Bullion & Business Weekend Report – October 4

by CoinNews.net on October 4, 2008 · 0 comments

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…

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

 

“Everybody has their fingers crossed that the plan [US $700 billion bail out] is going to restore some trust in the financial market and jump-start the real economy again,” said Jeffrey Nichols, managing director at American Precious Metals Advisors.

“The way the government is dealing with [the financial industry] is simply throwing money into the financial sector,” said Nichols. “In the long run all this is going to translate into higher inflation, which is bullish for gold.”

 

Other analysts have the opposite opinion, believing the U.S. dollar will continue to gain against other struggling world currencies and, as a result, gold could move lower over the coming weeks. And there or those who believe the rescue plan will stabilize the financial markets, reducing gold’s demand as a safe haven purchase.

Clearly, gold’s future is clouded. There are no crystal clear forecasts, as has been typical with the markets of late.

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 three related precious metal articles.

CoinNews London Fix Charts: Silver, Gold and Platinum
(Sept 29-Oct 4)



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 29-Oct 4

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-14.2%
-$1.86
$11.20
Gold
 
X
-5.5%
-$49
$828
Platinum
 
X
-13.4%
-$148
$959

Week change numbers are for Monday-Friday.

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

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • October 3 The Good, The Bad, and The Really Ugly – Jon Nadler
    Gold prices opened with a small $3.50 gain, quoted at $838 basis spot dealings. An otherwise robust 33-cent gain in silver to $11.18 has to be viewed in the context of the nearly dollar-and-a-half loss it sustained on Thursday. Platinum continued to suffer…

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