Bullion & Business Weekend Report – Aug. 15

by CoinNews.net on August 15, 2009 · 0 comments

Precious metals traded within a narrow weekly range, ending mix with gold slightly lower and silver higher. Crude-oil plunged this week with the biggest loss on Friday following an unexpected drop in consumer confidence, which was also cited for pulling down US stocks. European stocks ended lower on the week as well.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsIn London bullion weekly figures, gold declined 0.3 percent, silver rose 2.3 percent and platinum climbed 0.6 percent. Precious metals figures on Friday follow:

London silver closed to $14.98 an ounce, rising 33 cents from last Friday’s close. New York silver futures for September ended at $14.722.

London Gold was fixed at $953.60 an ounce, a $2.40 decline on the week. New York Gold for December delivery finished at $948.70.

London platinum rose to $1267.00 an ounce, a $7.00 gain for the week. New York platinum for October delivery closed at $1,261.70.

 

"Participants were eyeing the state of intensity of risk appetite as the week winds down," wrote Jon Nadler, senior analyst at Kitco Metals Inc. "Gold remains in a position to have to recapture the value zone that lies above $965 to erase the memory of its worst price slide since March."

 

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
(Aug 7 – 14)



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*

(Aug 7 – 14)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
2.3%
$0.33
$14.98
Gold
 
X
-0.3%
-$2.40
$953.60
Platinum
X
 
0.6%
$7.00
$1267.00

(July 31 – Aug 7)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
7.5%
$1.02
$14.65
Gold
X
 
1.8%
$17.00
$956.00
Platinum
X
 
6.0%
$71.00
$1260.00

(July 24-31)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-1.1%
-$0.15
$13.63
Gold
 
X
-1.3%
-$12.50
$939.00
Platinum
X
 
0.3%
$3.00
$1189.00

(July 17-24)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.7%
$0.62
$13.78
Gold
X
 
1.5%
$14.00
$951.50
Platinum
X
 
1.8%
$21.00
$1186.00

(July 10-17)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.2%
$0.53
$13.16
Gold
X
 
2.7%
$24.50
$937.50
Platinum
X
 
6.4%
$70.00
$1165.00
*Week change numbers are for Friday PM-Friday PM

Weekly world business news; oil, gasoline, and stocks prices

Oil plunged Friday "as falling U.S. consumer sentiment dashed hopes of a swift economic recovery and put energy prices under heavy selling pressure," Polya Lesova wrote at MarketWatch.

 

"Consumers are worried about the economy, and that’s raising concerns about demand," Phil Flynn, vice president of research at PFGBest, a Chicago-based brokerage, was quoted on Bloomberg. "Just a few days ago people were worried about inflation. That’s no longer the case."

 

The consumer sentiment index unexpectedly declined in early August to 63.2 from 66.0 in July.

New York crude-oil for September delivery plummeted $3.01, or 4.3 percent, to close at $67.51 a barrel. For the week, oil declined $3.42, or 4.8 percent.

The national average Saturday for unleaded gasoline fell two-tenths of a cent from Friday to $2.645 a gallon, according to a AAA fuel report. The price is seven-tenths of a cent higher than a week ago, 15.3 cents more than a month back, but $1.13 lower than a year ago.

U.S. stocks retreated Friday and posted the first weekly losses in five.

 

"There’s some cautiousness about the outlook for the rest of this year and next year," John Carey, a Boston-based money manager at Pioneer Investments, which oversees $236.5 billion worldwide, was quoted on Bloomberg. "This spring it seemed that consumer confidence was coming back, and now it seems to be falling off again."

 

For the week, the Dow fell 0.5 percent, the S&P declined 0.6 percent and the Nasdaq lost 0.7 percent.

Friday figures for the three major US indexes follow:

  • The Dow declined 76.79 points to close at 9,321.40.

  • The S&P 500 fell 8.64 points, closing to 1004.09.

  • The NASDAQ lost 23.83 points to finish at 1,985.52.

And in other world markets:

  • The German DAX slipped 92.00 points to close at 5,309.11.

  • The Paris CAC 40 declined 29.12 points to close at 3,495.27.

  • And the London FTSE 100 fell 41.49 points to close at 4,713.97.

Major Wall Street indexes snapped a four-week rally after a sharper-than-expected drop in consumer sentiment added to recovery jitters. Conway Gittens reports on stocks and other business news of the week in the following Reuters’ video.

Bullion articles of interest

In related silver and gold news, interesting or quick-read articles from the week include:

  • Gold falls on CPI data; silver retreats from two-month high – MarketWatch
    Gold futures fell Friday and ended the week down for the first week in five, as U.S. consumer prices showed the sharpest year-over-year decline in nearly 60 years during July, reducing the precious metal’s appeal as a hedge against inflation…
  • Biggest US annual inflation drop since 1950 – USInflationCalculator.com
    U.S. consumer prices remained unchanged in July but annual inflation registered its largest decline since 1950, the Labor Department reported Friday. The latest data helped ease concerns of rising inflation due to government spending and the Federal Reserves monetary policy of injecting cash into the US economy…
  • How Sweet IS It? – Jon Nadler, Kitco
    A further 3% overnight drop in the Shanghai market helped the dollar-yen duo regain some lost ground as investors chose the two currencies a bit of a safe-haven nod. The action was not very aggressive, and this morning’s dollar index was still showing a bit of red…
  • Julia Tyler First Spouse Coins Lead Gold Series Sales – First Spouse Coins
    First Spouse Gold Coins are shining a bit brighter of late. New US Mint figures show sales improved across all options. Julia Tyler spouse coins were the trophy winners, earning the top two spots for most sold. The US Mint placed the $10 gold pieces on sale Thursday, August 6. By Sunday, August 9, collectors purchased 1,539 proof and 830 uncirculated…
  • 2009 Silver Proof Set Sales Top 460,000 – Silver Coins Today
    When it comes to US Mint silver coin offerings, 2009 Silver Proof Sets and bullion American Silver Eagles are today’s stars. Their weekly sales figures jumped to the top in sparkling fashion. Collectors have purchased 630,000 silver eagles in August, up by 430,000 from last Wednesday, Aug. 5. The yearly tally is now at 17,246,500.
  • Bullion Silver Eagles Top 17 Million, Gold Eagles at 770,500 – Coin Sales Figures
    Despite a reduction in US bullion coin demand in the last seven days compared to the prior week, American Silver Eagles have topped a new milestone of more than 17 million sold in 2009. Sales of the silver eagles did rise by 380,000, but that is actually less than the 485,000 increase seen during …

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