Bullion & Business Weekend Report – Jan 17


London gold lost 1.6 percent for the week while silver and platinum dropped 3.9 percent and 4.6 percent respectively. Europe and U.S. indexes showed strength Friday, marking positive gains. But overall for the week, the Dow lost 3.7 percent, the S&P fell 4.7 percent and the Nasdaq dropped 2.7 percent.

Weekend Recap: Silver, Gold and Platinum Prices; Business Week NewsNew York crude-oil for February delivery closed to $36.51 a barrel, gaining $1.11 on Friday but losing 10.6 percent on the week.

AAA said the average price for unleaded gasoline on Saturday settled to $1.831 a gallon compared to $1.67 a month ago.

London silver ended at $10.78 an ounce, falling 44 cents since last Friday’s close.

London gold closed to $833.75 an ounce, declining $13.50 for the week.

London platinum settled to $943 an ounce, dropping $45 since last Friday.


"Advancing global stocks offered some relief to gold buyers and the government guarantees on toxic bank assets gave further room to maneuver in riskier assets to speculators," said senior analyst Jon Nadler at Kitco Bullion Dealers.

The IEA forecast a two-year slump in oil demand, while pundits forecast a Dow at 6K if the lows of 2008 are taken out. Interestingly, yesterday was the day when we saw an 8K Dow and $800 gold,"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. London Fix gold is used as a world benchmark for immediate delivery.

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

CoinNews London Fix Charts: Silver, Gold and Platinum
(January 9-16)

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

(January 9-16)

Week % Change
Week $ Change
Friday Close

Week change numbers are for Friday PM-Friday PM

(January 2-9)

Week % Change
Week $ Change
Friday Close

Week change numbers are for Friday PM-Friday PM

Bullion articles of interest

In related news, interesting or quick-read articles:

  • January 16 Theoretically Speaking… – Jon Nadler, Kitco
    New York spot gold prices enjoyed a 2.2% gain on this final trading day of the week, rising to and testing resistance at the $840 area. Participants were seen squaring their books and preparing for the long weekend. .
  • January 16 US Mint Silver Coin Sales Stats
    2008 Mint Silver Proof Sets and the uncirculated American Eagle Silver Dollar were the biggest unit gainers compared to previous silver coin stats from the US Mint sales sheets.
  • January 16
    2008 inflation rate at 0.1%”

    The annual rate of U.S. inflation plunged to 0.1% in 2008, with consumer prices driven down by falling energy prices. The cost of living dropped for Americans as prices dipped for the third straight month…

Video: Business week and stocks news by Reuters

Consumer electronics chain Circuit City will begin closing over 500 remaining stores and letting go of some 30,000 employees after failing to find a buyer. Friday numbers for the three major US indexes follow:

  • The DOW rose 68.73 points Friday to close at 8,281.22. For the week, the Dow lost 3.7 percent.

  • The S&P 500 gained 6.38 points Friday, closing to 850.12. The S&P slumped 4.7 percent on the week.

  • The NASDAQ climbed 17.49 points Friday to finish at 1,529.33. It lost 2.7 percent from last Friday’s close.

In other world markets:

  • The German DAX on Friday gained 29.55 points to close at 4,366.28.

  • The Paris CAC 40 on Friday climbed 20.87 points to close at 3,016.75.

  • And the London FTSE 100 on Friday rose 25.95 points to close at 4,147.06.

Conway Gittens reports from New York.


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