Precious Metals Weekly Prices Report – 12/12/2009

by Bullion Prices Staff on December 12, 2009

Bullion prices shifted several gears lower during the week as the U.S. dollar strengthened which tarnished the appeal for gold. The yellow metal finished lower for the second straight week, hitting a near one-month low in New York on Friday. Other commodities retreated as well. Silver felt the largest blow, dropping by more than 7% on the week.

In New York precious metal prices this week, gold fell 4.2 percent, silver tumbled 7.7 percent and platinum ended down 1.9 percent. Gold for February delivery finished at $1,119.90 on Friday for a weekly loss of $49.60. Silver futures for March delivery ended at $17.090, plunging $1.43 on the week. Platinum for January delivery closed to $1,422.70, falling $27.00 on the week.

In London bullion weekly prices, gold declined 5.6 percent, silver plummeted 7.0 percent and platinum retreated 2.9 percent. London gold was fixed at $1,124.00 an ounce on Friday, falling $66.25 this week. London silver closed to $17.51 an ounce, ending down $1.32 from last Friday’s close. London platinum ended at $1,429.00 an ounce, retreating $43.00 since last Friday’s close.

Notable bullion quotes follow:

"Gold is quickly approaching a key support level of $1,070 to $1,100," Brian Kelly, chief executive of Kanundrum Research, a commodities and macroeconomic research firm, said on MarketWatch. Kelly said gold will be more volatile next week as traders position for the Federal Reserve meeting.

"A hefty rise was noted in the greenback, immediately following the release of US retail sales, which rose by a better-than-expected 1.3% in November," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "Profit-taking and book-squaring also contributed to a sharp, $19.50 drop in bullion prices to a low of $1110.40 bid before 10:30 NY time."

"Clearly, dollar strength will make more recent gold buyers wonder if they have done the right thing. The action of investors will depend upon how committed they are to the long-term bull story in gold," Rick Bensignor, chief market strategist of broker Execution LLC in New York, was quoted on Reuters.

New York crude oil for January delivery fell 67 cents, or 0.9 percent, to $69.87 a barrel. For the week, oil ended down $5.60, or 7.4 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, oil news, week-ending stock summaries, and precious metal article summaries.

London Fix Weekly Bullion Prices

(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

(Nov 20 – 27)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-2.4%
-$0.44
$17.74
Gold
 
X
-3.2%
-$36.00
$1,104.00
Platinum
 
X
-0.8%
-$11.00
$1,424.00
*Week change numbers are for Friday PM-Friday PM

 

US Mint Bullion Coin News

Here are several US precious metal coin news items that developed on Thursday and Friday:

  • 2009 Platinum Eagle Proof Coin Sold Out – WorldMintCoins.com
    The only US Mint platinum coins for the year were released late, but sold out early. Collectors purchased the maximum 8,000 minted 2009 American Platinum Eagle Proof Coins in a span of a week, despite their rather hefty $1,792 price, and a five per household order limit. The sellout was not exactly surprising. Over 7,200 eagles were sold in the first four days of issue — they launched on …
  • 2009 Gold Eagle Coins to Return – CoinNews
    A week after announcing the inventory depletion and temporary suspensions of 2009 American Gold Eagle bullion coins, the United States Mint today provided follow-up information on the return of the one ounce and fractional sizes, as well as an update for how long they will available. Fractional Gold Eagles in 1/2 oz, 1/4 oz and 1/10 oz sizes will be released on Monday …

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