As of the writing of this post early in the day on Wednesday, both gold and silver were holding near even but were managing to add marginal value. All in all, this week is going to be quite busy, even considering the fact that it will be a shortened week due to the celebration of the Thanksgiving Day holiday in the United States. Already we have received economic data from the United States, but even more is on the way today and though none of the data is expected to have any significant impact on the market, it will still catch the attention of investors everywhere.
In addition to the data we have received and will receive from the United States, there are a few international issues catching the attention of the market as well. For one, Europe and its collective economic struggles have been called into the spotlight once more and are still causing investors to pay close attention. Secondly, OPEC, the Middle Eastern oil cartel, will be holding a meeting tomorrow that is sure to catch the attention of investors from all over the world. Crude oil prices are still hovering near multi-year lows and things really aren’t looking up. OPEC’s meeting will hopefully bring about some sort of method of stabilizing the price of crude oil.
US Economic Data Abounds
Though this week will be incredibly short due to the celebration of the Thanksgiving Day holiday in the United States, there is still plenty of economic data from the US for investors to mull over and discuss. Just yesterday, the market was greeted with a revision to the third-quarter GDP reading for the United States that saw earlier readings get boosted upwards. Despite a solid GDP growth rate of 3.5% on an annualized basis as was previously recorded, the revision showed that GDP in the US actually improved by one tenth of one percent shy of 4%.
Today, there will be even more US economic data on the table, though much of it is expected to not have much of an impact on the market. Still, investors will be analyzing every bit of data as a means of gauging the overall strength of the US economy. At present, the US economic system is arguably the best-performing in the United States and has been for much of this year. Due to this, there is an overwhelming number of people who believe higher interest rates will become a reality sooner than later.
With the rest of this week expected to be mostly quiet, there is no saying what direction gold and silver spot values will head. As of now, gold has been trading pretty steadily in the $1,190-$1,210 range, but it is going to take some fresh fundamental bullish news for spot values to advance too much further than that.