Silver Prices Fall from ’09 Highs

Silver prices retreated from 2009 highs this week as the metal fell 2.4 percent in London and 0.7 percent in New York.

New York December silver futures closed Friday to $18.302 an ounce, marking a 13.8 cent loss.

London silver was fixed at $17.74 an ounce, falling 44 cents for the week. Despite the loss, the metal is up $6.95, or 64.4 percent from the $10.79 London price set on Dec. 31, 2008.

"Silver continues to be worrisome," Ned Schmidt’s updates in the Value View Gold Report states. "If the gold move was real, silver should be considerably above $20. It is not, and the problem is not with Silver. The problem is what is happening in gold. Quite simply it seems that traders are shunning Silver in order to play in gold. If you can have lots of fun in one sandbox, why go play in another?"

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
11/20/2009	1142.50	1140.00	18.18	1430.00	1435.00	361.00	360.00
11/27/2009	1128.75	1104.00	17.74	1418.00	1424.00	363.00	369.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-2.4%	-$0.44
Gold		X	-3.2%	-$36.00
Platinum		X	-0.8%	-$11.00
Palladium	X		2.5%	$9.00

 

These articles offer precious metals and silver coin news:

• Dubai drags gold to first loss in 10 days – MarketWatch
  Gold futures fell Friday, ending their nine-session winning streak, as Dubai’s debt woes fueled a sell-off in commodities and stocks, while the U.S. dollar gained against its rivals. Gold for December delivery tumbled from a high of $1,195 an ounce to an intraday low of $1,130.10 in electronic trading overnight — a decline of …

• Gold Futures Drop, Halting Nine-Session Rally, as Dollar Gains – Bloomberg
  Gold futures dropped in New York as the dollar’s rebound damped demand for the precious metal as an alternative asset. The greenback climbed after Dubai’s efforts to reschedule its debt rattled investors. Silver, platinum and palladium also dropped today. Spot gold reached a record yesterday, while the dollar …

• Dubai Turns Do Sell – Jon Nadler, Kitco
  Being called back to scribe duty by surprise developments has little appeal for those who thought the day might be spent navel-gazing. But, the news never sleeps, it appears. Just when conditions appeared to be defined solely by extreme euphoria, someone, somewhere far away, decided to have a not-so-little…crisis …

• Bullion Coins Hot, Proof Sets Rise – CoinNews
  Fewer numismatic products are shouting out with noteworthy gains in the latest US Mint weekly sales report, but bullion coins are screaming along with the record highs in gold and silver prices. More visible on collector’s radar were the debut of Zachary Taylor Presidential $1 rolls, clad US Mint Uncirculated Sets and US Mint Proof Sets, which are on a three week rise …

• Silver Eagles 7,000 Shy of 26 Million – Silver Coins Today
  2009 American Silver Eagle sales were less than impressive at the start of November, but they quickly warmed after silver prices reached year highs. The eagles now look to be the talk of the month. The US Mint’s authorized dealers purchased 986,000 Silver Eagles during the last six days alone, bringing November sales up to 2,586,500. The month already ranks as the fourth best in 2009 with still nearly a week …

For daily silver news and prices, visit Bullion Prices.