Gold Above $960 as Silver Tops $15 an Ounce

by on May 28, 2009 · 0 comments

Gold moved above $960 on Thursday, but the daily precious metals news focused on silver as the metal jumped above $15 an ounce for the first time since August. Platinum turned south. In other markets, crude-oil marched past the $65 barrier to reach a high last seen in November while energy stocks were a rallying cry for U.S. stock advances.

Bullion update ...In New York trading futures for bullion:

  • Silver for July delivery soared 29.5 cents, or 2.0 percent, to $15.16 an ounce.

  • Gold for June rose $8.20, or 0.9 percent, to $961.50 an ounce.

  • July platinum fell $8.70, or 0.8 percent, to $1,149.80 an ounce.


"The $15 level is a break-out area for silver," George Gero, a precious-metals trader for RBC Capital Markets, was quoted on MarketWatch. "Silver is not a pure precious metal. It’s also an industrial. So what helps silver is the fact that there could be a recovery."


In spot bullion, the benchmark London gold fix price rose $6.75 to $957.75 an ounce. Silver climbed 38 cents to $14.88 an ounce. Platinum was fixed $6.00 lower to $1,128.00.

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.

Oil and gasoline prices

The Energy Information Administration (EIA) said petroleum inventories fell last week, marking the third week of declines. With that, New York crude-oil for July delivery surged $1.63, or 2.6 percent, to $65.08 a barrel.

Consumers continue to pay more at the pump. The national average for unleaded gasoline rose 1.5 cents to $2.449 a gallon, according to AAA. The price is 8.7 cents higher than a week ago and 40 cents higher than last month.

U.S. Stocks

U.S. stocks ended higher Thursday "as the government’s most recent debt auction saw solid demand and a rise in oil prices boosted shares of energy producers," writes Ben Rooney from CNNMoney.

The Dow Jones industrial average gained 103.78 points, or 1.25 percent, to 8,403.80. The S&P 500 Index rose 13.77 points, or 1.54 percent, to 906.83. The Nasdaq Composite Index climbed 20.71 points, or 1.20 percent, to 1,751.79.

Check out additional market resources at Live Bullion Spots, the Silver Coin Melt Calculator, U.S. Mint Collector Bullion Price Guide, and the Inflation Calculator.

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