Bullion & Business Weekend Report - May 16
By mid-week, silver, gold and platinum hit the bottom of their slow roller coaster ride on the London Fix.
While silver edged up slightly by Friday, gold and platinum enjoyed a quicker and steeper climb starting Thursday.
London Platinum closed to $2,136 an ounce, which was up $57 compared to its previous Friday close.
Silver moved up Friday to $16.83 an ounce. Although ending higher for the week, it was 14 cents lower compared to last week’s close.
Gold often moves in the same direction as crude, and did again Friday. Gold jumped to $897 an ounce, and was up $21 over last Friday.
“If it (gold) can rise to and close above $905, the metal could try for $925 on this wave. However, the risks of a major correction in crude oil have increased exponentially this week and such a fall will carry many a commodity in its brutal wake," said senior analyst Jon Nadler at Kitco Bullion Dealers."
The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and two related precious metal articles links are included as well.
