Bullion & Business Weekend Report – Nov 8

by CoinNews.net on November 8, 2008 · 0 comments

Precious metals rose slightly for the week, but stocks turned lower. London silver, gold and platinum gained 0.8 percent, 0.2 percent, and 1.3 percent, respectively. The Dow declined 4.1 percent, following its 11.3 percent rally last week. The S&P lost 3.9 percent on the week, and the Nasdaq dropped 4.3 percent from last Friday’s close.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsAccording to AAA, the average price of regular unleaded gasoline decreased for the 52nd straight day. The average price dropped to $2.282 per gallon in the U.S., a level not seen since February 24, 2007.

December crude gained 27 cents, or 0.4 percent, to close to $61.04 a barrel. The contract has lost $6.77, or 10 percent from last Friday. OPEC president Chakib Khelil reportedly said on Saturday that further cuts in production may be on the way.

London silver ended at $10.13 an ounce — a gain of 8 cents on the week, or 85 cents from last Friday.

London gold closed to $735 an ounce, rising $1.25 for the week, or $5 from last Friday.

London platinum climbed to $849 an ounce — a gain of $11 for the week, or $35 from last Friday.

 

"Gold came up this morning on the euro strength," said Frank McGhee, the head metals dealer at Integrated Brokerage Services in Chicago. Gold will be "bullish" in the long term as inflation accelerates, he said.

"It’s been beaten down horribly [Silver]," said Rogers, the chairman of Singapore-based Rogers Holdings. "If you put a gun to my head and said you have to buy one, I would buy silver rather than gold."

 

Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies. When prices are falling and economic activities are shrinking, gold prices tend to move lower.

Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.

CoinNews London Fix Charts: Silver, Gold and Platinum
(November 3-7)



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

November 3-7

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.8%
$0.08
$10.13
Gold
X
 
0.2%
$1.25
$735.25
Platinum
X
 
1.3%
$11
$849

Week change numbers are for Monday AM-Friday PM

October 27-31

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.0%
$0.27
$9.28
Gold
X
 
1.4%
$10
$731
Platinum
X
 
7.7%
$58
$814

Week change numbers are for Monday AM-Friday PM

October 20-24

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-9.3%
-$0.91
$8.88
Gold
 
X
-11.3%
-$91
$713
Platinum
 
X
-14.7%
-$134
$778

Week change numbers are for Monday AM-Friday PM

October 13-17

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-9.9%
-$1.05
$9.56
Gold
 
X
-9.3%
-$81
$785
Platinum
 
X
-13.2%
-$130
$856

Week change numbers are for Monday AM-Friday PM

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

Business week overview and wrap-up by Reuters News

American companies slashed 240,000 jobs in October highlighting recession fears. In stock market action, the three major US indexes:

  • The Dow gained 248.02 points Friday to close at 8,943.81. For the week, the Dow fell 4.1 percent.

  • The S&P 500 climbed 26.11 points Friday, closing to 930.75. The S&P lost 3.9 percent on the week.

  • The Nasdaq rose 38.70 points Friday to finish at 1,647.40. It lost 4.3 percent for the week.

In other world markets:

  • The German DAX gained 124.89 points to close at 4,938.46.

  • The Paris CAC 40 rose 81.87 points to close at 3,469.12.

  • And the London FTSE 100 climbed 92.55 points to close at 4,364.96.

Conway Gittens reports from New York.

 

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