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Articles on May 31st, 2008

Bullion & Business Weekend Report - May 31

It was a struggling week for silver, gold and platinum. Each faltered with the overall strength in the US dollar, declines in crude oil prices, and sell-offs for profit taking.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsHowever, gold and platinum regained on Friday a portion of their week’s losses, and there seems to be a stronger mix in the air for potential upsides with voiced smatterings of inflation worries.

London Platinum closed to $2,008 an ounce, which was down $174 compared to its previous Friday close.

Silver slid the entire week closing to $16.85 an ounce on Friday. It dropped by $1.25 compared to last week’s close.

Gold creeped slightly up Friday, and closed to $886 an ounce It was down $42 over last Friday.

 

“Gold has had a difficult week, experiencing a sharp sell off due to profit taking, dollar strength and oil weakness,” said Mark O’Byrne, a director at Gold and Silver Investments Ltd.

“However, these would seem to be short-term phenomenon and the primary trends in oil and the dollar remain up and down, respectively, which should result in gold being well supported above $850 per ounce,” he said in emailed commentary.

 

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 are listed as well.

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