Gold Prices Near Record in First May Week, Silver and Other Metals Decline

by Bullion Prices Staff on May 8, 2010

Greece’s debt crisis and concerns over other European nation fiscal issues proved to be a boon for haven-driven gold prices, but a drag on industrial metals as fears of weakened demand spiked.

Gold rose for a third week, falling just $12.50 shy of the all-time $1,227.40 record set in December.

"People are nervous about what’s going on in the rest of the world," Michael Cuggino, who manages $6 billion in the Permanent Portfolio fund, which includes a 20 percent holding in bullion, said via Bloomberg. "It’s a safe bet that the bigger the problem is in Europe, the larger the impact it will be on the U.S. economy."

In New York metals weekly prices, June gold ended at $1,210.40 an ounce, advancing $29.70, or 2.5%. Its intraday high on Friday was $1,214.90.

"The only place traders feel comfortable parking their money for the weekend is gold," Adam Klopfenstein, a trader and senior market strategist at Lind-Waldock in Chicago, was quoted on MarketWatch. "Gold is going to be the reserve currency of choice until the next shoe drops" in Europe, he added.

In other weekly prices, July silver fell to $18.451 an ounce for a loss of 19 cents, or 1.0%. July platinum declined to $1,665.80 an ounce, losing $79.30, or 4.5%. June palladium ended at $510.20 an ounce, and was the biggest metal decliner with its fall of $45.55, or 8.2%.

"Gold is now enjoying safe-haven status, partly because bonds, particularly peripheral euro zone government and bank paper, are no longer a safe haven," Citigroup analyst David Thurtell was cited on Reuters.

In weekly London bullion prices, the gold fix was $1,202.25 an ounce for a gain of $23.00, or 2.0%. Silver was $17.700 an ounce for a loss of 92 cents, or 4.9%. Platinum was $1,651.00 an ounce for a decline of $87.00, or 5.0%. Palladium retreated the most, falling $47.00, or 8.5% to $505.00.

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

London Fix Weekly Bullion Prices – May 2010

(April 30 – May 7)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.9%
-$0.92
$17.700
Gold
X
 
2.0%
$23.00
$1,202.25
Platinum
 
X
-5.0%
-$87.00
$1,651.00
Palladium
 
X
-8.5%
-$47.00
$505.00

 

(April 23 – 30)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.1%
$0.73
$18.620
Gold
X
 
3.5%
$39.75
$1,179.25
Platinum
X
 
0.8%
$13.00
$1,738.00
Palladium
 
X
-0.5%
-$3.00
$552.00

 

Gold and Silver Weekly Coin News

In related bullion United States Mint news, the following link provides a breakout of the latest Mint coin sales figures:

  • Gold Coins Jump as Gold Prices Hit 2010 Highs
    With gold prices recording 2010 highs, it’s not surprising that gold coins show the best weekly gains in the latest round of sales figures from the United States Mint. 2010 Gold Buffalo Bullion Coins went on sale Thursday, April 29. Buyers grabbed 48,500 on the first day. Flash forward to Wednesday, May 5, and the total hit 70,000.

    In less than a week, sales reached 21.7% of the number sold in their initial 2006 year, 41.8% of their 2007 total, 40.7% of the sales in 2008 and 35.0% of the 2009 level…

 

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