Bullion & Business Weekend Report - July 12
Gold increased sharply by 4.5 percent this week and hit a four-month high Friday. Silver climbed 3 percent and platinum gained 2.2 percent. Major precipitating factors cited for the gains include U.S. stocks marking a 2-year low, heightened oil prices and concern over escalating tensions between Iran and the West.
London silver closed to $18.38 an ounce — a healthy gain of 37 cents compared to last Friday’s close.
London platinum closed the week to $2,030, an increase of $18 compared to its previous Friday close.
London gold closed Friday to $963 an ounce, gaining $32 from last Friday and up $42 for Monday through Friday.
“Safe-haven oriented gold buying was the theme, but the gain is clearly attributable to the turnaround in oil and the apparent imminence of an air strike against Iran,” commented senior Kitco analyst Jon Nadler.
"The growing sense of concern over the stability of the financial system is starting to teeter on the edge of a panic," said Peter Spina, chief investment analyst at GoldSeek.com.
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.
