Bullion & Business Weekend Report – Jan 24

by CoinNews.net on January 24, 2009 · 0 comments

Gold, silver and crude enjoyed positive weeks while platinum and U.S. stocks turned lower. London gold finished 5.0 percent higher than last Friday’s close. Silver improved by 6.3 percent while platinum declined 1.6 percent. The Dow lost 2.5 percent, the S&P fell 2.1 percent and the Nasdaq dropped 3.4 percent.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York crude-oil for March delivery closed to $46.47 a barrel on Friday, gaining $2.80 and 6.4 percent on the week.

AAA said the average price for unleaded gasoline on Saturday settled to $1.847 a gallon compared to $1.648 a month ago and $2.998 twelve months back.

London silver ended at $11.46 an ounce, rising 68 cents since last Friday’s close.

London gold closed to $875.75 an ounce, gaining $42.00 for the week.

London platinum settled to $928 an ounce, falling $15 since last Friday.

 

"Gold prices vaulted above the $900 mark for a brief period on Friday, in a culmination of their recent disconnect from the US dollar," said senior analyst Jon Nadler at Kitco Bullion Dealers.

Momentum traders made a return to the bullion market on Friday, and their sizeable footprints were also visible in the copper, crude oil and other commodities.,"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. London Fix gold is used as a world benchmark for immediate delivery.

Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and related precious metal and business article sources.

CoinNews London Fix Charts: Silver, Gold and Platinum
(January 16-23)



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

(January 16-23)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
6.3%
$0.68
$11.46
Gold
X
 
5.0%
$42.00
$875.75
Platinum
 
X
-1.6%
-$15.00
$928.00

Week change numbers are for Friday PM-Friday PM

(January 9-16)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-3.9%
-$0.44
$10.78
Gold
 
X
-1.6%
-$13.50
$833.75
Platinum
 
X
-4.6%
-$45.00
$943.00

Week change numbers are for Friday PM-Friday PM

(January 2-9)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
1.3%
$0.14
$11.22
Gold
 
X
-3.1%
-$27.25
$847.25
Platinum
X
 
6.7%
$62.00
$988.00

Week change numbers are for Friday PM-Friday PM

Bullion articles of interest

In related news, interesting or quick-read articles:

  • January 23 Unmade in Japan – Jon Nadler, Kitco
    Gold prices vaulted above the $900 mark for a brief period on Friday, in a culmination of their recent disconnect from the US dollar. 
  • January 23 US Mint Silver Coin Sales Stats
    US silver coin sales have increased across the board during the last several days, according to the latest United States Mint sales stats. Not in any dramatic fashion, but noticeable nevertheless.
  • January 22 2009 Double Eagles Sales on Fires
    The United States Mint released the highly anticipated 2009 Ultra High Relief Double Eagle Gold Coin today at noon (ET). All indications show that early coin sales are blazing, with reports of busy Mint phone lines and online ordering backups where buyers have had to wait an hour or more to place an order.

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