Bullion & Business Weekend Report – May 16

by CoinNews.net on May 16, 2009 · 0 comments

Commodities split directions this week. London gold rose 2.5 percent and silver gained 0.1 percent while platinum fell 3.5 percent and crude-oil ended down for the first week in four. U.S. stocks retreated as well, marking the first weekly decline in all three major indexes in 10 weeks. European stocks also ended lower.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsSpot precious metals figures follow:

London silver ended Friday at $13.92 an ounce, gaining 2 cents week.

London gold was fixed at $929.50 an ounce, rising $22.50 for the week.

London platinum fell to $1,109.00 an ounce, dropping $40.00 on the week.

 

"The core inflation number helped stabilize gold and helped gold up $930," George Gero, a precious-metals trader for RBC Capital Markets, was quoted on MarketWatch.

"Gold prices have turned higher as the market’s focus turns to the unexpected jump in the core consumer-price index," Ralph Preston, a Heritage West Futures Inc. commodity analyst in San Diego, was quoted on Bloomberg. "A close above $930 could be explosive."

 

To follow are silver, gold and platinum performance charts and tables, precious metal article links, oil news and week-ending world stock summaries.

London Fix Charts: Silver, Gold and Platinum
(May 8-15)



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*

(May 8-15)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.1%
$0.02
$13.92
Gold
X
 
2.5%
$22.50
$929.50
Platinum
 
X
-3.5%
-$40.00
$1109.00

(May 1-8)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
14.4%
$1.75
$13.90
Gold
X
 
2.5%
$22.50
$907.00
Platinum
X
 
6.8%
$73.00
$1149.00

(April 24 – May 1)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.9%
-$0.63
$12.15
Gold
 
X
-2.5%
-$23.00
$884.50
Platinum
 
X
-8.4%
-$99.00
$1076.00

(April 17 – April 24)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
6.7%
$0.80
$12.78
Gold
X
 
4.3%
$37.00
$907.50
Platinum
 
X
-3.3%
-$40.00
$1175.00

(April 9 – April 17)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-2.6%
-$0.32
$11.98
Gold
 
X
-1.1%
-$10.00
$870.50
Platinum
X
 
1.7%
$20.00
$1215.00
*Week change numbers are for Friday PM-Friday PM

Bullion articles of interest

In related news, interesting or quick-read articles:

  • May 15 Gold rises on higher core CPI; copper falls – MarketWatch
    Gold futures reversed earlier losses Friday, rising slightly to extend their weekly gains as newly released data showed a price gauge excluding food and energy prices rose in the past year, stirring inflation worries…
  • May 15 Anticipation…It’s Keepin’ Me Waitin – Jon Nadler, Kitco
    Friday’s action in the metals pits appeared to echo the patterns seen in previous sessions. That is, a gold price that (up to now) still shows it has difficulties overcoming the $930 value zone in a convincing manner, a crude oil price which exhibits similar stalling patterns above $60 per barrel…
  • May 14 Braille Dollars and Puerto Rico Quarters Decline, UHR’s Over 61K – CoinNews
    Coin collectors have shifted into a lower buying gear during the last several days. While US Mint sales of UHR $20 gold pieces inched, or more aptly millimetered higher, demand fell for Braille Bicentennial Dollars and Puerto Rico quarters. Ultra High Relief (UHR) $20 gold coins had just come…
  • May 13First Spouse Gold Coin Sales – First Spouse Coins
    In an unusual week of reporting for the series, Anna Harrison First Spouse Gold Coin sales declined but tallies for all other First Lady coins were higher. More coin collectors are buying up Louisa Adams First Spouse coins in particular. New sales for the uncirculated coin increased by…
  • May 14 US Silver Coin Sales – Silver Coins Today
    Excluding 2009 Quarters Silver Proof Sets, demand for US silver collector coins tumbled based on the latest United States Mint sales report. Taking the biggest hit were Braille Silver Dollars. Sales of the coins did show slippage in last week’s report, but they remained exceptionally high…

Reports on world business, oil prices and stocks

Oil finished the week lower for the first week in four, with crude for June delivery ending down 3.9 percent. On Friday, the contract fell $2.28 to end at $56.34 a barrel.

In news for consumers, gas prices at the pump again surged on the week. AAA on Saturday said the national average for unleaded gasoline was $2.301 a gallon, which is 10.6 cents higher than a week ago and 24.9 cents higher than one month back.

U.S. stocks tumbled Friday, and for the week, the Dow Jones industrial average fell 3.6 percent, the S&P 500 index lost 5 percent, and the Nasdaq Composite index declined 3.4 percent.

Friday closing figures for the three major US indexes follow:

  • The Dow fell 62.68 points to close at 8,268.64.

  • The S&P 500 lost 10.19 points, closing to 882.88.

  • The NASDAQ dropped 9.07 points to finish at 1,680.14.

And in other world markets:

  • The German DAX fell 0.97 points to close at 4,737.50.

  • The Paris CAC 40 gained 12.76 points to close at 3,169.05.

  • And the London FTSE 100 lost 14.47 points to close at 4,348.11.

Jill Bennett reports on GM and stocks in a weekly Reuters business summary.

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