Bullion & Business Weekend Report – April 11

by CoinNews.net on April 11, 2009 · 0 comments

For the third straight week, gold and silver moved lower while platinum and stocks finished higher. Oil nearly joined the multi-week trend as it had climbed for two weeks, but then ended 27 cents lower in its latest weekly round. The London gold fixing was down 2.7 percent and silver dropped 4.4 percent. Platinum rose 3.1 percent.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsU.S. stocks rallied for the fifth consecutive week, matching a streak last seen in October 2007. For the shortened holiday trading week, the S&P 500 rose 1.7 percent, the Dow Jones industrial average gained 0.8 percent and the Nasdaq composite climbed 1.9 percent. European stocks closed higher as well.

In black gold, crude-oil prices rallied with stocks. Oil soared $2.86, or 5.8 percent, to $52.24 a barrel. It closed last Friday at $52.51. For consumers, the price at the pump stayed the same on Saturday as the day prior. AAA said the average price for unleaded gasoline was $2.052 a gallon — 1.2 cents higher than a week ago.

Coming back to precious metals numbers, London silver ended Thursday at $12.30 an ounce, falling 56 cents since last Friday’s close.

London gold was fixed at $880.50 an ounce, declining $24.50 for the week.

London platinum climbed to $1,195.00 an ounce, rising $36.00 on the week.

 

"The resiliency of the stock market recently suggests that gold prices should continue to remain under pressure in the short term," Tom Pawlicki, a metals analyst at MF Global Ltd. in Chicago, was quoted on Bloomberg. "Gold prices will receive fundamental pressure from a lack of ETF inflows and from weak demand in key consumer India."

"Apparently, every holiday this year is being welcomed way in advance of the calendar by stressed out speculators and tired investors," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers. "We have seen the equivalent of a full year’s worth of volatility and drama having been crammed into the first 100 days of 2009 by now."

 

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
(April 3 – April 9)



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*

(April 3 – April 9)

 
Up
Down
Week % Change
Week $ Change
Thursday Close
Silver
 
X
-4.4%
-$0.56
$12.30
Gold
 
X
-2.7%
-$24.50
$880.50
Platinum
X
 
3.1%
$36.00
$1195.00

(March 27 – April 3)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-2.7%
-$0.36
$12.86
Gold
 
X
-2.1%
-$19.00
$905.00
Platinum
X
 
2.5%
$28.00
$1159.00

(Mar. 20-27)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-3.2%
-$0.43
$13.22
Gold
 
X
-3.1%
-$30.00
$924.00
Platinum
X
 
1.9%
$21.00
$1131.00

(Mar. 13-20)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.1%
$0.54
$13.65
Gold
X
 
2.8%
$26.00
$954.00
Platinum
X
 
5.9%
$62.00
$1110.00

(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
*Week change numbers are for Friday PM-Friday PM

Bullion articles of interest

In related news, interesting or quick-read articles:

  • April 9 Gold falls to mark third weekly loss amid optimism – MarketWatch
    Gold futures fell Thursday ahead of the three-day holiday weekend, marking a third weekly loss as upbeat results from Wells Fargo & Co. boosted investor interest in stocks, reducing gold’s appeal as a safe asset…
  • April 9 The Fallout of the Doleout – Jon Nadler, Kitco
    Further lack of action is about all the markets got during the overnight hours. Apparently, every holiday this year is being welcomed way in advance of the calendar by stressed out speculators and tired investors…
  • April 9First Spouse Gold Coin Sales Figures – First Spouse Coins
    With the exception of 2009 Anna Harrison First Spouse Gold Coins, demand for the series picked up across the board, according to the latest sales figures from the United States Mint…
  • April 9 US Silver Coin Sales Figures – Silver Coins Today
    US Mint collector silver coin sales declined from earlier heights during the last several days. Some pullback is to be expected given there is that initial spike with new coin launches, and then an easing as the days go by…
  • April 9 Lincoln, Braille & UHR Sales Figures – April 9 – CoinNews
    The latest US Mint sales figures has data shifting not only up, but down. Lincoln $1s and Birthplace penny roll totals were clipped lower. Braille Silver Dollars improved nicely, and the pace of Ultra High Relief (UHR) Gold coin slowed even more…

Video: Business week and world stocks news – Reuters

Wall Street rallied at the end of the holiday-shortened week to give the Dow its biggest five-week rally since 1933.

Thursday numbers for the three major US indexes follow:

  • The Dow gained 246.27 points to close at 8,083.38.

  • The S&P 500 rose 31.40 points, closing to 856.56.

  • The NASDAQ climbed 61.88 points to finish at 1,652.54.

And in other world markets:

  • The German DAX jumped 133.20 points to close at 4,491.12.

  • The Paris CAC 40 gained 53.12 points to close at 2,974.18.

  • And the London FTSE 100 rose 58.19 points to close at 3,983.71.

Conway Gittens reports from New York.

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