Bullion & Business Weekend Report – Sept 6

by CoinNews.net on September 6, 2008 · 0 comments

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.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsOctober 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.

CoinNews London Fix Charts: Silver, Gold and Platinum
(Sept 1-5)



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

Sept 1-5

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-6.3%
-$0.86
$12.72
Gold
 
X
-2.8%
-$24
$809
Platinum
 
X
-4.4%
-$64
$1387

Week change numbers are for Monday-Friday.

Aug 26-29*

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.4%
$0.71
$13.76
Gold
X
 
2.9%
$23
$833
Platinum
X
 
3.9%
$56
$1479

*Week change numbers are for Tuesday-Friday. (Market holiday on Monday).

Aug 18-22

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.7%
$0.61
$13.62
Gold
X
 
3.3%
$27
$824
Platinum
X
 
3.3%
$45
$1427

Week change numbers are for Monday-Friday.

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.

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

Business week overview and wrap-up by Reuters News

The labor market struggled in August with the unemployment rate near a five-year high and jobs lost for the eighth month in a row.

Wall Street surprisingly shook-off steep losses sparked by the data. After the close, speculation the Treasury is close to a deal with Fannie Mae and Freddie Mac bolstered expectations of a positive start to next week.

In stock market action, the three major US indexes:

  • The Dow gained 32.73 points Friday to close at 11,220.96, and dropped 2.8% for the week.

  • The S&P 500 rose 5.48 points Friday, closing to 1,242.31.

  • The Nasdaq fell 3.16 points Friday to finish at 2,255.88, and lost 4.7% for the week.

In other world markets:

  • The German DAX dropped 152.13 points to close at 6,127.44.

  • The Paris CAC 40 fell 107.35 points to close at 4,196.66.

  • And the London FTSE 100 lost 121.4 points to close at 5,240.70.

SPEAKER: Alec Young, equity strategist, Standard & Poor’s Conway Gittens reports from New York.

 

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