Platinum enjoyed a robust week, silver showed a modest gain and gold dropped slightly on the London Fix.

Platinum’s rally was helped along Friday by the launch of two Exchange Traded Notes (ETNs) from investment bank UBS. Although the ETNs do not purchase physical platinum to back their shares, they offer a means for funds to access it. That drew public interest.

London Platinum closed to $2,079 an ounce, which was up $201 compared to its previous Friday close. Silver ended Friday at $16.97 an ounce, or up $.78 over the same period. And finally, gold closed at $876 an ounce and was down by $22 from Friday to Friday.

Outside the London Fix, which closes mid-mornings, gold experienced a small spurt late Friday and a 3% weekly gain for June delivery on the New York Mercantile Exchange. High crude oil, and weakness in the U.S. dollar were factors. But its future is in deeper question by some analysts.

“The large drop, to $869, was seen despite a dollar that continued on the weaker side today, and was partially attributed to crude oil coming off about one dollar from another record high of $126.20 per barrel," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"The counterintuitive move and the metal’s inability to mount a serious rally to at least $900 on a day when oil set new highs and platinum advanced $75 per ounce does raise some valid questions as we go into next week," Nadler continued.

The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and three related precious metal articles links are included as well.

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Gold turned slightly south today as the dollar gained against the euro. New York spot gold went as low as $862.70 an ounce, but eventually climbed back to $870 an ounce to lose just $6 for the day.

Separate comments from Kansas City Fed President Thomas Hoenig and Treasury Secretary Henry Paulson would seem to signal the potential for gold’s further regress.

According to the Wall Street Journal, Paulson said the worst of the credit crunch may have passed and that the financial markets are emerging. Hoenig said late Tuesday that the Federal Reserve must be ready to raise interest rates in a timely manner given the “troublesome” inflation outlook.

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Precious metals were dragged down across the board for two consecutive weeks with gold experiencing the worst of it with its third weekly drop. The largest driving force for the loses continued to be the US dollar’s continuing strength.

Although it was briefly tested with the Fed’s quarter-point interest rate drop Wednesday, the dollar pulled back and precious metals followed in the opposite direction.

Silver, gold and platinum slumped on the London Fix for Monday through Friday with a loss of $0.75, $39 and $91 respectively.

Silver closed down this week by 4.4% to $16.19 an ounce compared to last Friday’s close of $16.68. Platinum dropped by 4.6% to $1,878 an ounce compared to its previous Friday close of $1,951.

Gold surged up by nearly 2% after the Fed’s Wednesday rate change. However, it dropped back down Thursday and just slightly recovered Friday. It lost $39 this week to close at $854 an ounce. Last Friday London gold closed at $892 an ounce.

“The better than expected US jobs data and the unexpected 1.4% jump in March factory orders swiftly knocked gold down toward the $840’s early in the day (Friday), but the metal regained a bit of composure as news of a renewed liquidity injection effort by the ECB, The Fed, and the Swiss National Bank lifted speculative spirits in the bull camp," said senior analyst Jon Nadler at Kitco Bullion Dealers.

The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and three related precious metal articles links are included as well.

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As precious metal prices fall, United States Mint bullion coin premiums rise. The differences make the proposition of purchasing the latest US Mint American Eagle bullion coins nearly overwhelming.

The United States Mint appears to be happy to accept higher premiums in many of their bullion coin sales.

While the Mint was quick to suspend and then readjust bullion coin prices upward when precious metal prices increased, the same quick but reverse adjustment has not been seen with key Mint bullion coins as precious metals decline.

As one example highlights, the Mint announced the pricing of 2008 American Eagle Gold Uncirculated coins on March 19, 2008. The one ounce eagle coin was set at $1,119.95. The day of that announcement London gold closed at $958.50 an ounce.

Six weeks later London gold on Thursday is at $853 an ounce. The premium differences between the two dates for the one ounce 2008 American Eagle Gold Uncirculated coin are:

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Gold briefly climbed up by almost 2 percent after the Fed’s expected announcement yesterday of a quarter-point drop in its key interest rate. The rise was short lived, however.

The US dollar pulled back and gained strength Thursday morning. And moving in the opposite direction was gold, reaching for a four-month low with a New York spot price of $854.40 an ounce at 9:53 a.m. (ET).

Many expected the Fed to signal a pause in further rate reductions. That signal was small, if anything, but enough to result in an initial weakening of the dollar and spurring of gold upward. In the end, the dollar firmed against major currencies and gold took its falling cue.

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Gold was hit sideways and then fell to a more than three-month low Tuesday as oil prices declined by more than $3, the U.S. dollar gained strength and continued expectations for the Federal Reserve to cut interest rates Wednesday for the last time caused pause for the yellow metal.

Gold dropped $18.70 or 2.1 percent to $876.80 an ounce on the New York Mercantile Exchange. That was the lowest closing price for floor trading since January 7. For a time the price had dropped to a low of $873.60 — a level not seen since January 22.

Tomorrow’s Fed meeting is likely an indicator of gold’s near-term future. Should the Fed cut interest rates for the last time and signal their intent to hold rates or raise the potential for their reversal later in the year, gold could take its cue and move further downward.

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Precious metals swung lower this week following strength in the U.S. dollar. Silver and platinum slumped on the London Fix for Monday through Friday with a loss of $1.18 and $79 respectively.

Silver closed down this week by 6.6% to $16.68 an ounce compared to last Friday’s close of $18.18. Platinum dropped to $1,951 an ounce compared to its previous Friday close of $2,026.

Gold experienced a slight recovery on the final day of trading, but suffered in previous day declines. It lost $24 this week to close at $892 an ounce. Last Friday gold stood at $909 an ounce.

“We expect gold to remain vulnerable to further weakness, with a failure to hold above $872 potentially triggering a drop back to $850,” said James Moore, an analyst at TheBullionDesk.com, in a research note.

In upcoming business news, on Wednesday, the Federal Reserve will make its decision on interest rates. Expectations are for a quarter-percent drop in its key rate and signals to pause future cuts. First-quarter gross domestic production numbers will also be released that will reflect on whether the U.S. is in an "official" recession.

The silver, gold and platinum weekly charts and comparisons from last week are below. A video article entitled There’s Gold In Them Mouths!, the weekly business recap video from Reuters and two related articles links are included as well.

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Gold slipped to its lowest level in nearly three weeks with the New York spot price reaching as low as $897.10 an ounce. Gold’s more than 2 percent drop on Wednesday was contrasted with a gain in the U.S. dollar against most other major currencies.

While gold is less expensive to countries outside the U.S. when the dollar turns down, it’s less attractive with a rise and usually results in lower demand.

“Gold prices came under renewed selling pressure … this time responding to declining crude oil and rising U.S. dollar value,” said Jon Nadler, a senior analyst at Kitco Bullion Dealers.

“While the current pause is still seen as a period of consolidation, the risk of a breach of the $900 level remains in place and could take bullion to the $880/$890 area,” Nadler said.

Gold hit a record of $1,033.90 an ounce on March 17, 2008. Although it has slid since, there was an undertone of optimism for its eventual rise.

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Silver and platinum moved upward on the London Fix for Monday through Friday with a gain of $0.73 and $77 respectively. Silver closed Friday at $18.18 an ounce and platinum at $2,026 an ounce.

Gold, on the other hand, lost $9 to close Friday at $928 an ounce.

Gold was “heavily weighed down by an initial retreat in crude oil and the dollar’s rapid ascent,” said Jon Nadler, analyst with Kitco Bullion Dealers.

Comparing Friday to Friday numbers shows a bullion market with several swings, but less total value movement — silver higher by just $0.23, gold down by $19 and platinum up by just $7.

The silver, gold and platinum weekly charts and comparisons from last week are below. A video article entitled Cashing in by selling gold, a Reuters business week wrap up video and two related articles links are included as well.

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Silver, gold and platinum remained largely unmoved for the week. Monday through Friday London Fix gold curved upward by $13 while silver dropped a penny and platinum fell by $4.

“There is a general tone of lower willingness to take risk at this point. I think you are probably seeing people being hesitant or not allowed to take as much risk as they normally would,” remarked Zachary Oxman, senior trader with Wisdom Financial in Newport Beach, California.

Some hesitancy was due to the meeting of Group of Seven (G7) finance ministers and banking leaders from around the world. Their language could help set the direction of precius metals on Monday. Official G7 comments started hitting the airwarys Friday evening.

The silver, gold and platinum weekly charts and comparisons from last week are below. A Reuters business week wrap up video and three related articles links are included as well.

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