Bullion & Business Weekend Report – May 31

by CoinNews.net on May 31, 2008 · 0 comments

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.

CoinNews London Fix Charts: Silver, Gold and Platinum
(May 27-30)



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
-7.1%
-$1.29
$16.85
Gold
 
X
-4.1%
-$38
$886
Platinum
 
X
-7.7%
-$167
$2,008

Week change numbers are for Tuesday-Friday.

London Fix: last week figures

 
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: May 12-16

 
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: May 6-9

 
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.

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • May 30 Suspicion is NOT Substantiation – Jon Nadler
    Gold prices staged a recovery of just above 1% rising to near $890 on Friday, as flat lining consumer spending numbers took a bite out of the dollar’s rally on the week and sent it back to just under 73 on the index.

Business week overview and wrap-up by Reuters News

U.S. technology shares rose on Friday as strong results from computer maker Dell signaled that business and consumer spending was holding up. Crude oil ended the day at $ a barrel.

The three major US indexes:

  • The Dow lost 7.90 points to close at 12,638.32 Friday. For the week the Dow gained 1.2%.

  • The S&P 500 gained 2.12 points Friday to close at 1,400.38.

  • The Nasdaq gained 14.34 points Friday to finish at 2,522.66. It gained 3.2% for the week.

In other world markets:

  • The German DAX gained 41.76 points to close at 7,096.79

  • The Paris CAC 40 gained 38.38 to close at 5,014.28.

  • And the London FTSE 100 dropped 14.60 points to close at 6,053.50.

Manoush Zomorodi reports.

 

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