Silver Prices Drop 6.5% in London, 3.8% in New York

With the exception of silver’s negative dip between Friday and Monday, the metal’s trading range was mostly narrow.

For the week, silver lost 97 cents in London and 55.8 cents in New York.

New York silver for September delivery fell 3.8 percent, to close at $14.164 an ounce. The metal recovered some of its losses Friday with a 28 cent gain.

London silver plunged 6.5 percent. The metal was fixed at week’s end to $14.01 an ounce. Prices were lowest on Wednesday at $13.59

"Silver managed to recapture the $14-per-ounce level, but the noble metals slipped in early going, as perceptions of ‘what next’ came into the picture with the aforementioned ‘clunkers’ programme ending on Monday," wrote Jon Nadler, Sr. analyst at Kitco Metals Inc. "In any event, car wheeler-dealers will have all staff on-call for what promises to be a very, very long (but perhaps their best in years) weekend."

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
8/14/2009	957.50	953.60	14.98	1271.00	1267.00	276.00	277.50
8/21/2009	941.50	952.50	14.01	1232.00	1239.00	272.00	275.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-6.5%	-$0.97
Gold		X	-0.1%	-$1.10
Platinum		X	-2.2%	-$28.00
Palladium		X	-0.9%	-$2.50

 

London silver is up $3.22, or 29.8 percent, this year following the $10.79 closing price on Dec. 31.

These articles offer precious metals and silver coin news:

• Bullion & Business Weekend Report – CoinNews
  Precious metals shifted lower for the week in London, but later closing New York gold futures on Friday gained more than any other day in August and registered a positive week. The yellow metal was helped by weakness in the U.S. dollar and the highest crude oil prices of 2009…

• Copper jumps 5% on Europe, U.S. data; gold gains – MarketWatch
  Copper rallied 5% Friday, posting its biggest gain in at least a week and headlining a broad metals advance as European and U.S. economic data supported expectations for increased industrial demand…

• Gold Jumps as Dollar Drops, Crude Oil Climbs; Silver Advances – Bloomberg
  Gold jumped the most this month as the dollar fell, increasing the metal’s appeal as an alternative investment. Silver also gained. The dollar dropped as much as 0.8 percent against the euro as German services and French manufacturing unexpectedly…

• For (No Longer) Richer Or (Much) Poorer – Jon Nadler, Kitco
  This week’s dual theme – China and oil- continued to still exert the primary influence on the precious metals complex during the overnight hours. As crude values approached $74 per barrel, the dollar lost more on the trade-weighted index, sinking to $77.95 ahead of the NY open…

• Gold Eagles Top 801K, Silver Eagles Over 17.7M – CoinNews
  Since many coin collectors spend their time outside of the hobby during the summer months, US Mint weekly sales can tend to be routine and borderline boring. That is not the case with the latest round of coin figures. Highlights follow…

• Julia Tyler Sales Rise 35% – First Spouse Coins
  The First Spouse Coin news of the week is the sell out of Jackson’s Liberty proof coin. The US Mint unexpectedly placed the gold piece in its “sold out” category, although the uncirculated option is still available to buy. Most who follow the series were expecting the US Mint to stop selling both coins on the morning of Sept. 3, which…

• Silver Eagles Rise 475K, Silver Proof Sets Gain 17.3K – Silver Coins Today
  It was another strong week for at least two US mint silver coin products. American Silver Eagles shined and the 18-coin Silver Proof Set commanded coin collector’s attention. In another huge weekly leap, Bullion American Silver Eagles jumped 475,000. That follows…

• Ultra High Relief Double Eagle Sales – CoinNews
  2009 Ultra High Relief (UHR) Double Eagle Gold coins have topped a new milestone and demand is stronger than ever in the month of August. New United States Mint sales figures reveal several thousand of the 24-karat gold coins have been sold during the last few days alone. And since the US Mint began offering them on January 22, 2009, a total of 80,700 have been sold…

• Jackson’s Liberty First Spouse Coin Sold Out – CoinNews
  The US Mint has added Jackson’s Liberty First Spouse Gold Proof Coin to its sold out list, in a move that will shock collectors of the $10, one-half ounce 24-karat gold coin series. With the exception of sell outs due to mintage limits met, past First Spouse Coins have been available from the US Mint for a year or until replaced by a following year release…

For daily silver news and prices, visit Silver Spot Prices.