Precious Metals Fall During Fourth Week of March

by Bullion Prices Staff on March 27, 2010

Weekly precious metals prices fell with silver and platinum declining the most. Gold rallied on Friday, paring weekly losses, as the greenback retreated when the euro rallied following news of a Greece rescue plan.

In New York metals weekly prices, gold for April delivery lost $3.30, or 0.3%, to $1,104.30 an ounce. May silver ended at $16.906 an ounce, declining 13 cents, or 0.7%. Platinum for April delivery finished lower by $12.60, or 0.8% to $1,596.00 an ounce.

The Greek plan "will no doubt give risk sentiment a short- term boost and is partially behind the gains with gold," James Moore, an analyst at TheBullionDesk.com in London, said in a report that was cited on Bloomberg. Concern that government debt may expand "will continue to prompt diversification away from fiat currencies and toward more tangible assets, particularly precious metals."

For London bullion weekly price, gold was fixed to $1,096.50 an ounce for a decline of $9.00, or 0.8%. Silver ended at $16.85 an ounce, falling 46 cents, or 2.7%. Platinum retreated $21.00, or 1.3%, to $1,596.00.

"Against this mildly positive (for the euro) background" of the Greece news, "the US dollar lost" and the "euro ‘rallied’" which helped commodities to include gold, writes Jon Nadler, senior analyst at Kitco Metals, Inc.

Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. (New York crude-oil for May delivery declined 53 cents, or 0.7%, to close at $80.00 a barrel)

To follow are silver, gold and platinum performance charts and precious metal article summaries.

London Fix Weekly Bullion Prices – March 2010

(March 19 – 26)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-2.7%
-$0.46
$16.85
Gold
 
X
-0.8%
-$9.00
$1,096.50
Platinum
 
X
-1.3%
-$21.00
$1,596.00

 

(March 12 – 19)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
-
 -
0.0%
$0.00
$17.31
Gold
 
X
-0.1%
-$0.75
$1,105.50
Platinum
 
X
-0.1%
-$2.00
$1,617.00

 

(March 5 – 12)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.3%
$0.06
$17.31
Gold
 
X
-2.5%
-$28.75
$1,106.25
Platinum
X
 
2.6%
$41.00
$1,619.00

 

(February 26 – March 5)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
7.0%
$1.13
$17.25
Gold
X
 
2.4%
$26.75
$1,135.00
Platinum
X
 
2.9%
$45.00
$1,578.00

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:

  • Pero…WHAT? – Jon Nadler, Kitco Metals Inc.
    Well, after weeks of wrangling and a near-derailment at the very last minute, we have an agreement on Greece…kinda/sorta. Last night’s cobbling together of a rescue package for Greece by the EU not ameliorates its short-term financial position but has resulted in the lifting of at least some the immediate selling pressures being felt by the euro. The long-awaited assistance "package" contains a mix of loans from certain EU nations as well as assistance by the IMF. Makes one wonder; what took so long?  

    However, experts opine that it is totally premature to conclude that the Greek and/or Eurozone turmoil is now fully over. Nothing in the package implies that Greece is going to get off easy in attempting to solve its financing woes. The loans contained in the plan are priced at current (rather high) interest rates…

  • US Mint Sales: First Spouse Gold Coins Stand Out
    Excluding First Spouse Gold Coins, few United States Mint products recorded week-over-week gains the latest sales report reveals.

    2010 Abigail Fillmore First Spouse Gold Coins launched on March 18. Their three-day sales hit 2,881 with 1,824 for the proof and 1,057 for the uncirculated. On the same day they were issued, 2009 Anna Harrison first lady coins were taken off sale. Yet, without those and discounting the new Abigail numbers, the remaining First Spouse Gold Coins scored 174 and still outperformed the prior weekly sales total of 127.

    In other gold coins, proof American Buffalo coins increased by 394 to 49,388. Bullion American Gold Eagle coins advanced 25,000 and have March sales of 64,500. The American Silver Eagles are at 1.9 million for the month, gaining 725,000…

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