Business & Bullion Weekend Report – Dec 13

by CoinNews.net on December 13, 2008 · 0 comments

Precious metals declined Friday, but silver and gold made solid weekly gains. London gold — used as a benchmark for immediate delivery — jumped 7.0 percent and silver rose 3.5 percent. Platinum fell 4.9 percent. From last Friday’s close, the Dow lost 0.1 percent, the S&P gained 0.4 percent and the Nasdaq climbed 2.1 percent.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York crude-oil for January delivery settled to $46.28 a barrel, falling $1.70 on Friday. It gained $5.47, or 13.4 percent from, last Friday’s close of $40.81 a barrel. AAA said the average price for unleaded gasoline fell to $1.66 a gallon on Saturday compared to $2.178 a month ago.

London silver ended at $10.07 an ounce, gaining 34 cents on the week, or 61 cents since last Friday.

London gold closed to $826.50 an ounce, rising $54.25 for the week, or $77.50 from last Friday.

London platinum settled to $801 an ounce, declining $41 for the week, or $13 since last Friday. And, most remarkably, below the price for an ounce of gold.

 

"This week’s attempt at a breakout in commodities turned into a breakdown by Friday, after the US Senate’s decision that failure is definitely one option for the beleaguered American auto industry," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Treasuries rallied on the news of the impasse, while oil lost more than $1.50 per barrel. Platinum group metals headed south due to similar concerns. Gold and silver came under selling fire," 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 8-12)



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 8-12

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.5%
$0.34
$10.07
Gold
X
 
7.0%
$54.25
$826.50
Platinum
 
X
-4.9%
-$41.00
$801.00

Week change numbers are for Monday AM-Friday PM

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

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • December 12 Stretch That TARP Some More – Jon Nadler, Kitco
    This week’s attempt at a breakout in commodities turned into a breakdown by Friday, after the US Senate’s decision that failure is definitely one option for the beleaguered American auto industry.
  • December 11 US Mint Gold, Platinum and Silver Coin Sales Figures, Dec 11 – CoinNews
    Collector gold and platinum coin sales have been ablaze with eight sold out options since last week’s U.S. Mint sales figures were released. The final two one-ounce and one-half ounce uncirculated gold Buffalo coins departed over the weekend, and the last one-half ounce proof Buffalo went Monday afternoon with a surging 58.5 percent increase in sales over the previous week.

Business week overview and wrap-up by Reuters News

Wall Street rallied into the close on hopes the White House will use TARP funds to rescue the ailing U.S. auto industry. Here are Friday numbers for the three major US indexes:

  • The Dow gained 64.59 points Friday to close at 8,629.68. For the week, the Dow lost 0.1 percent.

  • The S&P 500 rose 6.14 points Friday, closing to 879.73. The S&P rose 0.4 percent on the week.

  • The Nasdaq climbed 32.84 points Friday to finish at 1,540.72. It gained 2.1 percent for the week.

In other world markets:

  • The German DAX lost 103.83 points to close at 4,663.37.

  • The Paris CAC 40 declined 92.53 points to close at 3,213.60.

  • And the London FTSE 100 dropped 108.34 points to close at 4,280.35.

Conway Gittens reports from New York.

 

CoinNews bullion and finance related collector tools

Bullion and finance tools that may interest you:

{ 0 comments… add one now }

Leave a Comment