It was another down day for precious metals on Friday. New York silver, gold and platinum futures fell 3.1 percent, 2.1 percent, and 1.2 percent, respectively. Gold marked its largest weekly decline in two months, losing 8.3 percent.
While platinum was whacked around this week too, it wasn’t all bad news — at least for coin collectors. In an unexpected move Friday, the US Mint returned American Eagle Platinum coins to their online store, and at substantially reduced prices.
Oil changed its tune today, recovering nearly half of Thursday’s losses. November crude gained $2, or 2.9 percent, to close at $71.85 per barrel.
December silver fell 30 cents to close at $9.34 an ounce.
January platinum dropped $10.30 to end at $881 an ounce.
Gold for December lost $16.80 to settle at $787.70 an ounce.
"Gold prices lost more than 8% during this most turbulent of weeks, bringing their 30-day net change to a minus 9.1% and shrinking the 1-year net change to only 3.6% as a result of relentless fund liquidations and selling by frustrated longs. Thus ended the largest weekly loss in over two months," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"Alleged metal ‘advisors’ and certain mining company heads (what else is new?) have been trying to offer all kinds of invalid explanations not only as to why the prices of metals and related equities have been declining in the face of the most perfectly suitable event for their possible rise, but as to why they will soon be headed for various celestial bodies," added Nadler.
Gold typically follows oil’s direction and moves opposite to the U.S. dollar, as a weakened dollar encourages investors to buy gold, also considered a hedge or safe-haven during times of high inflation and economic uncertainty.