Silver Prices Plunge in 3rd Week of May

Silver prices were brutalized during the third week of May, tumbling with other precious metals with stiff selling the order of the day for much of the week.

Silver’s fall was less severe as compared to other industrial used metals, like platinum and palladium. But its drop was deep nevertheless. London and New York prices follow.

New York silver for July delivery closed to $17.651 an ounce, plunging $1.574 or 8.2% for the week. Prices stabilized a bit on Friday, with the metal pulling back just 6.4 cents.

The London silver fix was $17.720 an ounce, plummeting $1.92 or 9.8% for the week. There was no pause in declines, with each succeeding day settling lower. Friday’s daily loss was the least severe at 21 cents.

For a quote of the week:

"It would appear that silver continues to garner a significant amount of direction from the equity markets and that suggests silver is still focused on its classic physical commodity market fundamentals and not on flight to quality issues," noted Nell Sloane on StockMarketsReview.com. "In order to see a significant bottom in silver prices probably requires a coordinated aggressive statement of support from outside of the EU and IMF."

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
5/14/2010	1238.75	1236.50	19.640	1726.00	1721.00	541.00	536.00
5/21/2010	1183.50	1179.75	17.720	1494.00	1492.00	416.00	419.00

 

London Weekly Bullion Prices
	Up	Down	% Change	Gain/Loss
Silver		X	-9.8%	-$1.92
Gold		X	-4.6%	-$56.75
Platinum		X	-13.3%	-$229.00
Palladium		X	-21.8%	-$117.00

For daily prices, check out the silver spot price page.