Bullion & Business Weekend Report – Aug 16

by CoinNews.net on August 16, 2008 · 0 comments

Precious metals took brutal body blows this week with London silver, gold and platinum falling 16.4 percent, 8.9 percent and 10.8 percent respectively. A dominating U.S. dollar matched against weaker global currencies helped push the metal losses. Falling crude oil played its part as well.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsSeptember delivery of crude dropped to $113.57 a barrel.

London silver closed the week to $12.82 an ounce — a loss of $2.52 for the week and $2.94 from last Friday.

London platinum fell to $1,400 an ounce — a drop of $170 for the week and $152 from last Friday.

London gold closed to $787 an ounce, losing $77 for the week and $67 from last Friday.

 

"This week’s sheer massacre in values will represent the largest such decline in 25 years for the yellow metal," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Attribute these moves to whatever causes you like, but do not live in denial. The markets have shifted into a new phase, its participants have voted, and they are telling you that the growth worries have shifted to economies outside the US. Expectations are that (albeit not in a straight line) the dollar will continue higher."

 

Gold typically follows oil and moves opposite to the dollar, as a weakened dollar encourages investors to buy gold, also considered a hedge during times of high inflation and economic uncertainty.

Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.

CoinNews London Fix Charts: Silver, Gold and Platinum
(Aug 11-15)



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 changes

Aug 11-15

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-16.4%
-$2.52
$12.82
Gold
 
X
-8.9%
-$77
$787
Platinum
 
X
-10.8%
-$170
$1400

Week change numbers are for Monday-Friday.

Aug 4-8

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-9.3%
-$1.61
$15.76
Gold
 
X
-6.3%
-$58
$853
Platinum
 
X
-4.8%
-$79
$1552

Week change numbers are for Monday-Friday

July 28-Aug 1

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-0.7%
-$0.12
$17.59
Gold
 
X
-1.8%
-$17
$913
Platinum
 
X
-4.4%
-$77
$1675

Week change numbers are for Monday-Friday.

July 21-25

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.4%
-$0.80
$17.55
Gold
 
X
-4.7%
-$46
$921
Platinum
 
X
-7.8%
-$146
$1726

Week change numbers are for Monday–Friday.

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • August 15 No Country for Old Strategies – Jon Nadler
    The only logical way to describe the gold market’s story over the past two weeks is to refer to plain numbers. Superlatives have become scarce over the last few hours.

Business week overview and wrap-up by Reuters News

The U.S. dollar rallied to a six-month high against the euro. Meanwhile, crude oil prices continued it’s downward trend.

In stock market action, the three major US indexes:

  • The Dow gained 43.97 points to close at 11,659.90, and dropped 0.6% for the week.

  • The S&P 500 rose 5.27 points, closing to 1,298.20.

  • The Nasdaq lost 1.15 points Friday to finish at 2,452.52, and gained 1.6% for the week.

In other world markets:

  • The German DAX gained 3.81 points to close at 6,446.02.

  • The Paris CAC 40 climbed 32.71 points to close at 4,453.62.

  • And the London FTSE 100 lost 42.6 points to close at 5,454.8.

Diane King reports from New York.

 

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