Weekly Bullion Prices Report – 12/5/2009

by Bullion Prices Staff on December 5, 2009

Precious metals retreated on Friday and lost some of their weekly luster after the US government reported that employers eliminated fewer jobs in November than had been expected. With that news and an unemployment rate called at 10% (down from 10.2%), the US dollar rallied to its biggest gain since 1999.

While the jobs report helped crude prices early by raising hopes of an economic recovery, the greenback’s climb was enough to drive oil lower. Gold tends to follow oil and move opposite to the U.S. dollar, and it did just that on Friday.

In London weekly precious metal prices, gold rose 2.0%, silver jumped 6.1% and platinum advanced 3.4%. Gold was fixed at $1,190.25 an ounce, rising $23.75 this week. Silver closed to $18.83 an ounce, advancing $1.09 from last Friday’s close. Platinum ended at $1,472.00 an ounce, jumping $48.00 since last Friday’s close.

In New York bullion prices, gold fell 0.4%, silver finished 1.2% higher and platinum climbed 0.2%. Gold for February delivery finished at $1,169.50 for a five-day front contract loss of $4.70. Silver futures for March delivery ended at $18.520, posting a weekly front contract gain of 21.8 cents. Platinum for January delivery closed to $1,449.70, advancing $2.60 on the week for the front contract.

"So many people have piled into gold, so this pop in the dollar is freaking people out," Matt Zeman, a metals trader at LaSalle Futures Group Inc. in Chicago, said on Bloomberg. "The dollar is rocking and gold is getting its teeth kicked in."

"The pullback is related to the dollar reaction to the jobs data," James Steel, gold analyst at HSBC in New York, was quoted on MarketWatch.

"A Reuters survey of traders found that more than half of them expect the year-end tally to find gold at under $1200 per ounce. As for 2010, the most optimistic of crystal ball images finds the metal peaking around $1300-$1350, (UBS, Goldman) with little or no justification for higher levels," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "Of course, there are those who also question a Goldman forecast for such levels, issued just when gold notched a fresh $1225 record to the day."

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

(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

(Nov 13 – 20)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.0%
$0.86
$18.18
Gold
X
 
3.3%
$36.00
$1,140.00
Platinum
X
 
5.6%
$76.00
$1,435.00
*Week change numbers are for Friday PM-Friday PM

 

New York crude oil for January delivery fell 99 cents, or 1.3%, to $75.47 a barrel. For the week, oil ended down 58 cents, or 0.8%.

US Mint Bullion Coins

Here are several US bullion coin news items that developed on Friday:

  • US Mint to Resume Selling 2009 Silver Eagle Coins
    The United States Mint on Friday said it would again offer 2009 Silver Eagle Bullion Coins. The silver coins were halted last week as a result of enormous demand which depleted the US Mint’s inventory. “On Monday, December 7, 2009, the United States Mint will resume taking orders for 2009-dated American Eagle Silver Bullion Coins,” said U.S. Mint Director of Public Affairs Tom Jurkowsky. …
  • Buffalo Bullion Gold Coins Sold Out
    US gold bullion coins continue to be hot. So hot that two sell-outs occurred today with two more likely on the way within days, if not hours. According to the US Mint, the inventory for the 2009 American Gold Buffalo Bullion Coins has been depleted and no more will be struck for the year …
  • 2009 Gold Eagles Inventory Runs Out
    The US Mint ran out of one ounce 2009 American Gold Eagle coins last week which caused their temporary suspension, and now the fractional sizes that were just launched are either gone or being allocated following record one-day sales. The demand for American Eagle coins is straining inventory, forcing the US Mint to send out another notice to its customers …

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