Bullion & Business Weekend Report – July 4

by CoinNews.net on July 4, 2009 · 0 comments

Precious metals were pressured this week with the U.S. dollar pushing higher. London gold and silver fell after gaining last week. Platinum declined for week four. New York crude-oil and U.S. stocks tumbled Thursday in a holiday shortened week while European stocks were split Friday but closed down on the week as well.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsIn London weekly changes, gold slid 1.0 percent, silver plunged 5.8 percent, and platinum fell 1.5 percent. Precious metal figures follow:

Silver closed Friday to $13.44 an ounce, falling 82 cents this week.

Gold was fixed at $932.50 an ounce, declining $9.50 on the week.

Platinum fell to $1,185.00 an ounce, slipping $18.00 for the week.

 

"The U.S. jobs numbers are bullish for the gold market," Bernard Sin, the head of currency and metals trading at Swiss refiner MKS Finance SA, was quoted Friday on Bloomberg. "Indian buyers are starting to buy gold at current levels, which is also encouraging for the metal."

"The US dollar was seen benefiting from the expected number of jobs lost and a US unemployment rate that is inching ever closer to ten percent," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. on Thursday "Thus, gold unwound [on Thursday for] the bulk of yesterday’s gains."

 

The Labor Department reported Thursday that employers cut 467,000 jobs last month following a 322,000 fall in May.

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 26 – July 3)



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 26 – July 3)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-5.8%
-$0.82
$13.44
Gold
 
X
-1.0%
-$9.50
$932.50
Platinum
 
X
-1.5%
-$18.00
$1185.00

(June 19-26)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.2%
$0.03
$14.26
Gold
X
 
0.7%
$6.75
$942.00
Platinum
 
X
-0.7%
-$9.00
$1203.00

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

Bullion articles of interest

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

  • 2.2 Million Silver Eagle Coins Sold in June – Silver Coins Today
    Sales of American Eagle Silver Bullion Coins soared in June, marking the third best month of 2009 according to the latest US Mint sales stats. The US Mint sold 2,245,000 silver eagles in June, preserving a pace that, if continued, will…
  • Gold falls on stronger dollar, jobs data; copper also down – MarketWatch
    Gold futures fell Thursday, ending near $930 an ounce as the U.S. dollar strengthened against most of its rivals after a disappointing U.S. jobs report boosted demand for the dollar, reducing gold’s appeal as an investment alternative…
  • Gold Falls as Stronger Dollar Curbs Demand; Silver Futures Drop – Bloomberg
    Gold declined as a stronger dollar reduced demand for the precious metal as an alternative investment. Silver futures also fell. The U.S. Dollar Index, a six-currency measure of the greenback’s value, gained as much as 0.9 percent…
  • Men (Not) At Work – Jon Nadler, Kitco
    If it is Thursday, it must be jobs (numbers) day, and the day to reverse Wednesday’s gains in gold prices. Evidently. The US dollar was seen benefiting from the expected number of jobs lost and a US unemployment rate that is inching ever closer to ten percent…
  • US Mint Sales Figures: 2009 Proof Sets Surge – CoinNews
    Standing out in the latest batch of US Mint sales figures is an eyebrow raising increase for the 18-coin clad 2009 Proof Set. After a double-take, the numbers were verified as true. Another 106,987 were purchased during the prior seven days ending on Sunday…
  • Sales Mixed for First Spouse Coins – First Spouse Coins
    First Spouse Coin sales were again mixed last week but trended a touch higher, according to new US Mint data. Four of eight coins climbed, two were unchanged and two slid, when comparing the week prior and week-over-week percent increases for the gold coin series…
  • Silver Coin Demand Fluid – Silver Coins Today
    In typical fashion of late, the demand for US silver coins and sets flows differently depending on the week, with both ups and downs. Of the six silver products sold, the latest US Mint sales figures have four with modest increases and two easing lower…
  • Gold, Silver Eagle Bullion Sales Surge in June – CoinNews
    Demand is lower for bullion coins? Poppycock. US Mint sales figures released Wednesday say otherwise. Marking the third best month of a record setting pace year, demand in June for American Eagle Gold and Silver Bullion Coins jumped aggressively over May…

Reports on world business, oil prices and stocks

Oil plummeted Thursday “as a disappointing jobs report rekindled concerns over when a recovery may begin to take hold,” wrote Moming Zhou and Polya Lesova of MarketWatch.

New York crude-oil for August delivery fell $2.58, or 3.7 percent, to close at $66.73 a barrel. The contract declined 3.5 percent this week.

The national average Saturday for unleaded gasoline was $2.621 a gallon, according to AAA. The price is: six-tenths of a cent less than Friday, 2.7 cents lower than a week ago, 4.9 cents higher than a month back, and $1.48 lower than a year ago.

U.S. stocks ended lower for the week with the Dow falling 1.87 percent, the S&P dropping 2.44 percent, and the Nasdaq declining 2.27 percent. Thursday closing figures (holiday shortened trading week) for the three major US indexes follow:

  • The Dow fell 223.32 points to close at 8,281.19.

  • The S&P 500 declined 26.90 points, closing to 896.43.

  • The NASDAQ lost 49.20 points to finish at 1,796.52.

And in other world markets on Friday:

  • The German DAX fell 10.28 points to close at 4,708.21.

  • The Paris CAC 40 rose 3.10 points to close at 3,119.51.

  • And the London FTSE 100 gained 2.01 points to close at 4,236.28.

The Dow closed lower for the third consecutive week as larger-than-expected job cuts added to signs a U.S. economic recovery could be sluggish. Conway Gittens reports on this and more in this Reuters business video summary from Thursday.

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