Bullion & Business Weekend Report - October 4
Across the board market declines painted an ugly picture this week. London silver, gold and platinum prices plunged 14.2 percent, 5.5 percent, and 13.4 percent, respectively. The blue-chip average ended down 7.4 percent, the S&P fell 9.4 percent and the Nasdaq lost 10.8 percent. Crude fell more than 12 percent.
The U.S. $700 billion bailout plan passed and was signed into law Friday. Is that good news for financial markets or precious metals? It depends on your take. To the numbers…
November crude-oil on Nymex lost 9 cents Friday, and settled to $93.88 per barrel.
London silver plunged to end at $11.20 an ounce — a lost of $1.86 on the week, or $1.98 from last Friday.
London gold fell to $828 an ounce, falling $49 for the week and $74 from last Friday.
London platinum lost to $959 an ounce — a loss of $148 for the week, or $181 from last Friday.
