Precious metals dropped for the week, as did stocks. London silver, gold and platinum fell 9.5 percent, 0.6 percent, and 3.4 percent respectively. The Dow declined 5.0 percent, the S&P lost 6.2 percent, and the Nasdaq dropped 7.9 percent from last Friday’s close.
New York December crude-oil settled to $57.05 a barrel, losing $1.30 on Friday. The good news for consumers is the average price for unleaded gasoline fell to $2.15 a gallon — a far cry from its $3.13 average just a month ago, according to AAA.
London silver ended at $9.33 an ounce, dropping 98 cents on the week, or 80 cents since last Friday.
London gold closed to $747.50 an ounce, falling just $4.25 for the week, or $12.25 from last Friday.
London platinum climbed to $845 an ounce, losing $30 for the week, or $4 since last Friday.
“The market’s bias showed an upward tilt shortly after the open, as rumored hedge fund buying lent support, and as slumping US retail sales reignited expectations of fresh Fed rate cuts,” said senior analyst Jon Nadler at Kitco Bullion Dealers.
“The rest of the world didn’t fare very well this Friday, for sure. It did not take long after the German economy was declared to be in a recession, for the rest of the EU to have the same label applied to it as well. Like that came as a surprise to anyone. The surprise came later in the day, when Honk Kong’s economy also joined the growing list of countries in contraction mode.” added Nadler.
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. When prices are falling and economic activities are shrinking, gold prices tend to move lower.
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and four related precious metal articles.
CoinNews London Fix Charts: Silver, Gold and Platinum
(November 10-14)
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
November 10-14
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-9.5%
|
-$0.98
|
$9.33
|
| Gold |
|
X
|
-0.6%
|
-$4.25
|
$747.50
|
| Platinum |
|
X
|
-3.4%
|
-$30.00
|
$845.00
|
Week change numbers are for Monday AM-Friday PM
November 3-7
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.8%
|
$0.08
|
$10.13
|
| Gold |
X
|
|
0.2%
|
$1.25
|
$735.25
|
| Platinum |
X
|
|
1.3%
|
$11
|
$849.00
|
Week change numbers are for Monday AM-Friday PM
October 27-31
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
3.0%
|
$0.27
|
$9.28
|
| Gold |
X
|
|
1.4%
|
$10
|
$731
|
| Platinum |
X
|
|
7.7%
|
$58
|
$814
|
Week change numbers are for Monday AM-Friday PM
October 20-24
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-9.3%
|
-$0.91
|
$8.88
|
| Gold |
|
X
|
-11.3%
|
-$91
|
$713
|
| Platinum |
|
X
|
-14.7%
|
-$134
|
$778
|
Week change numbers are for Monday AM-Friday PM
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- November 14 – Gold gains over $37 for the day, up 1.1% on week – MarketWatch
Gold futures climbed more than $37 an ounce Friday to gain 1.1% for the week as bleak global economic news and losses on Wall Street combined to boost the metal’s investment appeal.
- November 14 – Gold rebounds but trading rangebound ahead of G20 – Reuters
Gold rebounded on Friday after worse-than-expected U.S. retail sales figures, but trading was rangebound ahead of the Group of 20 summit in Washington.
- November 14 – Quick! 20 Minus 170 = ? – Jon Nadler, Kitco
New York’s Friday session managed to bring gold into the winning column for the week, with futures gaining $37 and spot prices rising $14 to $750.00 per ounce.
- November 11 – US Mint Eliminates 22 Gold and Platinum Coins – Best Buys Now, Before They’re Gone – CoinNews
…With 22 collector American Eagle and Buffalo gold and platinum coins to face elimination in 2009, opportunities have improved for several to rise in value based on that alone. And even more so for others after comparing their prices and sales figures.
Business week overview and wrap-up by Reuters News
U.S. stocks fell 5 percent after the biggest monthly drop in retail sales cast a dark shadow over this weekend’s G20 meeting. In stock market action, the three major US indexes:
-
The Dow lost 337.94 points Friday to close at 8,497.31. For the week, the Dow fell 5.0 percent.
-
The S&P 500 fell 38.00 points Friday, closing to 873.29. The S&P lost 6.2 percent on the week.
- The Nasdaq declined 79.85 points Friday to finish at 1,516.85. It lost 7.9 percent for the week.
In other world markets:
-
The German DAX gained 60.72 points to close at 4,710.24.
-
The Paris CAC 40 rose 22.01 points to close at 3,291.47.
- And the London FTSE 100 climbed 63.76 points to close at 4,232.97.
Conway Gittens reports from New York.
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