Bullion & Business Weekend Report – April 26

by CoinNews.net on April 26, 2008 · 1 comment

Precious metals swung lower this week following strength in the U.S. dollar. Silver and platinum slumped on the London Fix for Monday through Friday with a loss of $1.18 and $79 respectively.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsSilver closed down this week by 6.6% to $16.68 an ounce compared to last Friday’s close of $18.18. Platinum dropped to $1,951 an ounce compared to its previous Friday close of $2,026.

Gold experienced a slight recovery on the final day of trading, but suffered in previous day declines. It lost $24 this week to close at $892 an ounce. Last Friday gold stood at $909 an ounce.

 

“We expect gold to remain vulnerable to further weakness, with a failure to hold above $872 potentially triggering a drop back to $850,” said James Moore, an analyst at TheBullionDesk.com, in a research note.

 

In upcoming business news, on Wednesday, the Federal Reserve will make its decision on interest rates. Expectations are for a quarter-percent drop in its key rate and signals to pause future cuts. First-quarter gross domestic production numbers will also be released that will reflect on whether the U.S. is in an "official" recession.

The silver, gold and platinum weekly charts and comparisons from last week are below. A video article entitled There’s Gold In Them Mouths!, the weekly business recap video from Reuters and two related articles links are included as well.

CoinNews London Fix Charts: Silver, Gold and Platinum
(April 21-25)



The London Fix is one of the most used bullion quotes around the world. The London AM fix for gold and platinum begins at 10:30am GMT (5:30am in New York), and the PM fix begins at 3pm GMT (10am in New York). The London Fix for silver begins each business day at 12pm GMT (7am in New York).

London Fix figures: percent and dollar change after Friday’s close

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-6.6%
-$1.18
$16.68
Gold
 
X
-2.6%
-$24.25
$892
Platinum
 
X
-3.9%
-$79
$1,951

Week change numbers are for Monday-Friday.

London Fix: previous week figures

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.2%
$0.73
$18.18
Gold
 
X
-1.0%
-$9
$909
Platinum
X
 
4.0%
$77
$2,026

Week change numbers are for Monday-Friday.

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

There’s Gold In Them Mouths!

People are cashing in on their dental gold as prices soar. Juan Fernandez reports.

Business week overview and wrap-up by Reuters News

The Dow and the S&P 500 rose, but the tech-heavy Nasdaq finished lower for the first time in three sessions thanks to weaker sales at Microsoft. Crude oil rallied sharply to settle at $118.52. The dollar also rallied to a three week high.

The three major US indexes:

  • The Dow gained 42.91 points to close at 12,891.86 Friday. It moved up by 0.3% for the week.

  • The S&P 500 gained 9.02 points Friday to close at 1,397.84.

  • The Nasdaq lost 5.99 points Friday to finish at 2,422.93. It improved by 0.8% for the week.

Conway Gittens reports from New York and recaps the business week.

 

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{ 1 comment… read it below or add one }

Koichi Ito April 27, 2008 at 8:32 am

It is buy time for Precious Metals Bullions and Silver, Gold, Platinum, and Palladium Coins! I mean collector coins included as well as bullions! Dollar will go down and price of precious metals will go up! Buy it before sold out!

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