Bullion Prices: February 2010 Report on Gold, Silver and Platinum

by Bullion Prices Staff on February 27, 2010

US gold prices shifted slightly slower during the final week in February, but the month proved to be the first time the yellow metal marked an overall advance since back in November. Other metals finished with positive monthly gains as well, with the exception of silver which declined slightly in London.

For London bullion in February, gold and platinum were fixed higher by 2.8% and 1.4%, respectively. Silver retreated 1.0%. Gold finished the month at $1,108.25 an ounce, dropping $4.50, or 0.4% during the final week. Silver ended at $16.12 an ounce, for a weekly increase of 17 cents, or 1.1%. Platinum was at $1,533.00 an ounce, for a $20.00 or 1.3% increase.

For New York bullion February price, gold jumped 3.2%, silver advanced 2.0% and platinum climbed 2.3%. April gold closed to $1,118.90 for a weekly loss of $3.20, or 0.3%. May silver finished at $16.521 an ounce, rising 10.8 cents, or 0.7% on the week. April platinum ended at $1,539.90, declining $3.70 or 0.2%.

"You’ve got to look to play gold on the long side," Matt Zeman, a metals trader at LaSalle Futures Group in Chicago, said on Bloomberg. "Fiat currencies continue to lose credibility. Even if Greece gets rescued, there will be another country in line with their hands out. People are flocking to gold to shield themselves from the volatility in the currency markets."

"The metal is likely to continue to track the euro and broad risk sentiment in the coming sessions; however, dips are expected to draw further strong support from both jewelry and investment players and should provide a floor," analysts at TheBullionDesk.com were cited on MarketWatch.

Oil rose sharply in February, jumping 9.3% to end the month at $79.66 a barrel. 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.

To follow are silver, gold and platinum performance charts, and recent bullion coin news article summaries.

London Fix Weekly Bullion Prices

(Feb 19 – 26)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
1.1%
$0.17
$16.12
Gold
 
X
-0.4%
-$4.50
$1,108.25
Platinum
X
 
1.3%
$20.00
$1,533.00

 

(Feb 12 – 19)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.0%
$0.62
$15.95
Gold
X
 
2.8%
$30.75
$1,112.75
Platinum
X
 
0.5%
$8.00
$1,513.00

 

(Feb 5 – 12)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
1.1%
$0.16
$15.33
Gold
X
 
2.3%
$24.00
$1,082.00
Platinum
X
 
2.0%
$30.00
$1,505.00

 

(Jan 29 – Feb 5)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-6.9%
-$1.12
$15.17
Gold
 
X
-1.9%
-$20.50
$1,058.00
Platinum
 
X
-2.4%
-$37.00
$1,475.00

US Mint Gold and Silver Coin Weekly News

In related bullion, business and United States Mint news, interesting or quick-read articles from the week include:

  • 2010 Gold Eagle Coin Values
    he price of gold is affecting demand, and seller inventory levels. The yellow metal premiered at just above $1,120 to start 2010. Prices rose to over $1,150 within the first week, but then retreated toward $1,058 by early February. Gold has since returned to the $1,120 area. Both buyers and sellers have been cautious given gold’s volatility. As a prime example, less than one hundred 2010 American Gold Eagles have been auctioned on eBay US. It is sketchy at best to scrutinize the eagles too deeply with so few sold, but the numbers are nevertheless worth noting …

  • US Mint Bullion Eagles Steady
    Gold coins enjoyed decent weekly gains. The proof Gold Buffalo advanced 771 to 47,599. As a group, First Spouse Gold coins rallied by 446. The uncirculated Anna Harrison coin was the biggest individual gainer, rising 118. Collectors are expecting these coins to go off sale with the upcoming release of the Abigail Fillmore gold coins. The Mint’s previous schedule had that set for March 4, but now the release date listed is a generic “March” time frame. Interested parties best buy while they can, as …

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