Bullion & Business Weekend Report – Jan 31

by CoinNews.net on January 31, 2009 · 0 comments

Precious metals finished the week higher while oil, U.S. and European stocks moved lower. London gold finished 5.0 percent higher than last Friday’s close. Silver improved by 9.2 percent while platinum gained 5.9 percent. For the month, the Dow lost 8.8 percent, the S&P fell 8.6 percent and the Nasdaq dropped 6.4 percent.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York crude-oil for March delivery closed to $41.68 a barrel on Friday, gaining 24 cents, or 0.6 percent. Oil lost 10 percent on the week and 14 percent for the month.

AAA said the average price for unleaded gasoline on Saturday settled to $1.855 a gallon compared to $1.618 a month ago and $2.988 twelve months back.

London silver ended at $12.51 an ounce, rising $1.05 since last Friday’s close.

London gold closed to $919.50 an ounce, gaining $43.75 for the week.

London platinum settled to $983 an ounce, climbing $55.00 since last Friday.

 

"Global investors were out in force on the last trading day of this first month of 2009, seeking anything that had either little risk, or no counterparty liability at all," said senior analyst Jon Nadler at Kitco Bullion Dealers.

Their search was largely fruitless, save for a few more tonnes of gold, silver, and platinum, which were promptly stashed into various vaults around the world,"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 23-30)



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 23-31)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
9.2%
$1.05
$12.51
Gold
X
 
5.0%
$43.75
$919.50
Platinum
X
 
5.9%
$55
$983.00

Week change numbers are for Friday PM-Friday PM

(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 30 Money Market Morass – Jon Nadler, Kitco
    Global investors were out in force on the last trading day of this first month of 2009, seeking anything that had either little risk, or no counterparty liability at all. 

Video: Business week and stocks news by Reuters

The Dow & S&P 500 suffered their worst January performances on record after early optimism gave way to mounting evidence the recession is tightening its grip. Friday numbers for the three major US indexes follow:

  • The DOW lost 148.15 points Friday to close at 8,000.86. For the week, the Dow lost 0.95 percent.

  • The S&P 500 fell 19.26 points Friday, closing to 825.88.

  • The NASDAQ dropped 31.42 points Friday to finish at 1,476.42. It lost 0.01 percent from last Friday’s close.

In other world markets:

  • The German DAX on Friday fell 89.76 points to close at 4,338.35.

  • The Paris CAC 40 on Friday dropped 35.83 points to close at 2,973.92.

  • And the London FTSE 100 on Friday lost 40.47 points to close at 4,149.64.

SPEAKERS: Stephen Gallagher, U.S. chief economist, Societe Generale; Alexandra Ruben, New Yorker. Conway Gittens reports from New York.

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