Quick Note: We added 3 new products to our new Overstock Category and plan on adding 9 more this week. Those products are HEAVILY discounted and should serve as a good gift for yourself or a loved one.
Deal of the Week: Our Top Picks Category has been redone and some nice values are in that category along with an automatic discount when you purchase a jewelry product from that jewelry category.
Coupon of the Week: prethanksgiving5 - use this coupon when you checkout to get 5% off. Good through Thanksgiving and until the end of the month.
Jewelry News: Mumbai, India—In response to the economic turmoil impacting businesses worldwide, the Gem and Jewellery Export Promotion Council (GJEPC) announced on Friday that India is curtailing the import of rough diamonds for a month, beginning Nov. 25.
New York—Both QVC and Jewelry Television are slashing their staffs in response to slowing sales in the face of the current economic crisis.
Precious Metals Pricing and Trading Action:
Gold - settled on Friday at $745, down $11 for the week.
Gold's trading range over the past month has gotten a bit tight... could see a break in the next week or 2 - tough to tell which way at this point. Overall trend is still bearish. Take advantage of the recent downside activity and purchase a
Gold Chain today!
Silver - closed at $9.57 and was down .86 for the week.
Silver's chart looks similar to Gold's and if the recent lows can hold I wouldn't be surprised to see an upside break back to the 20 Bar Exponential Moving average for a nice 1 to 2 month bounce higher. If the recent low's do break, I expect another 5% downside move at the very least.
Platinum - finished the week at $843 and lost $35 during the week.
Overall Trend is bearish and its coming up against some major pricing support, which if it breaks to the downside - more price erosion is sure to be seen. Should see some choppy trading action over the next week or 2.
Overall the metals look technically weak on the weekly trading charts, however all have had decent size moves lower since the spring + summer high points and with all the turmoil in the economy - a trading range may develop over the coming months and leading into the New Year. On the Monthly charts - Gold has held its support but Silver and Platinum have broken through it. Gold appears the strongest metal at this point in reference to trading action.Michael W. Grohowski
CEO/President
ChainsAndNecklaces.com
