Gold and silver are experiencing a bit of a corrective pullback from the last few days' gains. Now that we have finally passed the holiday season, investors are back to the trading block for the first full week of January. This week is going to be full of economic data from the US and around the world. Because the last two weeks have been uneventful, it is only right that the heavy slate of economic data being released this week spices things up a bit.
As of now the outlook on precious metals is still fairly bleak, but after a few days of gains to start the new year off, perhaps all hope is not lost for a positive 2014 for precious metals.
Economic Data Galore This Week
The heavy offering of economic data this week kicked off on Monday with the non-manufacturing ISM report as well as the latest analysis on US factory orders. As was expected, neither of these two reports had any real impact on precious metals spot values. In fact, Monday saw gold and silver hover near even for a large part of the day.
Tuesday will see very little new inputs make their way to the marketplace, but things will change come Wednesday. Perhaps the most important piece of data due out this week is expected to be released in the afternoon on Wednesday. The FOMC minutes are always important to investors, but perhaps even more important as these are the first minutes released in the wake of the Fed's recent decision to taper Quantitative Easing. After the Fed made their tapering decision last month, comments made by members now have investors thinking that the Federal Reserve is dead-set on pursuing further tapering measures throughout the 2014 year. Investors will hope that the FOMC minutes are able to shed some light on whether or not further tapering measures will be implemented during this year, though it is unlikely that tomorrow's minutes will give a clear, concise answer to that quandary.
This week will also emit plenty of data with regard to US employment. Starting on Wednesday and carrying on through the end of the week, investors can expect to see the ADP employment report, weekly jobless claims report, and the non-farm payroll data from this past December. After having more than 2 weeks of almost no economic data at all, this week's batch will be heavily scrutinized by investors.
In other world news, Chinese reports with regard to the country's trade and inflation are also expected to be released this week. Chinese stocks have been under-performing as of late and investors in the region will be looking to this week's reports to hopefully give Chinese stocks some sort of boost.