Silver Prices Bounce Back in NY and London

Silver prices returned with some luster following their declines last week when prices slumped below yearly highs. The metal enjoyed weekly gains of 2.0 percent in London and 1.7 percent in New York — both closing at their at their highest weekly levels this year.

New York silver futures for December delivery finished Friday at $17.723 an ounce, rising 30.3 cent cent from last Friday’s close of $17.420. The price has gained 57 percent this year after dropping 24 percent in 2008.

London silver was set to $17.65 an ounce, jumping to a weekly gain of 34 cents. The precious metal is now up an impressive $6.86, or 63.6 percent this year. London silver on Dec. 31, 2008 was fixed at $10.79 an ounce.

"In silver right now you have about an equal number of buyers and sellers between the range we have seen recently," said David Morgan from Silver-Investor.com."And this is very typical of all markets. A bull market is named bull for a reason. All bull markets shake off as many participants as possible, on the way up"

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
10/16/2009	1047.75	1047.50	17.31	1341.00	1340.00	325.00	327.00
10/23/2009	1061.25	1061.75	17.65	1369.00	1372.00	335.00	338.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver	X		2.0%	$0.34
Gold	X		1.4%	$14.25
Platinum	X		2.4%	$32.00
Palladium	X		3.4%	$11.00

 

These articles offer precious metals and silver coin news:

• Bullion & Business Weekend Report – CoinNews
  Precious metals enjoyed modest gains on the week as the US dollar was the predominating driver of where prices went. A weaker greenback on Friday combined with lower crude oil prices helped gold slide slightly from earlier week highs …

• Gold turns lower on stronger dollar, lower crude – MarketWatch
  Gold futures fell Friday, reducing weekly gains as a rebounding dollar curbed its investment appeal. December gold futures ended down $2.20, or 0.2%, to $1,056.40 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded October contract lost …

• Gold Prices Fall for Second Day in N.Y. as Dollar Strengthens – Bloomberg
  Gold prices fell for a second day in New York as a rebound in the dollar curbed demand from investors who buy the precious metal as a hedge against inflation. The U.S. currency gained as much as 0.3 percent against the euro after a report showed sales of existing U.S. homes …

• A Turkey for Turkey, The UK Lays an Economic Egg, and Russia Sells…Gold?! – Jon Nadler, Kitco
  Gold prices continued to remain ‘in the zone’ (the $1040-$1070 zone, that is) overnight, with little in the way of fresh market-impactful news making their way into the media stream. The US dollar remained at or very near the 1.50 pivotal level against the euro, but climbed away from the 75-mark …

• US Mint Sales: Bullion Coins Hot, Silver Coins Strong – CoinNews
  US Mint sales once again look attractive following a week when collector interest in most coins dipped. Demand is strong for both silver and gold bullion coins, as has been the case for much of the year. The newly released Gold Buffalo coins were most impressive. In other notables, Ultra High Relief $20s finally topped the 100K barrier, and the Lincoln Chronicles set …

• Silver Coins Heating Up – Silver Coins Today
  A new week ushered in greater demand for silver coins, new US Mint stats reveal. Previous weekly sales dipped, so the change is more pronounced. Last week’s silver coins report showed a spike in 2008 Annual Uncirculated Dollar Coin Sets. That is likely explained by the fact that the set is the only way to acquire an uncirculated American Silver Eagle now that the …

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