Silver Prices Continue to Increase

Silver again ended the week on a higher note, following a trend beginning in early December. The London Silver Fix closed Friday to $11.22 an ounce, rising 14 cents or 1.3 percent from last Friday’s close of $11.08.

The following tables list precious metal prices from Friday PM to Friday PM:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
1/9/2009	854.00	947.25	11.22	991	988	196	196
1/2/2009	869.75	874.50	11.08	934	926	185	185

 

Dollar and Percent Changes
1/2-1/9	Gold	Silver	Platinum	Palladium
$ Change	(27.25)	0.14	62	11
% Change	-3.1%	1.3%	6.7%	5.9%

 

The following articles offer week ending precious metals news:

• Are Silver Prices Artificially Low? – NuWire, Jan 7
  Thirty years ago, the price of silver reached historic highs. At nearly $50 per ounce, the precious metal’s value was unlike anything seen before or since. A variety of factors fueled the skyrocketing prices; the energy crisis of 1979, the weakening of the U.S. Dollar and mounting interest rates all contributed to silver’s impressive value during the period. Today many of these factors are remarkably similar to what they were in 1979, yet the price of silver has remained surprisingly low.
• Labor Pain(s) – Jon Nadler, Jan 9
  New York gold dealings opened with a tilt towards lower values, and finished with only a very modest book-squaring related shortcovering climb in futures, as players digested the jobs data and as crude oil…
• Gold Rises on Speculation Dollar to Drop on Recession – Bloomberg, Jan 9
  Gold rose for a second day on speculation that the dollar will slide as the recession deepens, boosting the appeal of the precious metal as an alternative investment. Silver also gained.
• Gold ends almost flat amid job losses, rising dollar– MarketWatch, Jan 9
  Gold futures closed nearly unchanged Friday but marked their first weekly loss in five weeks, as newly released U.S. jobs data increased safe-haven buying while a stronger dollar made the metal less appealing as an investment alternative.
• Weekend Report: Silver, Gold, Platinum and Stock Prices– CoinNews, Jan 10
  London gold, which is used as a benchmark for immediate delivery, lost 3.1 percent for the week. Silver and platinum showed strength, rising 1.3 percent and 6.7 percent, respectively. Europe and U.S. indexes closed lower. The Dow lost 4.8 percent, the S&P fell 4.5 percent and the Nasdaq dropped 3.7 percent from last Friday’s close.