Bullion & Business Weekend Report – Sept 27

by CoinNews.net on September 27, 2008 · 0 comments

Gold gained about 20 percent since Sept. 11 as safe-haven demand drove physical demand to such a level that the U.S. Mint suspended Buffalo gold coin sales Thursday due to depleted inventories.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsGold profit-taking snatched several percentage point gains on Friday, but the yellow metal ended the day and week up. London gold and silver prices rose 1.5 percent and 3.3 percent, respectively. Platinum dropped 4.4 percent.

November crude-oil on Nymex lost $1.13 Friday, and settled to $106.89 per barrel. It lost 4 percent for the week.

London silver closed to $13.18 an ounce — a gain of 20 cents on the week, or $1.03 from last Friday.

London platinum fell to $1,140 an ounce — a loss of $53 for the week, or $15 from last Friday.

London gold climbed to $902 an ounce, rising $29 for the week and $33 from last Friday.

 

"The indecision and infighting on Capitol Hill continued to keep a frozen lid over investors and traders alike. No one was willing to do a whole lot today, and for good reason; the potential outcomes from a concrete decision by US lawmakers on the rescue package are either quite wide-ranging, or unknown for now," said senior analyst Jon Nadler at Kitco Bullion Dealers on Friday.

James Moore, analyst at TheBullionDesk, said, “We could see further inflows of investment demand in the coming sessions, potentially giving gold the momentum to challenge overhead resistance at $925-$938.”

 

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 four related precious metal articles.

CoinNews London Fix Charts: Silver, Gold and Platinum
(Sept 22-26)



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 22-26

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
1.5%
$.20
$13.18
Gold
X
 
3.3%
$29
$902
Platinum
 
X
-4.4%
-$53
$1140

Week change numbers are for Monday-Friday.

Sept 15-19

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
12.1%
$1.31
$12.15
Gold
X
 
11.5%
$90
$869
Platinum
 
X
-3.8%
-$45
$1155

Week change numbers are for Monday-Friday

Sept 8-12

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-12.8%
-$1.58
$10.80
Gold
 
X
-7.0%
-$56
$750
Platinum
 
X
-13.0%
-$178
$1187

Week change numbers are for Monday-Friday

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

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • September 26 CFTC Investigating Silver Market – CoinNews
    The Wall Street Journal reported the Commodity Futures Trading Commission (CFTC) confirmed Wednesday that there’s a new investigation into the silver market. Apparently, the CFTC has received numerous complaints that silver was in short supply — verified by reported visits to various coin shops, yet prices were manipulated lower by large investors.
  • September 26 There Will be…Deals – Jon Nadler
    Now, for the market action. Except there really that much of it to talk about. The indecision and infighting on Capitol Hill continued to keep a frozen lid over investors and traders alike.

Business week overview and wrap-up by Reuters News

Investors waited for word from Washington on a $700 billion rescue for troubled banks as Washington Mutual became the 13th U.S. bank to fail this year.

In stock market action, the three major US indexes:

  • The Dow gained 121.07 points Friday to close at 11,143.13, and losing 2.1 percent for the week.

  • The S&P 500 rose 4.09 points Friday, closing to 1,213.27.

  • The Nasdaq fell 3.23 points Friday to finish at 2,183.34, which was a drop of 4.0 percent for the week.

In other world markets:

  • The German DAX lost 109.53 points to close at 6,063.50.

  • The Paris CAC 40 fell 63.43 points to close at 4,163.38.

  • And the London FTSE 100 moved down 108.5 points to close at 5,088.5.

SPEAKER: Bill Smith, president, Smith Asset Management Conway Gittens reports from New York.

 

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