Precious metals enjoyed positive gains this week with London silver, gold and platinum rising 4.69 percent, 3.32 percent and 3.26 percent respectively. Stocks and the U.S. dollar rallied, as oil plunged Friday.

October crude-oil fell sharply Friday by $6.59 to close to $114.59 a barrel. Its one-day percentage loss was the biggest since 2004.

London silver closed to $13.62 an ounce — a gain of 61 cents the week and 80 cents from last Friday.

London increase to $1,427 an ounce — a rise of $45 for the week and $27 from last Friday.

London gold rose to $824 an ounce, gaining $27 for the week and $37 from last Friday.

"The outlook for the U.S. dollar clearly remains to strengthen against the euro," said Dresdner Kleinwort consultant Peter Fertig. "We expect the European Central Bank will cut rates in the first quarter of next year."

"With oil prices coming down, headline inflation should decline considerably next year and that would be another nail in the coffin of the gold bulls," he added.

In economic news, Federal Reserve Chairman Ben Bernanke soothed inflation fears and supported the dollar with his comments Friday.

“The recent decline in commodity prices, as well as the increased stability of the dollar, has been encouraging.

If not reversed, these developments, together with a pace of growth that is likely to fall short of potential for a time, should lead inflation to moderate later this year and next year.”

Gold typically follows oil and moves opposite to the greenback, as a weakened dollar encourages investors to buy gold, also considered a hedge during times of high inflation and economic uncertainty.

Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.

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Precious metals took brutal body blows this week with London silver, gold and platinum falling 16.4 percent, 8.9 percent and 10.8 percent respectively. A dominating U.S. dollar matched against weaker global currencies helped push the metal losses. Falling crude oil played its part as well.

September delivery of crude dropped to $113.57 a barrel.

London silver closed the week to $12.82 an ounce — a loss of $2.52 for the week and $2.94 from last Friday.

London platinum fell to $1,400 an ounce — a drop of $170 for the week and $152 from last Friday.

London gold closed to $787 an ounce, losing $77 for the week and $67 from last Friday.

"This week’s sheer massacre in values will represent the largest such decline in 25 years for the yellow metal," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Attribute these moves to whatever causes you like, but do not live in denial. The markets have shifted into a new phase, its participants have voted, and they are telling you that the growth worries have shifted to economies outside the US. Expectations are that (albeit not in a straight line) the dollar will continue higher."

Gold typically follows oil and moves opposite to the dollar, as a weakened dollar encourages investors to buy gold, also considered a hedge during times of high inflation and economic uncertainty.

Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.

Read the rest of this entry »

The dollar’s rally against other major currencies and the continual slippage in crude oil prices surged US stocks forward while silver, gold and platinum took it on the chin.

The precious metals experienced their third consecutive weekly losses in London with silver falling 9.3 percent, gold 6.3 percent and platinum 4.8 percent.

Earlier talk of $200-per-barrel oil prices by year’s end has been replaced by forecasts for $100. Oil’s easing has punished precious metals, making them less attractive for investors.

London silver closed the week to $15.76 an ounce — a loss of $1.61 for the week and $1.83 from last Friday.

London platinum fell to $1,552 an ounce — a drop of $79 for the week and $123 from last Friday.

London gold closed to $853 an ounce, losing $58 for the week and $61 from last Friday.

"Beijing’s 30,000 fireworks paled in comparison to the millions that were likely lost in today’s Great Unwind," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"The only ones apparently left “going for (the) gold” are now the athletes competing in China. "

Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.

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Precious metals slid lower for the week with platinum feeling the worst of it after poor automotive results were announced. The metal is used in catalytic converters, which accounts for some 50 percent of its demand. Silver lost 12 cents for the week and gold dropped $17 mostly due to lower oil prices and strength in the US dollar.

London silver closed the week to $17.59 an ounce — a gain of 4 cents from last Friday.

London platinum fell to $1,675 an ounce — a drop of $77 for the week and a loss of $51 compared to its previous Friday close.

London gold closed to $913 an ounce, losing $8.50 from last Friday.

"The metal [gold] turned higher in late trading, following gains in crude oil precipitated by Israeli statements regarding the "unacceptable" stage that Iranian nuclear development is reaching," said senior analyst Jon Nadler at Kitco Bullion Dealers.

"Platinum-group metals fell sharply, following yesterday’s US GDP figures for Q4 2007, this morning’s $15.5 billion Q2 2008 loss reported by GM, and by a further 13.3 percent fall in Ford auto sales."

Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.

Read the rest of this entry »

Gold took its negative direction this week from tumbling oil prices and a stronger US dollar. Platinum faired worse by reaching toward six-month lows earlier, but managed to recover some of its lost ground Friday.

London silver closed the week to $17.55 an ounce — a loss of $1 from last Friday and a drop of 80 cents for the week.

London platinum fell to $1,726 an ounce — a drop of $146 for the week and a loss of $123 compared to its previous Friday close.

London gold closed to $921 an ounce, losing $46 for the week, or $40 from last Friday.

"In the short term, gold will remain at the mercy of both oil and the dollar," said James Moore, an analyst at TheBullionDesk.com.

"However, we still believe the current geopolitical/economic environment will keep investors in a more cautious mood, with demand for safe-haven-type assets likely to remain high," Moore said in a note.

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 are listed as well.

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Gold settled, remaining largely unchanged for the week after Iranian tensions appeared to ease and financial markets stabilized. Weaker crude oil prices also weighed in to help keep gold in check. Platinum experienced five pounding days of losses as lowering supply fears slammed prices down.

London silver closed to $18.55 an ounce — a loss of 17 cents compared to last Friday’s close and a drop of 14 cents for the week.

London platinum closed the week to $1,849, a staggering loss of $181 compared to its previous Friday close and a drop of $172 for the week.

London gold closed Friday to $960 an ounce, losing $3 from last Friday, but managed to squeak in a small gain of $2 for the week.

"Oil and dollar fluctuation will continue to lend direction to the precious metal in the coming sessions, with the metal vulnerable to bouts of profit-taking," said analyst James Moore from TheBullionDesk.com.

"The background noise of inflation/recession and nervous financial markets still paints a bullish picture for gold in the mid-to-longer term. "

In regards to the Iranian situation, senior Kitco analyst Jon Nadler was quoted on MarketWatch as saying,

"Improvements in the geopolitical climate ahead of upcoming negotiations between the West and Iran also played into the easing of gold prices today At the end of a very turbulent week, few participants were willing to do much more than square books

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 are listed as well.

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Gold increased sharply by 4.5 percent this week and hit a four-month high Friday. Silver climbed 3 percent and platinum gained 2.2 percent. Major precipitating factors cited for the gains include U.S. stocks marking a 2-year low, heightened oil prices and concern over escalating tensions between Iran and the West.

London silver closed to $18.38 an ounce — a healthy gain of 37 cents compared to last Friday’s close.

London platinum closed the week to $2,030, an increase of $18 compared to its previous Friday close.

London gold closed Friday to $963 an ounce, gaining $32 from last Friday and up $42 for Monday through Friday.

“Safe-haven oriented gold buying was the theme, but the gain is clearly attributable to the turnaround in oil and the apparent imminence of an air strike against Iran,” commented senior Kitco analyst Jon Nadler.

"The growing sense of concern over the stability of the financial system is starting to teeter on the edge of a panic," said Peter Spina, chief investment analyst at GoldSeek.com.

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 are listed as well.

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Gold charted mostly level this week, silver was slightly up, and platinum slid down by over 3 percent. The U.S. market was holiday-shortened with 4th of July celebrations Friday. London precious metals continued, with the following results:

Silver closed to $18.01 an ounce, a healthy gain of 61 cents compared to last Friday’s close.

London Platinum closed the week to 2,012, which was down $41 compared to its previous Friday close. Platinum suffered with weakening car demand news. Platinum is used in vehicle catalytic converters.

Gold closed Friday to $931 an ounce, gaining $11.25 from last Friday, but losing $2 for Monday through Friday.

The European Central Bank (ECB) raised rates this week, resulting in stronger investment interest for the US dollar.

"The ECB statement was not as hawkish as some had expected, thus they sold euro and bought dollars," said Jon Nadler, senior analyst at Kitco Bullion Dealers.

"At the end of the day, after a nice run, many [gold traders] were compelled to take profits," Nadler said in emailed comments. "That is what the game is generally all about."

Dollar strength typically hurts the price of gold.

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 are listed as well.

Read the rest of this entry »

Precious metals were mixed this week after an active gold market was favored by a weakening US dollar, losing Dow and record-breaking oil prices. London silver and gold enjoyed Monday through Friday profits, rising 1.2 percent and 1.6 percent respectively. Platinum dropped slightly by -0.3 percent.

Silver closed to $17.40 an ounce, a loss of 4 cents compared to last Friday’s close.

London Platinum closed the week to $2,053, which was down $15 compared to its previous Friday close.

Gold closed Friday to $920 an ounce, gaining $12 from last Friday.

"Current speculative focus revolves around $925 but $936 to $945 remains the more significant value zone to overcome," said Jon Nadler, senior analyst with Kitco Bullion Dealers.

"Such an achievement depends in large part on whether crude oil heads for $150 prior to (ahemmm…)Independence Day or not."

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 are listed as well.

Read the rest of this entry »

Precious metals picked up moving in parallel with rising oil prices and inversely with a weakness in the US dollar. Silver and gold benefited the most, both rising over 4% for the week in London. Platinum increased by nearly 2%.

Silver closed to $17.44 an ounce, gaining of $1.13 compared to last Friday’s close.

London Platinum closed the week to $2,068, which was up $25 compared to its previous Friday close.

Gold closed Friday to $908 an ounce, gaining $42 from last Friday.

“Long- and short-term investors, with their eyes on the dollar and oil, took gold prices higher,” said Julian Phillips, an analyst at GoldForecaster.com.

“If good news for oil doesn’t push it down, what will?” asked Phillips. “It seems the market doesn’t want talk — it wants action [and] until it gets it, the prospects are good for gold and silver.”

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 are listed as well.

Read the rest of this entry »