Bullion & Business Weekend Report – May 23

by CoinNews.net on May 23, 2009 · 0 comments

It was a banner week for precious metals and oil. London gold rose 3.3 percent, silver surged 5.3 percent, platinum jumped 3.6 percent and crude-oil soared 8.2 percent. U.S. stocks gained as well. The Dow and S&P rose for a ninth weekly gain in eleven weeks and the Nasdaq is up for ten of the past eleven weeks. European stocks were higher as well.

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

London silver closed Friday to $14.66 an ounce, soaring 74 cents this week.

London gold was fixed at $959.75 an ounce, rising $30.25 for the week.

London platinum climbed to $1,149.00 an ounce, rising $40.00 on the week.

 

"Gold is responding positively to the decline in the U.S. dollar, rising oil prices and the overall outlook for inflation," Philip Gotthelf, the president of Equidex Brokerage Group in Closter, New Jersey, was quoted on Bloomberg. "If the dollar weakens further and oil continues to gain," gold will rise to as much as $1,300 by the end of June and $1,500 by the end of August, Gotthelf said.

 

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 15-22)



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 15-22)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.3%
$0.74
$14.66
Gold
X
 
3.3%
$30.25
$959.75
Platinum
X
 
3.6%
$40.00
$1149.00

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

Bullion articles of interest

In related news, interesting or quick-read articles:

  • May 22 Gold tops $960 for first time in two months as dollar weakens – MarketWatch
    Gold futures rose Friday for a fourth-straight session, briefly topping the $960-an-ounce mark for the first time in nearly two months as the U.S. dollar weakened against its major rivals on concerns over the U.S. credit rating…
  • May 22 This is Gross, Obviously – Jon Nadler, Kitco
    The week’s hot gold rally kept its running shoes on overnight and built on gains prior to this morning’s NY opening. Gold maintained its pace within the $950-960 zone as the dollar rolled further downward, nearing 80 on the index, and as crude oil hovered above $61 per barrel…
  • May 21 Lincoln Cent Rolls Hot, Braille Dollars Climb, Puerto Rico Quarter Sales Mixed – CoinNews
    Lincoln Formative Year cents are on fire, UHR $20 gold coins are selling at a level pace, demand for Braille Bicentennial Dollars has picked up slightly, and Puerto Rico quarter sales are mixed. The second redesigned 2009 Lincoln cent went on sale Thursday, May 14. By Sunday, a mind-blasting 200,055 of the two-roll sets were sold…
  • May 20First Spouse Gold Coin Sales – First Spouse Coins
    The pace of First Spouse Gold Coin sales increased for six of the eight options sold by the United States Mint, new sales stats reveal. Anna Harrison and Louisa Adams proof coins were the only gold pieces to experience a reduction in demand compared to the prior week…
  • May 20 US Silver Coin Sales – Silver Coins Today
    2009 Quarters Silver Proof Sets were the only collectors silver coins to show better sales last week compared to the week prior. In the newest US Mint sales report, everything reversed. New sales of the sets declined compared to prior numbers while all other coins showed improved gains – albeit slightly…

Reports on world business, oil prices and stocks

Oil surged this week after falling for the first week in four last week. New York crude-oil for July delivery soared 8.2 percent since last Friday. The contract ended at $61.67 a barrel.

In news for consumers, gas prices at the pump continued higher this week. AAA on Saturday said the national average for unleaded gasoline was $2.409 a gallon, which is 10.8 cents higher than a week ago and 21.9 cents higher than a month back.

U.S. stocks slipped Friday, but gained on the week, the Dow Jones industrial average climbed 0.1 percent, the S&P 500 index rose 0.5 percent, and the Nasdaq Composite index gained 0.7 percent.

Friday closing figures for the three major US indexes follow:

  • The Dow fell 14.81 points to close at 8,277.32.

  • The S&P 500 lost 1.33 points, closing to 887.00.

  • The NASDAQ dropped 3.24 points to finish at 1,692.01.

And in other world markets:

  • The German DAX rose 18.08 points to close at 4,918.75.

  • The Paris CAC 40 gained 10.56 points to close at 3,227.97.

  • And the London FTSE 100 climbed 19.82 points to close at 4,365.29.

Conway Gittens reports on the new "credit cardholder bill of rights" and stocks in a weekly Reuters business summary.

Bullion and finance related collector tools

{ 0 comments… add one now }

Leave a Comment