Business & Bullion Weekend Report – Dec 6

by CoinNews.net on December 6, 2008 · 0 comments

Precious metals and other markets were mostly sour through the week. London gold — used as a benchmark for immediate delivery — lost 5.8 percent, silver retreated 4.5 percent and platinum delined 4.1 percent. The Dow lost 2.2 percent, the S&P dropped 2.3 percent and the Nasdaq declined 1.7 percent from last Friday’s close.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York crude-oil for January delivery settled to $40.81 a barrel, falling $2.85, or 6.5 percent on Friday. It lost 25 percent for the week and marked its lowest level since December 2004. AAA said the average price for unleaded gasoline fell to $1.751 a gallon on Saturday. The average price a month ago was $2.34.

London silver ended at $9.46 an ounce, dropping 45 cents on the week, or 66 cents since last Friday.

London gold closed to $749 an ounce, falling $46.50 for the week, or $65.50 from last Friday.

London platinum settled to $788 an ounce, declining $34 for the week, or $88 since last Friday.

 

"Over in commodities, oil traded at four-year lows under $42 per barrel, copper shed 6.36%, and gold staged its own cave-in, shedding up to $25 and retreating to under the previously warned-about area of support at $745 per ounce, to touch $739.80 [in New York] at last check," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"For gold, the week ended another false start upon which the perma-mega-bulls jumped too early, and which has now been filed under the "no-go" label," 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
(December 1-5)



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

December 1-5

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.5%
-$0.45
$9.46
Gold
 
X
-5.8%
-$46.50
$749.00
Platinum
 
X
-4.1%
-$34.00
$788.00

Week change numbers are for Monday AM-Friday PM

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

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • December 5 Now Firing – Jon Nadler, Kitco
    Not a good day at all, if one was among the 533,000 people who joined the ranks of the unemployed last month. This most shocking employment statistic hit the wires this morning with all of the impact of a concussion bomb.
  • December 4 US Mint Gold, Platinum and Silver Coin Sales Figures, Dec 4- Nov 27 – CoinNews
    Three collector bullion coins have sold out since last week’s U.S. Mint sales figures were released. And like last week, the biggest mover was the one-ounce 2008-W American Eagle Platinum uncirculated coin. It was the final available coin in the series, which helped drive demand until it sold out Wednesday. Sales of the collector coin increased 55.3 percent following its previous 46.5 percent rise.

Business week overview and wrap-up by Reuters News

Almost 2 million Americans have lost their job this year, and it could get worse if the automakers fail too. Here are Friday numbers for the three major US indexes:

  • The Dow gained 259.18 points Friday to close at 8,635.42. For the week, the Dow lost 2.2 percent.

  • The S&P 500 rose 30.85 points Friday, closing to 876.07. The S&P declined 2.3 percent on the week.

  • The Nasdaq climbed 63.75 points Friday to finish at 1,509.31. It fell 1.7 percent for the week.

In other world markets:

  • The German DAX lost 182.76 points to close at 4,381.47.

  • The Paris CAC 40 declined 173.15 points to close at 2,988.01.

  • And the London FTSE 100 dropped 114.24 points to close at 4,049.37.

Joya Dass reports from New York.

 

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