Bullion & Business Weekend Report – Mar 14

by CoinNews.net on March 14, 2009 · 0 comments

After dipping earlier in the week, gold turned upward to regain some positive footing. For the week, the London gold fixing still finished lower, however, falling 0.9 percent. Silver lost 2.6 percent and platinum declined 2.1 percent.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week News U.S. stocks closed Friday on a four-day winning streak. Since last Friday’s close, the Dow rose 9%, the S&P 500 rose 10.7% and the Nasdaq added 10.6%.

New York crude-oil for April delivery closed Friday to $46.25 a barrel, losing 78 cents, or 1.7 percent, but gained 1.6 percent for the week.

AAA said the average price for unleaded gasoline on Saturday was $1.916 a gallon compared to $1.952 a month ago and $3.280 a year ago.

London silver ended at $13.11 an ounce, falling 35 cents since last Friday’s close.

London gold closed to $928.00 an ounce, declining $8.00 for the week.

London platinum settled to $1048.00 an ounce, losing $23.00 on the week.

 

"Mildly rising stock markets diverted some would-be safe-haven buyers today," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers. "The precious metal thus finished down on the week, marking its third weekly drop -the longest such declining period since October’s lows."

 

"Gold continues to resist any sustained decline, bouncing back quickly from any minor sell off," Adrian Day, president of Adrian Day’s Asset Management in Annapolis, Maryland, was quoted on Bloomberg. "The fly in the ointment could be a sustained and strong, broad global stock-market rally which would calm some investors’ fears. There is little prospect of this on more than a short-term basis in my view, so we continue to be buyers on any dips."

 

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.

London Fix Charts: Silver, Gold and Platinum
(Mar. 6-13)



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*

(Mar. 6-13)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-2.6%
-$0.35
$13.11
Gold
 
X
-0.9%
-$8.00
$928.00
Platinum
 
X
-2.1%
-$23.00
$1048.00

(Feb. 27 – Mar. 6)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
1.9%
$0.25
$13.46
Gold
 
X
-1.7%
-$16.00
$936.00
Platinum
X
 
1.1%
$12.00
$1071.00

(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

(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

(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

Bullion articles of interest

In related news, interesting or quick-read articles:

  • Mar. 13 Gold rises above $930 as ETF holdings hit new high – MarketWatch
    Gold futures rose Friday for a third straight session to end above $930 an ounce, as investors took cues from strong demand for gold exchange-traded funds, which has pushed holdings in the biggest gold ETF to the sixth largest in the world…
  • Mar. 13 I Love The Smell of Fear in the Morning – Jon Nadler, Kitco
    Gold prices tried for, and enjoyed a continued rally for most of the final session of the week, reaching highs of near $940 per ounce. At the end of the day (literally) however, the metal was unable to remain at those levels, or try to knock down the $950 barrier…
  • Mar. 13 First Spouse Gold Coin Sales Figures – First Spouse Coins
    First Spouse Gold Coin Sales picked up nicely, according to the latest United States Mint figures. Coin prices were lowered on Wednesday, March 4th, which helped since gold prices had been falling…
  • Mar. 13 US Mint Silver Coin Sales Decline – Silver Coins Today
    Collectors are purchasing less silver coins, according to the latest United States Mint sales stats. Lincoln Dollars are still experiencing extreme popularity with collectors, however, with 45,534 more…

  • Mar. 12 2009 Lincoln Dollar & UHR Eagle Sales Figures – CoinNews
    2009 Lincoln Dollar sales continue to be brisk, although slower than previous weeks. Ultra High Relief (UHR) Eagle Gold coins pass the 52,000 mark. To the numbers…

Video: Business week and world stocks news – Reuters

Wall Street extended a winning streak for a fourth session to lead the Nasdaq to a 10.6 percent surge for the week and 9 percent gain for the Dow. The S&P gained 10.7 percent. Friday numbers for the three major US indexes follow:

  • The Dow gained 53.92 points to close at 7,223.98.

  • The S&P 500 climbed 5.81 points, closing to 756.55

  • The NASDAQ rose 5.40 points to finish at 1,431.50.

In other world markets:

  • The German DAX on Friday lost 2.62 points to close at 3,953.60.

  • The Paris CAC 40 on Friday gained 11.38 points to close at 2,705.63.

  • And the London FTSE 100 on Friday rose 41.62 points to close at 3,753.68.

Conway Gittens reports from New York. SOUNDBITE: Bob Auer, portfolio manager, Auer Growth Fund.

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