Bullion & Business Weekend Report – Sept. 12

by CoinNews.net on September 12, 2009 · 0 comments

Precious metals prices jumped for a third straight week with silver again rising the most while gold topped the psychological $1,000 an ounce barrier. New York crude futures tumbled Friday yet pulled out a weekly gain of nearly 2 percent. U.S. stocks marked a positive week (despite Friday losses) as did European stocks.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsIn weekly London bullion figures, gold gained 1.9 percent, silver jumped 5.9 percent and platinum advanced 3.4 percent. Precious metals figures on Friday follow:

London silver closed to $16.89 an ounce, surging 94 cents from last Friday’s close and maintaining ’09 highs. New York silver futures for December delivery ended at $16.70.

London gold was fixed at $1008.25 an ounce, for a $19.25 gain on the week. It is the highest price for the yellow metal since March 17, 2008. New York gold for December delivery finished at $1,006.40.

London platinum climbed to $1,292.00 an ounce, a $42.00 increase for the week. New York platinum for October delivery closed at $1,320.70.

 

"The continued weakness in the dollar gave the bulls incentive to push this higher," Miguel Perez-Santalla, a Heraeus Precious Metals Management sales vice president in New York, was quoted on Bloomberg. "It made new highs but once the dollar went back below 1.46 euros, it lost $4. All eyes are on the dollar at this moment for some guidance."

"Global stocks rose to eleven-month highs, commodities rose along with them, and the US dollar sank further on the trade-weighted index as the quest for returns in other markets left it wanting for buyers," wrote Jon Nadler, Sr. analyst at Kitco Metals Inc.

 

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, oil news, week-ending world stock summaries, and precious metal article summaries for the week.

London Fix Charts: Silver, Gold and Platinum
(Sept 4 – 11)



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*

(Sept 4 – 11)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.9%
$0.94
$16.89
Gold
X
 
1.9%
$19.25
$1008.25
Platinum
X
 
3.4%
$42.00
$1,292.00

(Aug 28 – Sept 4)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
9.7%
$1.41
$15.95
Gold
X
 
3.5%
$33.50
$989.00
Platinum
X
 
0.5%
$6.00
$1,250.00

(Aug 21 – 28)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.8%
$0.53
$14.54
Gold
X
 
0.3%
$3.00
$955.50
Platinum
X
 
0.4%
$5.00
$1,244.00

(Aug 14 – 21)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-6.5%
-$0.97
$14.01
Gold
 
X
-0.1%
-$1.10
$952.50
Platinum
 
X
-2.2%
-$28.00
$1,239.00

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

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

Crude oil tumbled Friday for the first time in five days "as concerns about weak demand pressured prices and China said crude imports for last month dropped from July’s record high," wrote Moming Zhou and Polya Lesova of MarketWatch.

 

"This week turned out to be a wash," Stephen Schork, president of consultant Schork Group Inc. in Villanova, Pennsylvania, was quoted on Bloomberg. "We came in this week like bulls and ended it like bears. There’s no clue as to where prices will move when we come in next week."

 

On Friday, New York crude-oil for October delivery declined $2.65, or 3.7 percent, to close at $69.29. For the week, however, oil gained $1.27, or 1.9 percent, from last Friday’s close of $68.02.

Prices at the pump climbed Saturday but are lower for the week. The national average for unleaded gasoline rose four-tenths of a cent from Friday to $2.58 a gallon, according to a AAA fuel report. The price is six-tenths of cents lower than last week, 6.7 cents less than a month back, and down $1.10 from a year ago.

It was another up week in U.S. stocks. The Dow gained 1.7 percent, the S&P advanced 2.6 percent, and the Nasdaq was up 3.1 percent.

 

On Friday, however, U.S. stocks declined following a five-day advance "as falling oil prices dragged on the influential commodities sector and investors took a step back after pushing the major indexes to 11-month highs in the previous session," wrote Alexandra Twin at CNNMoney.

 

Friday figures for the three major US indexes follow:

  • The Dow dropped 22.07 points to close at 9,605.41.

  • The S&P declined 1.41 points, closing to 1,042.73.

  • The NASDAQ decreased 3.12 points to finish at 2,080.90.

And in other world markets:

  • The German DAX rose 29.25 points to close at 5,624.02.

  • The Paris CAC 40 increased 29.02 points to close at 3,734.89.

  • And the London FTSE 100 climbed 23.79 points to close at 5,011.47.

Demand worries sparked an almost 4-percent drop in the price of oil, offsetting hopes of an economic rebound prompted by FedEx’s improved outlook. Conway Gittens of Reuters reports on these, world stocks and other news business news in the following. SOUNDBITE: Milton Ezrati of Lord Abbett.

Bullion articles of interest

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

  • Gold ends at record high of $1,004 as dollar weakens – MarketWatch
    Gold futures settled at a new record Friday, ending higher for a fourth straight week as the U.S. dollar fell against the euro to a fresh one-year low, boosting gold’s investment appeal. The thinly traded September gold …
  • Hedge-Trimmers Get a Haircut – Jon Nadler, Kitco
    Gold prices climbed back above the $1,000 mark in overnight trade, after reports showing that China’s economy is on an apparently stronger than strong track motivated global investors to once again seek …
  • America the Beautiful Silver Coins – Silver Coins Today
    America the Beautiful Quarters took center stage Wednesday when the US Mint announced the new program to an awaiting public. With a ton of fanfare about the list of national parks and sites the new quarters will feature, it was easy to miss the Mint’s same-day introduction of the America the Beautiful Silver Bullion Coins …
  • Sarah Polk First Spouse Gold Coins Inaugural Sales – First Spouse Coins
    Sarah Polk First Spouse Coin sales began Thursday afternoon, and in only a few days, it was the most popular spouse coin for the week. Sarah Polk’s proof version reached 1,684 and the uncirculated made it to 921.The price of gold has been at its highest level since …
  • US Mint Silver Coins Sales Rise, Eagles Top 19 Million – Silver Coins Today
    US Mint collector silver coins and set sales picked up nicely, no doubt helped by recent soaring silver prices. Bullion Silver Eagles settled down some from their roaring pace last week, but they are still on fire. Let’s get to some of the numbers …

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