Bullion & Business Weekend Report – July 5

by CoinNews.net on July 5, 2008 · 1 comment

Gold charted mostly level this week, silver was slightly up, and platinum slid down by over 3 percent. The U.S. market was holiday-shortened with 4th of July celebrations Friday. London precious metals continued, with the following results:

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsSilver closed to $18.01 an ounce, a healthy gain of 61 cents compared to last Friday’s close.

London Platinum closed the week to 2,012, which was down $41 compared to its previous Friday close. Platinum suffered with weakening car demand news. Platinum is used in vehicle catalytic converters.

Gold closed Friday to $931 an ounce, gaining $11.25 from last Friday, but losing $2 for Monday through Friday.

The European Central Bank (ECB) raised rates this week, resulting in stronger investment interest for the US dollar.

 

"The ECB statement was not as hawkish as some had expected, thus they sold euro and bought dollars," said Jon Nadler, senior analyst at Kitco Bullion Dealers.

"At the end of the day, after a nice run, many [gold traders] were compelled to take profits," Nadler said in emailed comments. "That is what the game is generally all about."

 

Dollar strength typically hurts the price of gold.

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
(June 30 – July 4)



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, plus previous weeks

June 30 – July 4

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
2.0%
$0.36
$18.01
Gold
 
X
-0.2%
-$2
$931
Platinum
 
X
-3.1%
-$65
$2012

Week change numbers are for Monday-Friday.

June 23-27

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
1.2%
$0.21
$17.40
Gold
X
 
1.6%
$14
$920
Platinum
 
X
-0.3%
-$7
$2053

Week change numbers are for Monday-Friday

London Fix: June 16-20

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.2%
$0.71
$17.44
Gold
X
 
4.1%
$36
$908
Platinum
X
 
1.9%
$38
$2068

Week change numbers are for Monday-Friday.

London Fix: June 9-13

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-6.6%
-$1.15
$16.31
Gold
 
X
-4.2%
-$38
$866
Platinum
 
X
-1.1%
-$23
$2043

Week change numbers are for Monday–Friday.

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • July 4 Gold steady as inflation fears balance dollar – Reuters
    Gold was steady in Europe on Friday as fears over rising inflation balanced the effects of a strengthening dollar and slipping oil prices. Concerns over rising prices are firmly underpinning the metal, and could take it to its third consecutive weekly gain.
  • July 3 Fire. Works. In Housing?? – Jon Nadler
    Thursday’s pre-holiday price action in gold was dominated by busy profit-taking sales in the wake of the 25 bp ECB rate hike decision. Amid plenty of internal discord regarding the wisdom and consequences of the action, the ECB this morning did follow through on its previous hawkish jawboning and hiked interest rates by a quarter point.

Business week overview and wrap-up by Reuters News

Blue chips ended a holiday-shortened trading week with a strong finish after record oil prices lifted energy shares and a jobs report added little to economic jitters.

The three major US indexes:

  • The Dow rose 73.03 points to close at 11,288.54 Thursday. For the week the Dow lost 0.5%.

  • The S&P 500 gained 1.38 points Thursday to close at 1,262.90.

  • The Nasdaq fell 6.08 points Thursday to finish at 2,245.38. It lost 3% for the week.

In other world markets:

  • The German DAX gained 48.32 points to close at 6,353.74.

  • The Paris CAC 40 gained 47.51 points to close at 4,343.99.

  • And the London FTSE 100 gained 50.3 points to close at 5,476.6.

Speaker: Ashraf Laidi, chief foreign exchange strategist, CMC Markets Conway Gittens reports from New York.

 

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{ 1 comment… read it below or add one }

mickey smith July 5, 2008 at 11:54 pm

You can tell when the fix is in,they hit the button to take out Gold or Silver, it’s like you can set your watch for it,like the Florida afternoon rain showers! what chance is it, that this happens? I dont have a dog in this race, but I would like to see a even playing field.I like to read all of the views from all sides,then study why Gold will take a big hit ,when there is no reason to cause it,then you look at the COT reports,week by week,Has Gold been a pawn in a battle over who can recoup the losses of bad Banking ethics?!What about short selling in both Silver & Gold,not only on time, but where it works on both sides, then the ETFs, a great way to make ways to play the game!But the rules are different? it seems so to many,but is it good for the future of those,that chose the way,of what ever they chose to call it today, it’s has so many names,but is legale one of them? Just a different way at reading the weekly bullion reports!!

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