Weekly Bullion Prices Report – 12/26/2009

by Bullion Prices Staff on December 26, 2009

Little movement was seen in weekly gold and silver prices, but platinum took off after the SEC approved a proposed rule change to list and trade ETF Securities Platinum and Palladium Trusts. Gold was less than exiting during much of the holiday-shortened week until Thursday. The US dollar showed weakness and the yellow metal quickly rallied.

In New York precious metals this week, gold fell 0.6 percent, silver climbed 0.7 percent and platinum advanced 2.7 percent. Gold for February delivery finished at $1,104.80 an ounce for a weekly loss of $6.70. Silver futures for March delivery ended at $17.440 an ounce, gaining 12 cents on the week. Platinum for January delivery closed to $1,467.90 an ounce, surging $38.60 on the week.

In London bullion weekly prices, gold remained unchanged, silver rose 0.1 percent and platinum jumped 2.8 percent. Gold was fixed at the same $1,104.50 an ounce. Silver closed to $17.32 an ounce, rising a penny from last Friday’s close. Platinum ended at $1,456.00 an ounce, soaring $39.00 since last Friday’s close.

"Platinum and palladium recorded hefty upward moves," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "An SEC verdict brought shares of proposed ETF Securities Platinum and Palladium trusts one step closer to final approval, and it lifted platinum and palladium prices to their highest in a week. Platinum, in fact, has not traded as high since the 4th of the month."

"The ETF story is interesting because … it doesn’t take a lot of money to make platinum and palladium move up," George Gero, vice president with RBC Capital Markets Global Futures in New York, said at Reuters.

"It looks like gold has found a new support level, and the brief rally we saw in the dollar is ending," Michael K. Smith, the president of T&K Futures & Options in Port St. Lucie, Florida said at Bloomberg. "As the dollar makes its way lower now, gold will benefit."

"While we wouldn’t rule out the possibility of further long liquidation, gold does appear to have reached a level investors are happy to increase their exposure, which should help limit substantial weakness," James Moore, an analyst at TheBullionDesk.com, in a note cited on MarketWatch.

New York crude oil for February delivery jumped $1.38, or 1.8 percent, to $78.05 a barrel on Thursday. For the week, oil soared $3.63, or 4.9 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 and precious metal weekly sales coin article summaries.

London Fix Weekly Bullion Prices

(Dec 18 – 24)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.1%
$0.01
$17.32
Gold
Unchanged
0.0%
$0.00
$1,104.50
Platinum
X
 
2.8%
$39.00
$1,456.00

(Dec 11 – 18)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-1.1%
-$0.20
$17.31
Gold
 
X
-1.7%
-$19.50
$1,104.50
Platinum
 
X
-0.8%
-$12.00
$1,417.00

(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
*Week change numbers are for Friday PM-Friday PM, except for holidays.

US Mint Gold and Silver Coin Weekly Sales News

In related silver and gold news, interesting or quick-read articles from the week include:

  • Gold and Eagles’ Decent Demand; Fractionals Gone – CoinNews
    If last week’s US Mint coin sales report could be considered lackluster, the most recent figures for this week do nothing but continue that trend. Fortunately, a few entries did show some movement, even if that movement could not be called extraordinary. Gold coins appear to have led the pack with decent demand. Most likely this is due to the $50 price reduction on gold issues that stemmed from the lower gold prices …
  • Silver Eagle Milestone, Collector Sets Decrease – Silver Coins Today
    New United States Mint stats reveal that sales were lower for three of their four available silver coin products. The 2009 US Mint Silver Proof Set was the biggest unit gainer of the collectible sets with weekly sales of 10,041. That was down from 12,136. Collectors are purchasing fewer 2009 DC & Territories Quarters Silver Sets. The latest weekly increase stands at 1,786 compared to 2,300. The 2008-dated Annual …
  • 2010 Gold Eagle Bullion Coins on Sale Jan. 19 – CoinNews
    2010 American Eagle Gold and Silver One Ounce Bullion Coins will go on sale beginning January 19, 2010, the United States Mint told its authorized purchasers on Tuesday. In what can be described as roller-coaster of availability due to enormous demand for 2009 bullion Eagles, this news comes as an affirmation of at least an attempt by the US Mint to keep supplies available. The Mint, however, also states that the allocation process will be in place upon their introduction.
  • 2010 Silver Eagle Bullion Coin Availability – Silver Coins Today
    The United States Mint today told its authorized purchasers that it would begin taking orders for 2010 American Eagle Silver Bullion Coins on January 19. The US Mint also said it would offer the 2009-dated versions “through the end of the year and into 2010 as long as inventories remain.” The coins, to include the new 2010s, will continue to be sold in an allocated, or limited basis …

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