Bullion & Business Weekend Report - Sept 20
Gold and silver enjoyed sharp gains in a week where markets were up and down over concern for worsening financial conditions. Within a 48-hour span, gold rose and fell by the largest amount in 28 years. In the end, London gold and silver posted weekly gains of 11.5 percent and 12.1 percent, respectively. Platinum dropped 3.8 percent.
October crude-oil on Nymex closed at $104.55 per barrel, gaining 3.3 percent for the week.
London silver closed up to $12.15 an ounce — a gain of $1.31 on the week, or $1.35 from last Friday.
London platinum fell to $1,155 an ounce — a loss of $45 for the week, or $32 from last Friday.
London gold declined to $869 an ounce, falling $90 for the week and $119 from last Friday.
"A new era began today. There is hardly any other way to describe the possible outcome of the measures which the US an other authorities took in order to deploy the parachutes designed to stop this week’s freefall in global confidence and markets," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"Those who are brave enough to declare that ‘This is IT’ or express confidence that gold/the dollar/stocks/housing/etc. will now follow a clear path this way, or that, will very likely live to eat their initial prognostications with a ladle full or yummy crow. Within days. Thus, we say, ‘wait and see’," 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.
