Weekly Bullion Prices Report – 1/23/2010

by Bullion Prices Staff on January 23, 2010

Bullion prices in both the New York futures and London markets plummeted, dropping the most in a week this year. US gold prices hit their lowest level in a month, but the biggest loser was silver with its fall of more than $1 an ounce.

Precious metals were stung by several events. Most notable was news breaking on Wednesday of China clamping down on lending and President Obama’s Thursday announcement proposing regulations to limit bank risk-taking. Both were cited in lessening gold’s appeal to investors, and raising further uncertainties in the markets.

For New York metals weekly prices, gold declined 3.6 percent, silver lost 8.1 percent and platinum retreated 3.2 percent. Gold for February delivery ended at $1,089.70 for a weekly loss of $40.80. Silver futures for March delivery ended at $16.932 an ounce, falling $1.50 on the week. Platinum for April delivery closed to $1,544.50, losing $51.60 on the week.

In London Fix bullion weekly prices, gold fell 3.9 percent, silver plunged 6.7 percent and platinum declined 3.8 percent. Gold on Friday was fixed at $1,084.00 an ounce, falling $44.00 for the week. Silver ended at $17.28 an ounce, for a weekly loss of $1.24. Platinum settled at $1,540.00 an ounce, losing $60.00 for the week.

Notable bullion quotes follow:

"The latest selling is most likely a temporary correction, but there is still too much uncertainty to say when and where the market drop will stop," he said on Reuters, adding that for gold, the near-term support target was December’s low around $1,070."

"Over the past three sessions we have noted several disconnects between bullion and the greenback, most notable yesterday [Thursday], when a retracement to lower levels by the dollar (following not-so-rosy jobs data) not only failed to push bullion to higher levels, but the metal sank under its own weight due to persistent liquidations," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "As of this writing, bullion continues to feel on the heavy side"

On Friday, New York crude-oil for March delivery tumbled $1.54, or 2.0 percent, to $74.54 a barrel. 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 article summaries.

London Fix Weekly Precious Metals Prices

(Jan 15 – 22)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-6.7%
-$1.24
$17.28
Gold
 
X
-3.9%
-$44.00
$1,084.00
Platinum
 
X
-3.8%
-$60.00
$1,540.00

(Jan 8 – Jan 15)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
2.2%
$0.40
$18.52
Gold
X
 
0.1%
$1.25
$1,128.00
Platinum
X
 
2.0%
$31.00
$1,600.00

( Dec 31 – Jan 8 )

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
6.7%
$1.13
$18.12
Gold
X
 
2.1%
$22.75
$1,126.75
Platinum
X
 
7.0%
$103.00
$1,569.00
*Week change numbers are for Friday PM-Friday PM (Unless a time is closed for holidays)

US Mint Gold and Silver Coin Weekly News

For silver and gold news discussing the most recent weekly United States Mint numismatic sales report, to include bullion coins, check out the following two articles:

  • 2010 Silver Eagle Sales Top 2.4 Million – WorldMintCoins.com
    The United States Mint sold 2.48 million 2010 American Silver Eagle bullion coins within two days of their Jan. 19 launch, representing more than 8.6% of the total sold as compared to the record-breaking sales in 2009. Why was there such a significant surge? Eagle demand had built up as a result of their delayed release. Newly dated issues are normally available at the very beginning on January. However, the US Mint decided to continue striking 2009-dated eagles late into last year as a result …
  • 2010 Silver Eagles Explode – CoinNews.net
    In what has become almost a weekly routine of late, the United States Mint again reported unimpressive sales according to their latest figures. A few bright spots did emerge, however. The most impressive gains come not from a numismatic item, but from the US Mint’s bullion coins. Recall that the bullion 2009 American Silver Eagles sold out on January 12th, with 2010-dated coins not appearing for sale until this last Tuesday. The situation left authorized purchasers with no silver bullion options for almost a full week …

For daily bullion price charts, see the home page charts of daily bullion prices.

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