Business & Bullion Weekend Report – Nov 22

by CoinNews.net on November 22, 2008 · 0 comments

It was a mixed bag for precious on the week. London gold gained 4 percent while silver and platinum fell 3.5 percent and 3.6 percent respectively. The Dow declined 5.3 percent, the S&P lost 8.4 percent, and the Nasdaq dropped 8.7 percent from last Friday’s close.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York January crude-oil settled to $49.93 a barrel, losing 51 cents on Friday. Oil lost $7.67 on the week, or 13 percent.

AAA said the average price for unleaded gasoline fell below $2 to $1.953 a gallon on Saturday. The average price a month ago was $2.82.

London silver ended at $9.17 an ounce, dropping 33 cents on the week, or 16 cents since last Friday.

London gold closed to $774.50 an ounce, gaining $29.50 for the week, or $27 from last Friday.

London platinum settled to $812 an ounce, losing $30 for the week, or $33 since last Friday.

 

"A day of strong gains concluded a week that saw gold at under $700 and above $800 – a level at which the metal was last seen on October 20. Options expiration, fund buying, short-covering, and a return of modestly higher risk appetite on a day when stocks did not undergo a meltdown for a change (and actually added $495 ! points), all converged to give gold its best day in nearly two months," said senior analyst Jon Nadler at Kitco Bullion Dealers.

 

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 four related precious metal articles.

CoinNews London Fix Charts: Silver, Gold and Platinum
(November 17-21)



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 17-21

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-3.5%
-$0.33
$9.17
Gold
X
 
4.0%
$29.50
$744.50
Platinum
 
X
-3.6%
-$30.00
$812.00

Week change numbers are for Monday AM-Friday PM

November 10-14

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-9.5%
-$0.98
$9.33
Gold
 
X
-0.6%
-$4.25
$747.50
Platinum
 
X
-3.4%
-$30.00
$845.00

Week change numbers are for Monday AM-Friday PM

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
$849.00

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

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • November 21 Hi-Lo Silver! – Jon Nadler, Kitco
    A day of strong gains concluded a week that saw gold at under $700 and above $800 – a level at which the metal was last seen on October 20.

Business week overview and wrap-up by Reuters News

Wall Street ended a tough week with optimism after reports President-elect Barack Obama had chosen his person to help fight the financial crisis. Here are Friday numbers for the three major US indexes:

  • The Dow lost 494.13 points Friday to close at 8,046.42. For the week, the Dow fell 5.3 percent.

  • The S&P 500 fell 47.59 points Friday, closing to 800.03. The S&P lost 8.4 percent on the week.

  • The Nasdaq declined 68.23 points Friday to finish at 1,384.35. It lost 8.7 percent for the week.

In other world markets:

  • The German DAX lost 92.79 points to close at 4,127.41.

  • The Paris CAC 40 dropped 99.16 points to close at 2,881.26.

  • And the London FTSE 100 fell 94.03 points to close at 3,780.96.

SPEAKER: Alec Young, equity strategist, Standard & Poor’s Conway Gittens reports from New York.

 

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