The strength in silver and gold eased slightly for the week while platinum experienced a dip.
London Fix Monday through Friday gold was down $6 to close at $973 Friday - one dollar higher than last Friday’s close.
Silver passed a milestone in moving above $20 an ounce. However, London numbers had it up only $0.06 for the week and closing at $20.22. It was $.60 higher compared to last Friday, however.
Platinum took the largest hit by falling 3.7%, closing at $2,082 and losing $80.
In discussing gold prices, Stephen Briggs, economist at SG Corporate and Investment Banking, was quoted as saying:
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Platinum took third chair this week with silver and gold making record-breaking strides. The weakening U.S. dollar made its presence felt, pushing investors toward commodities.
On the New York Mercantile Exchange, gold for April made $978.50 and inched closer to $1,000 an ounce. The London Fix Monday through Friday gold was up $24 or 2.5% and closed to $972 Friday.
Silver also made headlines in approaching $20 an ounce. It was up a very impressive $1.56 for the five day week on the London Fix and closed at $19.62 an ounce.
“Investment demand for gold and the rest of the precious metals looks set to remain strong in the coming sessions as investors look to offset rising oil prices and continued dollar weakness,” TheBullionDesk.com analyst James Moore said in a research note.
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Platinum did not experience a blowout performance compared to last week. However, Friday’s London close of $2,155 represents a respectable Monday through Friday gain of 3.21%. It closed the previous Friday at $2,060.
Silver and gold out shined platinum with percentage gains of 5.47% and 4.20% respectively. Gold, in fact, hit a fresh record on Thursday of $958.40 an ounce on the New York Mercantile Exchange.
The silver, gold and platinum weekly charts are below as well as the Reuters business week wrap up video and four related articles.
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Platinum blasted through several records this week with a final London close of $2,060 and up an impressive 8.54% for the week.
With the rapid rise in platinum, the United States Mint suspended platinum coin sales to readjust prices. That, after just lifting the previous suspension last week.
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Platinum experienced a second consecutive week of impressive gains and records, climbing 4.32% on the London Fix. Silver and gold posted smaller, but still positive numbers.
Platinum was the benefit of continual power shortage problems reducing production in South Africa mines, where four-fifths of the world’s platinum originates.
At one point, platinum futures hit a record of $1,884 an ounce Friday. Market estimates expecting platinum production losses "between 300,000 and 700,000 ounces" in 2008 was the driving factor.
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Gold and platinum were in mixed moods this week. Gold had spiked Wednesday on the New York Mercantile Exchange (NYMEX) after the Federal Reserve cut interest rates by a half-percentage point Wednesday. However, profit taking and a stronger dollar relieved gains, forcing gold down sharply Friday.
Platinum, on the other hand, spurred forward after a mid-week slump and sustained record-breaking momentum. Silver hit a fresh milestone above $17 an ounce and just eased off a 28-year high.
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Gold and platinum dazzled this week and closed Friday at all-time highs. Bullion prices were spurred along by the Fed’s emergency rate reduction last Tuesday, the expectations of further cuts in their next meeting on Wednesday, the dollar’s weakness, solid oil prices and the closing of South African mines on Friday due to a power crisis.
At a glance London Fix numbers after Friday’s close:
| |
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
| Silver |
X
|
|
4.8%
|
$0.76
|
$16.53
|
| Gold |
X
|
|
5.0%
|
$44
|
$918
|
| Platinum |
X
|
|
8.7%
|
$134
|
$1,681
|
The silver, gold and platinum weekly charts are below as well as the business week wrap up video, an interesting video regarding gold and platinum from a Midas Fund Manager and three related articles.
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The precious metals weren’t as precious this week with London silver, gold and platinum closing lower Friday compared to Monday’s highs.
London Fix numbers as reported at Friday’s close:
- Silver at $15.83
- Gold at $882
- Platinum at $1,560
The new and improved silver, gold and platinum weekly charts are below as well as two videos and two linked articles:
- A MarketWatch interview with a Kitco senior analyst titled, Gold at $1,000?
- Goldman Sachs Hints At $1,000 Gold Potential & Weaker Dollar
- Consultant GFMS predicts $1,000 gold this year
- A Reuters video report covering Friday index closes and reviewing the week in business
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Gold was the bullions news item of the week. It punched through several new heights, breaking previous day record highs more than once.
The fears of recession and remarks by Federal Reserve Chairman Ben Bernanke signaling the Fed would take measures against recession risks helped gold’s momentum.
Friday close London Fix numbers:
- Silver at $16.06
- Gold at $891
- Platinum at $1564
New and improved silver, gold and platinum charts are below as well as several interesting gold stories from Friday, including ‘How to invest in gold‘.
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