Silver Prices End Higher Through Final Three Weeks in February

Silver prices ended on stronger notes through the final three weeks of February after having tumbled nearly 20% during the three prior weeks, and by more than $1 in the first week of the month alone.

Despite gold declining slightly over the past week, silver — which often follows the yellow metal — was higher in both New York and London with respective weekly gains of 0.7% and 1.1%.

For the month of February, however, prices were split. London silver finished down 17 cents, or 1.0%, while the metal ended up 33.1 cents, or 2.0%, in New York.

For current prices, New York silver futures for May delivery ended at $16.521 an ounce on Friday, rising 10.8 cents this week. London silver was fixed at $16.12 an ounce, gaining 17 cents since last Friday.

"Silver appears to have formed a minor bottom and is ready to move higher rather sooner than later," said Przemyslaw Radomski, editor of SunShineProfits.com. "Naturally, that is the case if the general stock market doesn’t plunge and drag PMs with it. We are still waiting for the confirmation that PM stocks can rise on their own, instead of being lifted along with other stocks. Until that happens we must remain cautious."

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
2/19/2010	1107.00	1112.75	15.95	1506.00	1513.00	428.00	435.00
2/26/2010	1112.50	1108.25	16.12	1540.00	1533.00	430.00	430.00

 

Weekly Bullion Prices
	Up	Down	% Change	Gain/Loss
Silver	X		1.1%	$0.17
Gold		X	-0.4%	-$4.50
Platinum	X		1.3%	$20.00
Palladium		X	-1.1%	-$5.00

 

These articles offer precious metals and silver coin news: In related silver and gold news, interesting or quick-read articles from the week include:

• Gold jumps as dollar declines after U.S. GDP data – MarketWatch
  Gold prices jumped to the highest price in a week on Friday, rising for a second day, as the U.S. dollar fell versus the euro and traders noted a sense of returning willingness among investors to buy riskier assets, including commodities …

• Trees Grow on Mars – Photo Inside! – Jon Nadler, Kitco
  Two rather important developments kept traders busy in the gold markets during the overnight hours. The first item of interest concerns gold, silver and platinum import duties. According to Business Week, India – the world’s largest gold bullion consumer- raised the tax on gold and silver imports by 50% each "to reflect higher global prices for the precious metals" but has also raised something else in the process: major doubts as to what the country’s import levels of bullion may now amount to for 2010 and beyond, in the wake of the steep hikes …

• US Mint 2010 Gold Eagle Coin Values
  he price of gold is affecting demand, and seller inventory levels. The yellow metal premiered at just above $1,120 to start 2010. Prices rose to over $1,150 within the first week, but then retreated toward $1,058 by early February. Gold has since returned to the $1,120 area. Both buyers and sellers have been cautious given gold’s volatility. As a prime example, less than one hundred 2010 American Gold Eagles have been auctioned on eBay US. It is sketchy at best to scrutinize the eagles too deeply with so few sold, but the numbers are nevertheless worth noting …

• 2010 American Silver Eagles Top 5 Million
  2010 American Silver Eagle bullion coins were stuck for a week at 1.25 million for the month of February. That changed Wednesday afternoon when United States Mint sales figures showed that they popped up another 800,000. With the 2,050,000 in February added to the 3,225,000 purchased in January, 2010-dated Silver Eagles have topped 5 million for the year. The exact number comes in at 5,275,000 …

For silver news and prices, see Spot Silver Prices.