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Gold and silver prices sharply declined yesterday along with other commodities prices such as crude oil prices; this may have been triggered by the recent FOMC meeting and the disappointment of the markets from no new stimulus plan. But today is a new day and there are many items on the agenda including: the ECB President Speech, the Euro Area Manufacturing PMI report, the Libor Rate decision of Swiss National Bank, the U.S. Producer Price Index, the U.S. Unemployment Claims report, the Philly Fed Manufacturing Index survey, and the U.S. TIC Long Term Purchases report. Currently gold and silver are traded with light changes.

Here is a market outlook of precious metals prices for today, December 15th:

Gold price sharply declined on Wednesday by 4.58% to $1,586.9 – the lowest price level since July 14th; silver price also plummeted by 7.44% to $28.94. The chart below shows the sharp downward trend of gold and silver prices during the month (normalized gold and silver prices to November 30th 2011). During December gold price decreased by 9.3% and silver price by 11.8%. Note that in many cases in the past after a day in which there were sharp falls, there came a correction as gold and silver prices tended to rise the next day.....READ MORE