Bullion & Business Weekend Report - Oct 18
London gold, silver and platinum were pressured lower most of the week as each tumbled 9.9 percent, 9.3 percent, and 13.2 percent, respectively. The Dow climbed 4.75 percent, its strongest weekly gain in 4-1/2 years, while the S&P gained 4.6 percent, and the Nasdaq rose 3.75 percent.
November crude gained $2, or 2.9 percent, to close at $71.85 per barrel. However, it lost $5.85, or 8 percent compared to last Friday’s close.
London silver ended at $9.56 an ounce — a loss of $1.05 on the week, or $2.18 from last Friday.
London gold climbed to $785 an ounce, falling $81 for the week, or $117 from Friday.
London platinum settled at $856 an ounce — a loss of $130 for week, or $145 from last Friday.
"Funds who would like to keep their asset of last resort are being forced to sell, and this is causing weakness in the paper gold market price," said Peter Spina, president of GoldSeek.com.
"There will be more victims of the fund collapse and more forced liquidations even if it requires you to sell your most desired assets such as precious metals," he said.
Gold typically 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.
