Silver Prices Jump 4.7% in London, 3.6% in New York

Silver gained for a second straight week as did the remaining precious metals. Silver was hotter than gold and platinum, however, with a 4.7 percent jump in London and 3.6 percent surge in New York.

New York silver futures for September delivery rose 47.7 cents on the week to close Friday at $13.88 an ounce.

London silver edged higher, gaining 62 cents this week to end Friday at $13.78 an ounce. It is now ahead $2.99, or 27.7 percent, this year following the $10.79 closing price on Dec. 31.

"Traders do see possible tests of the $14 level in the cards, but we do not have a polled participant survey result to offer for the white metal. Or, the aforementioned crystal ball, either," wrote Jon Nadler, senior analyst at Kitco Metals Inc.

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
7/17/2009	934.50	937.50	13.16	1169.00	1165.00	247.00	245.50
7/17/2009	949.75	951.50	13.78	1180.00	1186.00	257.00	258.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver	X		4.7%	$0.62
Gold	X		1.5%	$14.00
Platinum	X		1.8%	$21.00
Palladium	X		5.1%	$12.50

 

Silver is still down from its peak in May when it jumped $4.73, or 43.8 percent in London. These articles offer precious metals and silver coin news:

• Bullion & Business Weekend Report – CoinNews
  Precious metals prices were higher for the second straight week but no explosive breakouts were seen, although silver jumped nearly 5 percent in London. As for gold, a weaker U.S. dollar and rising crude-oil prices helped support the yellow metal through most of the week…

• Gold prices fall, denting weekly gain, as bigger buyers rest – MarketWatch
  Gold on Friday trimmed weekly gains, with jewelry industry buyers and exchange-traded funds on the sidelines one day after the precious metal hit a six-week high…

• Gold Falls in N.Y. as Equities Climb; Silver, Platinum Gain – Bloomberg
  Gold fell in New York, halting a two-day rally, as rising equities dulled the appeal of the metal as a store of value. Silver and platinum rose…

• Watchmen or Transformers – Who Will Rule? – Jon Nadler, Kitco
  A small overnight dip to $945 in gold prices gave way to a fairly quick recovery in same, as the US dollar took a more substantial 0.34 point hit on Friday morning and fell to 78.63 on the trade-weighted index. The yellow metal and the greenback have been executing a cheek-to-cheek close tango…

• Silver Proof Sets and Eagles Sail, Gold UHR’s Top 70,000 – CoinNews
  What a difference a week can make. Collectors partially awoke from a summer slumber and began to buy US coins. Ultra High Relief $20 Gold coins surpassed 70,000, newly released 2009 Silver Proof Sets reached 271,372 in three days, American Eagle Silver bullion coins topped 15.8 million, and demand was higher for the remaining US Mint silver coins…

• First Spouse Gold Coin Sales – July 22 – First Spouse Coins
  US Mint First Spouse Gold Coin sales were mostly on par with typical summer figures of late — there was no coin to really brag about… Again leaders from a pure numbers stand point were Letitia Tyler First Spouse Coins issued July 2. Proof and uncirculated options increased by 376 and 173, respectively…

• Bullion Eagles Pass 15.8 Million – Silver Coins Today
  Last week figures had silver coin demand declining across all US Mint offerings with the exception of red-hot silver eagle bullion coins. Not so for recent sales. Silver eagles continued to dominate, yes, but newly released 2009 Silver Proof Sets soared. And remaining Mint silver products climbed at least modestly…

• Silver Eagles Strong, Gold Eagles Climb – Coin Sales Figures
  US bullion coin demand over the past week remained strong as American Silver Eagles approached a total of 16 million sold for the year and American Gold Eagles hit 726,500. Silver eagles equaled their stunning performance pace with the same 800,000 jump as the prior week. Gold eagles performed better, rising by 26,500 compared to the previous 17,500…

For daily silver news and prices, visit Silver Prices.