2009 Ending Bullion Prices; Silver, Gold and Platinum Annual Gains

by Bullion Prices Staff on January 2, 2010

US gold prices ended the final 2009 trading day higher, and went on to record their ninth consecutive yearly gain. The yellow metal rose 24% for the year in New York and 27.6% in London. Silver and platinum also finished on higher notes, and marked even better annual gains. New York and London silver prices in 2009 rose 49% and 57.5%, respectively. Platinum enjoyed respective increases of 55% and 63.1%.

In London Fix precious metal weekly prices, gold retreated 0.05% and silver fell 1.9%. Platinum gained 0.7%. Gold was fixed at $1,104.00 an ounce, falling 50 cents on the week. Silver ended at $16.99 an ounce, stepping back 33 cents for the week. Platinum was settled at $1,466.00 an ounce, rising $10 for the week.

In New York bullion weekly prices, gold declined 0.8%, silver lost 3.4% and platinum fell 0.5%. Gold for February delivery finished the year at $1,096.20 to register a weekly loss of $8.60. March Silver futures ended at $16.85, falling 60 cents on the week. Platinum for January delivery closed to $1,460.00, ending down $7.90.

Notable metal quotes follow:

"The purchasing power of all currencies is being eroded," James Turk, the founder of Jersey, Channel Islands-based GoldMoney.com, said on Bloomberg. "I look at the real price of goods and I see hyperinflation for the dollar in the not-too-distant future. That means a declining value of the dollar and higher gold prices."

"In a nice bookend to the year, it appears that 2009 will end much the way it started in the financial markets, a dollar story," Brian Kelly, chief executive of Kanundrum Research, a commodities and macroeconomic research firm, said on MarketWatch. "For gold the catalyst in 2010 will be inflationary pressures."

"Year-end book-squaring continued during the overnight hours, this time in favor of gold, oil, and the euro for a change, as a rather large wave of dollar selling hit the market and brought the US currency to just under 77.50 on the trade-weighted index," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "Bargain hunting by locals over in India helped support the move to higher ground in gold."

New York oil for February delivery rose 8 cents, or 0.1%, to $79.36 a barrel, marking a 78% increase for the year. Prices hit an intraday high of $80.05. Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the US dollar, with the latter significantly weaker through much of 2009. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.

To follow are silver, gold and platinum performance charts and precious metal weekly sales coin article summaries.

London Fix Weekly Bullion Prices

(Dec 24 – 31)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-1.9%
-$0.33
$16.99
Gold
 
X
-0.05%
-$0.50
$1,104.00
Platinum
X
 
0.7%
$10.00
$1,466.00

(Dec 18 – 24)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.1%
$0.01
$17.32
Gold
Unchanged
0.0%
$0.00
$1,104.50
Platinum
X
 
2.8%
$39.00
$1,456.00

(Dec 11 – 18)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-1.1%
-$0.20
$17.31
Gold
 
X
-1.7%
-$19.50
$1,104.50
Platinum
 
X
-0.8%
-$12.00
$1,417.00
*Week change numbers are for Friday PM-Friday PM ( Unless a time is closed for holidays)

 

US Mint Gold and Silver Coin Weekly Sales News

In related silver and gold news, interesting or quick-read articles from the final week of 2009 include:

  • 2009 American Gold Eagles Lead US Mint’s Sales – CoinNews
    If the United States Mint was hoping for strong Christmas week sales from Santa, unfortunately, they were disappointed. For the third straight week figures show significant drops in volume almost across the board for collector coins. Only a few meager entries managed a positive change, but the overall results are not too rosy. Of course, this time of year one would expect a lack of interest in the hobby with thoughts …
  • Silver Collector Coins Weaken, Eagles Soar – Silver Coins Today
    The latest United States Mint sales report shows robust 2009 Silver Eagle bullion figures, but weakening numismatic silver coin demand. The bullion Silver Eagles just came off their most recent suspension on Dec. 7. Since then, and despite their allocated or rationed distribution, the US Mint has sold 2,687,500 to their small group of authorized dealers, marking the second best December for Silver Eagles since …
  • 2009 Fractional Gold Eagle Sales Figures – CoinNews
    2009 Fractional American Gold Eagle bullion coins are in the history books with leading sales figures, despite their late launch and quick sell out. Having only been released on Dec. 3, 2009, the coins in the fractional sizes of one-half ounce, one-quarter ounce, and one-tenth ounce weights recorded smashing release day sales — 345,000 were sold for a total of 58,000 ounces of gold …

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