Bullion & Business Weekend Report - Aug 9
The dollar’s rally against other major currencies and the continual slippage in crude oil prices surged US stocks forward while silver, gold and platinum took it on the chin.
The precious metals experienced their third consecutive weekly losses in London with silver falling 9.3 percent, gold 6.3 percent and platinum 4.8 percent.
Earlier talk of $200-per-barrel oil prices by year’s end has been replaced by forecasts for $100. Oil’s easing has punished precious metals, making them less attractive for investors.
London silver closed the week to $15.76 an ounce — a loss of $1.61 for the week and $1.83 from last Friday.
London platinum fell to $1,552 an ounce — a drop of $79 for the week and $123 from last Friday.
London gold closed to $853 an ounce, losing $58 for the week and $61 from last Friday.
"Beijing’s 30,000 fireworks paled in comparison to the millions that were likely lost in today’s Great Unwind," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"The only ones apparently left “going for (the) gold” are now the athletes competing in China. "
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.
