European Debt Crisis Update
1. ECB said it “has decided to temporarily suspend the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic for use as collateral in Eurosystem monetary policy operations”. This announcement came soon after the rating agency Standard and Poor’s cut Greece’s credit rating to “selective default”. This news however doesn’t seem to take the financial community by surprise as the Euro only slightly declined yesterday.
2. In Germany, Merkel won the preliminary vote to approve the Greek bailout package.
3. ECB will lend tomorrow European banks another €470 billion as part of the second offering of unlimited three-year funds.
Gold price slightly decreased on Monday by 0.08% to $1,774.9; silver on the other hand moderately increased by 0.52% to $35.60. During February, gold rose by 1.98% and silver by 7.04%.
Despite the different directions gold and silver took yesterday, the linear correlation of their daily percent changes is still strong and robust as indicated in the chart below.
Source URL: http://www.tradingnrg.com/gold-price-forecast-silver-price-tuesday-february-28th-2012/
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