Bullion & Business Weekend Report – June 20

by CoinNews.net on June 20, 2009 · 0 comments

Precious metals declined on the week with a strong U.S. dollar once again taking most of the blame. London gold slid lower for week three while silver and platinum retreated for week two. In other markets, crude-oil slipped, breaking four weeks of gains as U.S. and European stocks also declined on the week.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsIn London, gold lost 0.2 percent, silver plunged 5.6 percent, and platinum slid 2.3 percent this week. Precious metal figures follow:

Silver closed Friday to $14.23 an ounce, falling 84 cents this week.

Gold was fixed at $935.25 an ounce, dropping $2.00 on the week.

Platinum fell to $1,212.00 an ounce, declining $29.00 for the week.

 

"The trading week in bullion drew towards a rather lackluster finish," wrote Jon Nader, Sr. analyst at Kitco.com. "safe haven flows into gold have practically come to a standstill."

"The gold market has been in a tight, $13 trading range for the past five trading days and appears technically anemic,Ralph Preston, a Heritage West Futures Inc. commodity analyst in San Diego was quoted on Bloomberg.

"With this week’s consumer-price index and producer-price index reports indicating a subdued inflation rate, a dip below $927 an ounce hints at a drop back down to $900 an ounce support level in the coming week."

 

Consumer prices rose 0.1 percent and producer prices climbed 0.2 percent, the Labor Department said in two separate reports this week.

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.

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

London Fix Charts: Silver, Gold and Platinum
(June 12-19)



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*

(June 12-19)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
5.6%
-$0.84
$14.23
Gold
 
X
-0.2%
-$2.00
$935.25
Platinum
 
X
-2.3%
-$29.00
$1212.00

(June 5 – 12)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-3.7%
-$0.58
$15.07
Gold
 
X
-2.6%
-$24.75
$937.25
Platinum
 
X
-2.7%
-$34.00
$1241.00

(May 29 – June 5)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.8%
$0.13
$15.65
Gold
 
X
-1.4%
-$13.50
$962.00
Platinum
X
 
8.5%
$100.00
$1275.00

(May 22-29)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.9%
$0.86
$15.52
Gold
X
 
1.6%
$15.75
$975.50
Platinum
X
 
2.3%
$26.00
$1175.00

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

Bullion articles of interest

In related news, interesting or quick-read articles this week:

  • Gold ends slightly higher as dollar falls – MarketWatch
    Gold futures ended slightly higher Friday as the dollar fell against most of its major rivals, raising the precious metals’ investment appeal. The fractional gains notwithstanding, the precious metal ended the week down…
  • Gold Gains on Weak Dollar; Silver Declines, Platinum Advances – Bloomberg
    Gold rose in New York as the dollar weakened, boosting demand for precious metals as alternative investments. The U.S. Dollar Index, a six-currency gauge of the greenback’s value, fell as much as 0.8 percent. Gold, which typically…
  • Good News Bears – Jon Nadler, Kitco
    The trading week in bullion drew towards a rather lackluster finish, as gold rose only slightly on the back of not-so-mild declines in the dollar and crude oil values. Safe haven flows into gold have practically come to…
  • Mint Ends Bullion Allocation – CoinNews
    The US Mint on Monday ended the allocation process which limited the number of gold and silver American Eagle bullion coins authorized dealers could order. Ironically, as of Monday also, week-over-week sales soared 8.1 percent for the silver eagles and 9.1 for the gold eagles…
  • US Mint Coin Sales – CoinNews
    US Mint sales generally declined last week, but several products ranked surprisingly strong. In summary: 2009 Proof Sets sales retreated from their launch week highs but action was robust in week two, Braille Silver Dollars recovered…
  • First Spouse Gold Coin Sales – First Spouse Coins
    Sales of US Mint First Spouse Gold coins stalled across the entire series last week. In looking at the latest number, the only happy campers are likely to be collectors who like the mintage figures to stay put and scarce…
  • US Silver Coin Sales – Silver Coins Today
    The newest Mint sales figures show Braille Silver Dollars rising and silver sets declining, a 180-degree reversal compared to the prior week’s numbers. Considering the uncirculated Braille coins actually went through a negative correction…
  • US Mint Ends Silver Eagle Rationing – Silver Coins Today
    The US Mint announced on Monday an end to the Gold and Silver American Eagle bullion rationing policy that was instituted in April 2008. This is great news for those interested in the bullion coins as premiums should ease further, but it could be of even greater interest to…

Reports on world business, oil prices and stocks

Oil ended lower Friday for the first time in three days "worries over oil demand offset news that Nigerian militants blew up a key pipeline in Africa’s biggest oil-producing country," writes Moming Zhou and Polya Lesova of MarketWatch.

New York crude-oil for July delivery plunged $1.82, or 2.6 percent to $69.55 a barrel. The contract declined 3.3 percent this week.

In what has become normal movement, prices at the pump were higher Saturday. The national average for unleaded gasoline is $2.692 a gallon, according to AAA. That is two-tenths of a cents more than Friday, 3.8 cents higher than a week ago and 33.0 cents higher than a month back.

U.S. stocks ended mixed Friday and posted lower weekly numbers. For the latter and following four weeks of gains, the Dow lost 3 percent, the S&P 500 fell 2.6 percent, and the Nasdaq declined 1.7 percent.

Friday closing figures for the three major US indexes follow:

  • The Dow fell 15.87 points to close at 8,539.73.

  • The S&P 500 rose 2.86 points, closing to 921.23.

  • The NASDAQ fell 19.75 points to finish at 1,827.47.

And in other world markets:

  • The German DAX gained 1.98 points to close at 4,839.46.

  • The Paris CAC 40 rose 27.21 points to close at 3,221.27.

  • And the London FTSE 100 gained 65.07 points to close at 4,345.93.

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