Bullion Weekly Prices Report – 12/19/2009

by Bullion Prices Staff on December 19, 2009

Weekly precious metal prices were mixed in New York with gold falling while silver and platinum registered modest gains. London metals were down across the board. The US dollar hit a three-month high on Thursday, and was cited as the main reason for pulling down gold. Bullion generally moves opposite of the greenback.

In New York precious metals this week, gold fell 0.8 percent, silver rose 1.3 percent and platinum climbed 0.5 percent. Gold for February delivery finished at $1,111.50 for a weekly loss of $8.40. Silver futures for March delivery ended at $17.320, rising 23 cents on the week. Platinum for January delivery closed to $1,429.30, advancing $6.60 on the week.

In London bullion weekly prices, gold declined 1.7 percent, silver fell 1.1 percent and platinum lost 0.8 percent. London gold was fixed at $1,104.50 an ounce, falling $19.50 this week. London silver closed to $17.310 an ounce, ending down 20 cents from last Friday’s close. London platinum ended at $1,417.00 an ounce, retreating $12.00 since last Friday’s close.

"Nothing goes up or down in a straight line," Doug Keller, managing director at Binary Research, a commodities research firm, said Friday on MarketWatch. "A lot today is technical and has to do with options expiration."

"The fall yesterday below $1,100 an ounce is an attractive level for some bargain hunters," Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, said on Bloomberg. "Gold is recovering as the dollar has given back some of its gains made over the last few days."

"The rising bullishness that became obvious by mid-week remained in place," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "However, at the end of the day, it all remains a dollar-defined game, and the greenback is flexing some serious muscles as of late."

New York crude oil for January delivery advances 71 cents, or 1.0 percent, to $73.36 a barrel. For the week, oil surged $3.49, or 5.0 percent. 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 precious metal weekly sales coin article summaries.

London Fix Weekly Bullion Prices

(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
$1,104.00
Platinum
 
X
-0.8%
-$12.00
$1,417.00

(Dec 4 – 11)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-7.0%
-$1.32
$17.51
Gold
 
X
-5.6%
-$66.25
$1,124.00
Platinum
 
X
-2.9%
-$43.00
$1,429.00

(Nov 27 – Dec 4)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
6.1%
$1.09
$18.83
Gold
X
 
2.0%
$23.75
$1,190.25
Platinum
X
 
3.4%
$48.00
$1,472.00
*Week change numbers are for Friday PM-Friday PM

US Mint Gold and Silver Coin Weekly Sales News

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

  • Demand Sluggish, Gold Coins and Sets Retreat – CoinNews
    Demand for almost every numismatic product fell according to the latest US Mint weekly sales report. In fact, just analyzing the raw numbers show a drop of over 70,000 total items from the prior week. Nearly every gold coin and all US mint proof and uncirculated sets retreated. This is not completely surprising, however, as the previous week saw well above average demand for most coins. Also, demand for gold …
  • Collector Silver Declines, Silver Eagles Return Strong – Silver Coins Today
    2009 American Silver Eagle Bullion Coins have returned with strength following their near two-week hiatus as a result of a depleted inventory. The United States Mint resumed selling the eagles to authorized dealers on Monday, Dec. 7. Although they are being rationed, 737,500 more were still sold in the last seven days and during a time when silver prices moved mostly lower. 27,783,000 is the new 2009 tally. The latest …

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