over the weekend
Greece added some new provisions to the austerity plan and waits for the
approvals of the EU leaders and IMF. All awhile these developments over the week
may have tilted the direction of the Euro; this in turn may have also affect the
direction of precious metals. The ECB kept the interest rate of the EU unchanged
at 1%. Since there were speculations of a rate reduction, this news may have
helped rally gold and silver prices on Thursday.
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