Bullion Prices Weekly Report – February 6, 2010

by Bullion Prices Staff on February 6, 2010

Bullion prices retreated for yet another week as the U.S. dollar was driven higher to mark an eighth-month high against the euro. Most of the buzz over the latter part of the week attributed the euro daily losses to concerns over debt in European countries. Until Wednesday, silver, gold and platinum had moved higher after the greenback lost ground.

Oil tumbled for a fourth straight week, declining 2.3% during the first week of February after an 8% fall in January. New York crude-oil for March delivery lost $1.95 on Friday to end at $71.19 a barrel. Gold tends to follow oil and move opposite to the dollar. A rising greenback makes dollar-denominated commodities more expensive for holders of other world currencies.

In London Fix bullion weekly prices, gold fell $20.50, or 1.9%, to $1,058.00 an ounce. Silver plummeted $1.12, or 6.9%, to $15.17 an ounce. Platinum settled at $1,475.00 an ounce, declining $37.00, or 2.4%.

In New York weekly metals prices, April gold lost $31.00, or 2.9%, to end at $1,052.80 an ounce. Silver for March delivery ended at $14.83 an ounce, plunging $1.36, or 8.4%. April platinum declined $30.90, or 2.1%, to close at $1,475.10 an ounce.

"The dollar just keeps gaining momentum," Tom Schweer, a senior market strategist at LaSalle Futures Group Inc. in Chicago said on Bloomberg. "Gold could fall another $20 to $40 before people start to load up again."

"This may be another upcoming buying opportunity as we look at open interest and delivery notices later after the drastic selling," said George Gero, metals analyst at RBC Wealth Management, in emailed comments cited on MarketWatch.

"Risk appetite has been placed in a deep freeze on the heels of yesterday’s poor US jobs report. Adding to trouble in the commodities sector is the surge in euro-oriented jitters engendered by the ‘whack-a-mole’ patterns of debt troubles that continue to spring up over various parts of the Old World," wrote Jon Nadler, senior analyst at Kitco Metals, Inc.

To follow are silver, gold and platinum performance charts, oil news, week-ending stocks, and precious metal article summaries.

London Fix Precious Metals Prices

(January 29 – February 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

(January 22 – 29)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-5.7%
-$0.99
$16.29
Gold
 
X
-0.5%
-$5.50
$1,078.50
Platinum
 
X
-1.8%
-$28.00
$1,512.00
*Week change numbers are for Friday PM-Friday PM

US Mint Bullion Coin Weekly News

For silver and gold news discussing the most recent weekly United States Mint numismatic sales report, to include bullion coins, check out the following two articles:

  • 2010 Mint Coins Lead Sales, Silver Eagles Surge – CoinNews.net
    The numismatic landscape for US Mint 2009-dated coins has remained on the sleepy side of sales since mid-December. The attention-grabbing action surrounds the new 2010 products. 2010-dated Gold and Silver Eagles made waves in January. The eagles swaggered last month toting prolific numbers. But then sales appeared to dive into nothingness as not a single sale was added to Mint registers for nearly a week. The silence was shattered on …
  • US Mint Coin Sales: Bullion Eagles Idle – CoinCollectingNews.org.
    Another uninspiring week of numbers appear in the latest US Mint sales report as collectors wait for more 2010-dated offerings. There are a few highlights worth discussing, both good and bad… First Spouse Gold Coins took a big step back for a second week. 240 of the 24-karat gold coins were listed as purchased in the prior report. The latest weekly gains stand at a NEGATIVE 188. The Margaret Taylor Gold proof and uncirculated options were adjusted downward by 59 and 235, respectively. Usually such a change indicates a sizable return or accounting corrections …

For live precious metals charts, see the home page or follow daily bullion prices.

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