Bullion & Business Weekend Report – Feb 28

by CoinNews.net on February 28, 2009 · 0 comments

Precious metals were battered as gold fell for five straight days and below the $1,000 mark it had just surged over last Friday. For the numbers, the London gold fixing fell 3.7 percent, silver lost 7.5 percent and platinum dropped 2.5 percent. The Dow lost 4.1 percent, the S&P declined 4.5 percent and the Nasdaq fell 4.4 percent. European stocks ended lower as well.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York crude-oil for April delivery closed Friday to $44.76 a barrel, falling 46 cents, or 1 percent. However, oil surged 12 percent on the week.

AAA said the average price for unleaded gasoline on Saturday settled to $1.903 a gallon compared to $1.843 a month ago and $3.164 one year back.

London silver ended at $13.21 an ounce, tumbling $1.07 since last Friday’s close.

London gold closed to $952.00 an ounce, falling $37.00 for the week.

London platinum settled to $1059.00 an ounce, declining $27.00 on the week.

 

"The gold price will remain supported into the second quarter as fears towards world growth persist," analysts at Deutsche Bank AG said today in a report cited on Bloomberg.com. "However, we remain concerned that the gold price rally is based on shaky foundations as it has not been accompanied by a weakening of the U.S. dollar."

 

"A fifth day of declines brought gold prices to nearly 9% under last Friday’s $1007 peak, and sent speculators wondering about whether the ‘correction’ label still applies to this week’s action," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers. "On the other hand the metal averaged a monthly price in February, which has not been as high since last year’s final tally in March."

 

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 links.

CoinNews London Fix Charts: Silver, Gold and Platinum
(Feb. 20 – Feb. 27)



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

(Feb. 20 – Feb. 27)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-7.5%
-$1.07
$13.21
Gold
 
X
-3.7%
-$37.00
$952.00
Platinum
 
X
-2.5%
-$27.00
$1059.00

Week change numbers are for Friday PM-Friday PM

(Feb. 13 – Feb. 20)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.7%
$0.48
$13.37
Gold
X
 
2.5%
$22.50
$935.50
Platinum
X
 
6.7%
$66.00
$1055.00

Week change numbers are for Friday PM-Friday PM

(Feb. 6 – Feb. 13)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
6.8%
$0.91
$14.28
Gold
X
 
5.7%
$53.50
$989.00
Platinum
X
 
2.9%
$31.00
$1086.00

Week change numbers are for Friday PM-Friday PM

(Jan. 30 – Feb. 6)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.0%
$0.38
$12.89
Gold
 
X
-0.7%
-$6.50
$913.00
Platinum
X
 
0.6%
$6.00
$989.00

Week change numbers are for Friday PM-Friday PM

(January 23-30)

 
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

Bullion articles of interest

In related news, interesting or quick-read articles:

  • Feb. 27 Gold ends lower for fifth session, loses 6% on week – MarketWatch
    Gold futures ended Friday’s trading down just a dime, closing lower for a fifth straight session as U.S. stocks and crude-oil futures pared losses, reducing the metal’s investment appeal.
  • Feb. 27 It’s Still a Miner Issue…But, It Could Be Major – Jon Nadler, Kitco
    A fifth day of declines brought gold prices to nearly 9% under last Friday’s $1007 peak, and sent speculators wondering about whether the ‘correction’ label still applies to this week’s action.
  • Feb. 26 First Spouse Coin Sales Figures – First Spouse Coins
    Overall, First Spouse Gold Coin sales were again better than those reported from the week prior. Van Buren’s Liberty is the standout, with nearly a doubling in performance over last week.
  • Feb. 26 Lincoln Silver Dollars Surge in Mint Sales Stats – Silver Coins Today
    2009 Lincoln Silver Dollars continue to make a splash in the United States Mint sales stats. Their blistering pace eclipses other commemorative silver coins.

Video: Business week and stocks news by Reuters

U.S. stocks slump after the U.S. government announces it will increase its stake in Citigroup, though stop short of nationalization. Friday numbers for the three major US indexes follow:

  • The DOW dropped 119.15 points Friday to close at 7,062.93. For the week, the Dow lost 4.1 percent.

  • The S&P 500 lost 17.74 points Friday, closing to 735.09. It fell 4.5 percent on the week.

  • The NASDAQ fell 13.63 points Friday to finish at 1,377.84. It dropped 4.4 percent from last Friday’s close.

In other world markets:

  • The German DAX on Friday lost 98.88 points to close at 3,843.74.

  • The Paris CAC 40 on Friday fell 42.36 points to close at 2,702.48.

  • And the London FTSE 100 on Friday dropped 85.55 points to close at 3,830.09.

Conway Gittens reports from New York. Speaker: David Wyss, chief economist, Standard & Poor’s

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