Business & Bullion Weekend Report – Nov 29

by CoinNews.net on November 29, 2008 · 0 comments

Precious metals were again mixed for the week. Gold edged up for the month in New York by an impressive 14 percent, its biggest percent rise since September. However, London gold — used as a benchmark for immediate delivery — lost 0.3 percent, although London silver and platinum gained 0.8 percent and 5.0 percent respectively.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsAccording to Bloomberg, U.S. stocks enjoyed the biggest weekly rally in more than 30 years. The results managed to offset a portion of the losses in November.

The Dow fell 5.3 percent in November, but surged 9.2 percent since last Friday’s close. The S&P shot up 12 percent on the week, but dropped 7.4 percent for the month. And the Nasdaq surged 11 percent from last Friday’s close, yet fell 10.8 percent on the month.

New York December crude-oil settled to $54.43 a barrel, losing one cent Friday. It surged 9 percent for the week. AAA said the average price for unleaded gasoline fell to $1.83 a gallon on Saturday. The average price a month ago was $2.55.

London silver ended at $10.12 an ounce, gaining 8 cents on the week, or 95 cents since last Friday.

London gold closed to $814.50 an ounce, falling $2.25 for the week, but gaining $70 from last Friday.

London platinum settled to $876 an ounce, rising $42 for the week, or $64 since last Friday.

 

"November was kind to gold as it marked its best gain in decades, following the opposite scenario having just taken place in October," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"The metal is trading at virtually the same levels as one year ago but is doing so against the background of a vastly changed (and not for the better) financial and economic landscape," added Nadler.

 

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 24-28)



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 24-28

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.8%
$0.08
$10.12
Gold
 
X
-0.3%
-$2.25
$814.5
Platinum
X
 
5.0%
$42
$876.00

Week change numbers are for Monday AM-Friday PM

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

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • November 27 US Mint Gold and Platinum Coin Sales Figures – Nov 27 – CoinNews
    2008-W American Eagle Platinum uncirculated coins were again the big U.S. Mint movers. Since last week’s figures, one-ounce sales surged 46.5 percent to 980 coins. They are now the last standing coin in the series after sales of the one-half ounce size spiked to 18.5 percent and sold out on Monday.

Business week overview and wrap-up by Reuters News

Wall Street finished a week where the Nasdaq climbed nearly 11 percent with hopes the shopping season may not be as rough as expected. Here are Friday numbers for the three major US indexes:

  • The Dow gained 102.43 points Friday to close at 8,829.04. For the week, the Dow gained 9.2 percent.

  • The S&P 500 rose 8.56 points Friday, closing to 896.24. The S&P gained 12 percent on the week.

  • The Nasdaq climbed 3.47 points Friday to finish at 1,535.57. It gained 10.9 percent for the week.

In other world markets:

  • The German DAX rose 4.17 points to close at 4,669.44.

  • The Paris CAC 40 gained 12.29 points to close at 3,262.68.

  • And the London FTSE 100 gained 61.91 points to close at 4,288.01.

Speakers: Terry Lundgren, CEO, Macy’s; Howard Davidowitz, chairman, Davidowitz & Associates Conway Gittens reports from New York.

 

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