Silver Ends Below $12, Down 13.6% in Four Weeks

Silver and gold prices declined as platinum gained, marking the fourth straight week of the same cycle. Of all precious metals, silver fell the hardest.

London spot silver on Friday ended at $11.98 an ounce. The metal has dropped 32 cents, or 2.6 percent, from the prior week’s close of $12.30. Silver has declined 13.6 percent for a fall of $1.86 since it hit $13.65 an ounce on Friday, March 20.

In New York trading futures, silver for May delivery plunged 54 cents, or 4.4 percent. The metal closed to $11.79 an ounce on Friday compared to the previous week $12.33 ending.

The following tables lists recent London spot precious metal prices:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
4/9/2009	883.75	880.50	12.30	1205	1195	233	235
4/17/2009	872.00	870.50	11.98	1213	1215	234	233

 

Dollar and Percent Changes Thursday PM-Friday PM
4/9-4/17	Gold	Silver	Platinum	Palladium
$ Change	-$10.00	-$0.32	$20.00	-$2.00
% Change	-1.1%	-2.6%	1.7%	-0.9%

 

These articles offer week ending precious metals news:

• Gold falls on Citi results, better consumer sentiment – MarketWatch
  Gold futures moved lower Friday, marking their fourth straight weekly loss, as Citigroup’s financial results and improved consumer sentiment reinforced hopes that the economic crisis may have bottomed, making gold less attractive to investors…

• Gold Heads for Fourth Weekly Drop on Inflation Outlook, Stocks – Bloomberg
  Gold headed for its fourth weekly decline, the longest losing streak since August, as a global stock rally eroded demand for the metal as a store of value…

• The Ministry of Silly Talks vs. I’m Yellen “Bubble!” – Jon Nadler, Kitco
  Gold prices underwent a fourth weekly decline, making this their longest losing streak since August of 2008. The global rally in equities has bitten into the enthusiasm with which takers were willing to…

• Bullion & Business Weekend Report – CoinNews
  For the fourth straight week, gold and silver fell while platinum rose. London gold lost 1.1 percent, silver dropped 2.6 percent, and platinum added 1.7 percent. Oil futures picked up Friday to end above $50 a barrel, but declined 3.7 percent this week. U.S. stocks rallied for the sixth consecutive week to match a streak set back in May 2007…

• US Silver Coin Sales Figures – Apr 16 – Silver Coins Today
  For the second consecutive week, the latest United States Mint sales stats show a general decline in collector activity for US silver coins and sets. Recent fluctuating silver prices could have been a deterrent, as collectors may be more willing to standby and first see where it all settles…