Bullion & Business Weekend Report – May 24

by CoinNews.net on May 24, 2008 · 0 comments

Precious metals enjoyed positive gains for the week following record energy prices and a weaker U.S. dollar.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsLondon Platinum closed to $2,182 an ounce, which was up $46 compared to its previous Friday close.

Silver climbed Friday to $18.10 an ounce, up a blazing $1.27 compared to last week’s close.

And Gold shot up to $928 an ounce, up $31 over last Friday. What continues to strain the dollar and help push gold up? Crude prices and,

 

“Poor home sales and inventory data continued to weigh on the greenback as they underscore that however shallow this contraction may be, the U.S. is now in its 27th month of the rout in housing, with another possible six to twelve to go,” said Jon Nadler, a senior analyst 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 three related precious metal articles links are included as well.

CoinNews London Fix Charts: Silver, Gold and Platinum
(May 19-23)



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
 
5.4%
$0.92
$18.10
Gold
X
 
2.1%
$19
$928
Platinum
X
 
0.6%
$14
$2182

Week change numbers are for Monday-Friday.

London Fix: previous week figures

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.5%
$0.09
$16.83
Gold
X
 
1.6%
$15
$897
Platinum
X
 
4.4%
$91
$2,136

Week change numbers are for Monday-Friday.

London Fix: two weeks previous

 
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: three weeks previous

 
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.

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • May 23 Gold futures scores a nearly 3% gain on week – MarketWatch
    "With increasing doubts about the sustainability of the recent rebound of the dollar and of global stock markets, safe haven demand for gold is likely to reaccelerate in the coming weeks," said Mark O’Byrne, a director at Gold and Silver Investments Ltd., in a note to clients.
  • May 23 Rocket Ride Rhodium – Jon Nadler
    New York spot trading was rather dull during this final session of the week, showing a $4.00 gain at last check, quoted at $924.50 per ounce. Nonetheless, the yellow metal gained nearly 3% on the week as the dollar took its largest dip since March.

Business week overview and wrap-up by Reuters News

Record fuel prices and fears of inflation give U.S. markets their worst week in 3 months. Crude oil ended the day at $131.7 a barrel.

The three major US indexes:

  • The Dow lost 145.99 points to close at 12,479.63 Friday. For the week the Dow lost nearly 4%.

  • The S&P 500 lost 18.42 points Friday to close at 1,375.93.

  • The Nasdaq lost 19.91 points Friday to finish at 2,444.67. It lost over 3% for the week.

In other world markets:

  • The German DAX lost 126.28 points to close at 6,944.05.

  • The Paris CAC 40 lost 94.97 to close at 4,933.77.

  • And the London FTSE 100 dropped 94.3 points to close at 6,087.3.
  • .

Manoush Zomorodi reports.

 

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