Bullion Weekly Report: Gold, Silver and Platinum Prices – February 20, 2010

by Bullion Prices Staff on February 20, 2010

Bullion prices were bullish for a second straight week. Driving precious metals direction for most of the week was the dollar and euro, and events which pulled them up or down. Gold was hit early on Thursday by the IMF announcement to sell 191.3 tons of gold. The amount was not news, but the timing was. The situation eventually settled with calm, and gold’s decline was limited. The other days in the U.S. holiday-shortened week were positive for the yellow metal in New York. London gold prices shifted slightly lower on both Thursday and Friday.

New York crude for March delivery gained 75 cents, or 0.9%, to close at $79.81 a barrel on Friday. The price is $5.68, or 7.7%, higher than last week. Gold tends to move opposite of the dollar and in the same direction as oil. A rising greenback makes dollar-denominated commodities more expensive for holders of other world currencies.

In New York weekly precious metals prices, April gold gained $32.10, or 2.9%, to end at $1,122.10 an ounce. Silver for March delivery finished at $16.413 an ounce, jumping 97 cents, or 6.3%. April platinum climbed $32.50, or 2.2%, to close at $1,543.60 an ounce.

In London Fix bullion weekly prices, gold gained $30.75, or 2.8%, to $1,112.75 an ounce. Silver rose 62 cents, or 4.0%, to $15.95 an ounce. Platinum settled at $1,513.00 an ounce, rising $8.00, or .05%.

"We anticipate the current dip buying mentality to continue as background concerns over Sovereign debt, inflation and even deflation draw investor diversification," James Moore, an analyst at theBullionDesk.com., wrote in a note that was cited on MarketWatch.

"Investors are buying gold as a hedge against currencies’ volatility," Carlos Sanchez, a metals analyst with CPM Group, said on Reuters. "Gold seems to be consolidating near the $1,130 an ounce area."

Silver, gold and platinum performance charts for the month of February follow.

London Fix Weekly Gains/Losses

(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 Bullion Coin Weekly News

Two silver and gold related articles are listed that discuss the most recent weekly United States Mint numismatic and bullion coin sales report. Additionally, the Labor Department on Friday posted January inflation numbers, which gold investors watch closely. An article about those latest figures is also shown.

  • US Mint Sales: 2010 Presidential $1 Coin Proof Sets Robust – CoinCollectingNews.org
    Demand for gold coins improved with a rebound in gold prices. First Spouse Gold Coins jumped impressively. The last weekly report had combined sales coming in at a negative 188. The latest figures are up by 943. The proof 2009 Buffalo Gold Coin also jumped, rising 1,327 for total sales of 46,828 …

  • U.S. Inflation Rises 2.6%, Consumer Prices Edge 0.2% Higher
    The cost of living in the U.S. rose less than expected in January, as Americans paid less for new cars, clothes, hotels, homes and other shelter-related costs, the government reported Friday. However, the price of energy continues to be a burden with increases during the month and year that drove inflation higher over the past 12 months, according to the Labor Department. The Consumer Price Index (CPI), which is the government’s most closely watched barometer for measuring inflation at the consumer level, rose 0.2% in January for the fifth consecutive month. The figure is lower than the 0.3% increase most analysts were forecasting …

  • US Mint Sales: Gold Coin Interest Picks Up – CoinNews.net
    The United States Mint headquarters in Washington, D.C. was shutdown for most of last week thanks to the two blizzards that blew through the East Coast. The wintry havoc not only closed the Mint and other federal agency doors, but left collectors high and dry when it came to the weekly coin sales figures. This week is catch-up, with two weeks worth of data combined into one. To the numbers… The 2010 Presidential Dollar Proof Set launched on Thursday, February 11, to a collector community eagerly awaiting to place orders. A solid 224,426 were scooped up by Sunday, February 14 …

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