Business & Bullion Weekend Report – Dec 20

by CoinNews.net on December 20, 2008 · 0 comments

Precious metals declined Friday, but ended with overall gains for the week. London gold — used as a benchmark for immediate delivery — gained 1.0 percent this week while silver rose 2.7 percent and platinum climbed 1.7 percent. From last Friday’s close, the Dow lost 0.6 percent, the S&P gained 0.9 percent and the Nasdaq climbed 1.5 percent.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York crude-oil for January delivery tumbled to $33.87 a barrel, falling $2.35 on Friday. It lost $12.41, or 27 percent, compared to last Friday’s close of $46.28 a barrel.

AAA said the average price for unleaded gasoline on Friday settled to $1.673 a gallon compared to $2.047 a month ago.

London silver ended at $10.61 an ounce, gaining 28 cents on the week, or 54 cents since last Friday.

London gold closed to $835.75 an ounce, rising $8.25 for the week, or $9.25 from last Friday.

London platinum settled to $848 an ounce, gaining $14 for the week, or $47 since last Friday.

 

"Gold prices took their worst fall in three weeks on Friday, as a robust surge in the US dollar diverted most would-be buyers, while emboldening hesitant profit-takers," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Poor physical demand in key jewelry markets is obviously still playing a pivotal role in gold’s short-term fortunes," added Nadler.

"As far as gold is concerned, it’s all about the dollar," said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. "The dollar regaining strength is going to put a lot of pressure on the gold market."

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 15-19)



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 15-19

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
2.7%
$0.28
$10.61
Gold
X
 
1.0%
$8.25
$835.75
Platinum
X
 
1.7%
$14.00
$848.00

Week change numbers are for Monday AM-Friday PM

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

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

  • December 19 They Bought…What ??? – Jon Nadler, Kitco
    Gold prices took their worst fall in three weeks on Friday, as a robust surge in the US dollar diverted most would-be buyers, while emboldening hesitant profit-takers.

Business week overview and wrap-up by Reuters News

U.S. stocks ended mixed with investors not overly confident a $17.4 billion lifeline to the auto industry would prevent further damage to the economy. Here are Friday numbers for the three major US indexes:

  • The Dow lost 25.88 points Friday to close at 8,579.11. For the week, the Dow lost 0.6 percent.

  • The S&P 500 rose 2.60 points Friday, closing to 887.88. The S&P rose 0.9 percent on the week.

  • The Nasdaq climbed 11.95 points Friday to finish at 1,564.32. It gained 1.5 percent for the week.

In other world markets:

  • The German DAX lost 59.70 points to close at 4,696.70.

  • The Paris CAC 40 declined 8.25 points to close at 3,225.90.

  • And the London FTSE 100 dropped 43.73 points to close at 4,286.93.

Conway Gittens reports from New York. Speaker: Jessica Caldwell, manager, auto pricing and industry analysis, Edmunds.com.

 

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