Bullion & Business Weekend Report - Sept 6
Precious metals fell for the week with silver, gold and platinum plunging 6.3 percent, 2.8 percent and 4.4 percent, respectively. As the U.S. dollar climbed, stocks and crude oil declined. For the week, the Dow lost 2.8 percent and the Nasdaq 4.7 percent.
October oil on Nymex hit a five-month low of $106.23 per barrel, losing $1.66 Friday and a huge 8 percent for the week.
London silver closed to $12.72 an ounce — a loss of 86 cents on the week and $1.04 from last Friday.
London platinum fell to $1,387 an ounce — a drop of $64 for the week and $92 from last Friday.
London gold declined to $809 an ounce, falling $24 for the week and $25 from last Friday.
"Their [investors] flight is no longer one headed towards other assets, warmer climes, or safe havens; it is merely a plain and simple flight - for the “Exit” signs. And, into cash," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"Gold prices behaved quite badly… The rally however, failed at $820 once again and might just be called a key reversal that puts the metal back on track to the test of the $775 support zone. Should that number not hold (and some are not expecting it to) the charts at least, are pointing to the $720-$740 zone as the likely probability," he added.
Gold generally follows oil and moves opposite to the greenback, 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.
