Gold rose overnight from the Friday close, and is seeing choppy action at the COMEX open. Silver opened in New York briskly higher and is forging its own path, separate from gold this morning, with the silver-gold ratio firmly below 54. Platinum continues its run to regain the price crown from gold, up $24 and now trading at less than $10 under gold.
The dollar hit a fresh 3-week low overnight, but is now trading slightly above Friday’s close after the pounding it took last week. The euro is stronger along with European equities, trading above $1.33. The OECD and the German Finance Minister both declared that the Eurozone has hit the bottom of the recession. Analysts forecast that the Euro economy should start growing by the end of 2013, when Ireland and Portugal come off their bailout programs. The good news was tempered, however, by a report that EU industrial output fell by 0.3% in November.
The most important even today for precious metals will probably be Fed Chairman Bernanke speaking at a financial meeting today, with the market hanging on his every word.