Precious Metals Prices Rally for Second Straight Week

by Bullion Prices Staff on April 10, 2010

Bullion prices surged for a second straight week. In U.S. futures, palladium was the biggest weekly gainer at 4.5%. Gold came in second at 3.2% and registered a high of $1165.80 an ounce — a price not seen since Dec. 8. It found strength with spurts of physical demand and at times overcame a firmer dollar, which is atypical for the yellow metal. Gold, considered a hedge during times of high inflation and economic uncertainty, tends to move in the opposite direction of the greenback.

In New York metals weekly prices, June gold ended up $35.80 to $1,161.90 an ounce. May silver advanced 46 cents, or 2.6%, to $18.351 an ounce. July platinum rose $51.80, or 3.1% to $1,727.40 an ounce. June palladium increased $22.25 to $513.60 an ounce.

"Gold is becoming the global go-to currency," Matt Zeman, a trader at LaSalle Futures Group in Chicago, said Friday on Bloomberg. "People have been losing faith in fiat currencies as governments around the world dig themselves into huge deficits. Hard assets are going to benefit."

In London bullion weekly prices, the gold fix was $1,152.50 an ounce for an increase of $29.00, or 2.6%. Silver added 65 cents, or 3.7% to $18.34 an ounce. Platinum settled to $1,718.00 an ounce for a weekly increase of $58.00, or 3.5%. Palladium hit $511.00, rising $20.00, or 4.1%.

"Continued concerns over Greece’s financial situation, coupled with a lack of attractive investment alternatives due to continuously low interest-rate levels both in the U.S. and the euro zone, should keep interest in gold high and should support the gold price," analysts at Commerzbank AG said in a note cited on MarketWatch.

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

London Fix Weekly Bullion Prices – April 2010

(April 1 – 9)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.7%
$0.65
$18.34
Gold
X
 
2.6%
$29.00
$1,152.50
Platinum
X
 
3.5%
$58.00
$1,718.00
Palladium
X
 
4.1%
$20.00
$511.00

 

(March 26 – April 1)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.0%
$0.84
$17.69
Gold
X
 
2.5%
$27.00
$1,123.50
Platinum
X
 
4.0%
$64.00
$1,660.00

 

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:

  • America the Beautiful Silver Bullion Coins Program
    The United States Mint will issue a new series of coins in 2010 that are composed of silver and depict American National Parks and National Sites.

    These coins are not the collector versions of the circulating America the Beautiful Quarters. They are, however, similar in name as they are called America the Beautiful Silver Bullion Coins and they share the same reverse designs.

    Both new U.S. Mint coin series, the America the Beautiful Quarters™ Program and the America the Beautiful Silver Bullion Coin™ Program, are authorized by the America’s Beautiful National Parks Quarter Dollar Coin Act of 2008. The act was signed into Public Law 110-456 by former President Bush on December 23, 2008.

  • 2010 US Mint Silver Commemorative Sales Hit 454,579
    New United States Mint sales figures have been released and the 2010 commemorative coins are the highlight, with total sales reaching 454,579.

    The 2010 Boy Scouts of America Centennial Silver Dollars continue to blaze a fiery trail. Weekly sales climbed by a combined 51,844. The BSA coins were released on March 23, 2010. The Mint sold 266,517 as of April 4. That is 76.1% of the maximum 350,000 mintage. Split out across options, proofs jumped to 179,976 and uncirculated sales rose to 86,541.

    2010 American Veterans Disabled for Life Silver Dollars have been available since February 25, 2010. Although they have been around for longer and are less popular than the Boy Scouts coins, the numbers are solid for

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