Gold and silver spot values are hovering near even at the start of the day on Wednesday. Because tomorrow is the Thanksgiving holiday for many US-based traders, you can expect that today will play host to a relatively quiet market atmosphere. With that said, however, there is still a good amount of economic data set to be made public today, so there is no guaranteeing that things will be so quiet.
In other news from around the world, the market’s attention is continuing to be paid to Europe as the EU is clearly still struggling as far as gaining a solid economic foothold goes. Just yesterday, the OECD released a statement claiming that Europe’s slow economic growth is causing overall global economic growth to lag considerably. In addition to this, investors will also be paying close attention to what the outcome of tomorrow’s OPEC meeting will be.
Small Batch of Upbeat Economic Data From the US Moves Markets
Despite this week being shortened and slower than usual, there is a considerable amount of economic data upon which investors can reflect and mull over. Yesterday, metals were dealt a bit of a setback in the form of a positive revision to previously recorded third-quarter GDP data. Officially, annualized third-quarter GPD was reported as growing by just shy of 4%. This figure was revised upward from a previous reading of +3.5%. Even without the revisions, the GDP data for the US from this year’s third-quarter defeated expectations and dealt precious metals a setback.
Today is also going to play host to economic data from the United States, though it really isn’t expected to have too much of an impact on the marketplace, especially considering that most people will already be focused on their holiday plans. Still, we will closely analyze any and all economic data made public today.
In addition to US economic data, investors the world over will be interested in an OPEC meeting that will be held tomorrow. The meeting will center around what the oil cartel will do in order to stabilize spot values that are still hovering near multi-year lows. Whether the OPEC meeting will have a major impact on the global marketplace remains to be seen, but I can assure you that the market will be paying close attention to any and all outcomes of this meeting.