Bullion & Business Weekend Report – May 10

by CoinNews.net on May 10, 2008 · 0 comments

Platinum enjoyed a robust week, silver showed a modest gain and gold dropped slightly on the London Fix.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsPlatinum’s rally was helped along Friday by the launch of two Exchange Traded Notes (ETNs) from investment bank UBS. Although the ETNs do not purchase physical platinum to back their shares, they offer a means for funds to access it. That drew public interest.

London Platinum closed to $2,079 an ounce, which was up $201 compared to its previous Friday close. Silver ended Friday at $16.97 an ounce, or up $.78 over the same period. And finally, gold closed at $876 an ounce and was down by $22 from Friday to Friday.

Outside the London Fix, which closes mid-mornings, gold experienced a small spurt late Friday and a 3% weekly gain for June delivery on the New York Mercantile Exchange. High crude oil, and weakness in the U.S. dollar were factors. But its future is in deeper question by some analysts.

 

“The large drop, to $869, was seen despite a dollar that continued on the weaker side today, and was partially attributed to crude oil coming off about one dollar from another record high of $126.20 per barrel," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"The counterintuitive move and the metal’s inability to mount a serious rally to at least $900 on a day when oil set new highs and platinum advanced $75 per ounce does raise some valid questions as we go into next week," Nadler continued.

 

The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and three related precious metal articles links are included as well.

CoinNews London Fix Charts: Silver, Gold and Platinum
(May 6-9)



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
 
1.6%
$0.27
$16.97
Gold
 
X
-0.2%
-$2
$876
Platinum
X
 
7.7%
$149
$2,079

Week change numbers are for Tuesday-Friday.

London Fix: previous week figures

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.4%
-$0.75
$16.19
Gold
 
X
-4.3%
-$39
$854
Platinum
 
X
-4.6%
-$91
$1,878

Week change numbers are for Monday-Friday.

London Fix: two weeks previous

 
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.

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • May 9 Gold gains for the day, over 3% higher for the week

    Gold futures climbed almost $4 an ounce Friday to close at their highest level since late April with crude oil’s surge to a record price above $126 a barrel and some weakness in the U.S. dollar encouraging the metal to end the week with a gain of more than 3%.
  • May 2Start Spreading the News… , Jon Nadler
    Gold prices went on a vertiginous roller-coaster ride on Friday, rising at the start of the session, dropping in a mid-morning free-fall, and then recovering in the early afternoon.

Business week overview and wrap-up by Reuters News

Oil sets another record high while AIG, the world’s largest insurer, reports a record loss. Crude oil prices jumped again to settle at a record $125.96 barrel.

The three major US indexes:

  • The Dow lost 120.90 points to close at 12,745.88 Friday. For the week the Dow lost 2.4%.

  • The S&P 500 lost 9.40 points Friday to close at 1,388.28.

  • The Nasdaq lost 3.72 points Friday to finish at 2,445.52. It dropped by 1.3% for the week.

In other world markets:

  • The German DAX lost 68.73 points to close at 7,003.17

  • The Paris CAC 40 lost 95.02 to close at 4,960.56

  • And the London FTSE 100 dropped 66.10 points to close at 6,204.70.

Speaker: Anthony Grisanti, Grz Energy President Manoush Zomorodi reports from New York.

 

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