Silver Prices Sink 8.3% in NY, 6.1% and London

October has been a month of seesaw silver prices, with the latest weekly silver numbers plunging in both New York and London. Last week the metals overcame the previous week’s decline. This week those gains were given back, and more.

New York silver futures for December delivery closed to $16.255 an ounce on Friday, and finished the week lower by $1.468, or 8.3 percent.

London silver was set to $16.65 an ounce, plunging $1.08, or 6.1 percent, on the week. The loss bites into the metal’s yearly performance, which is still up an impressive $5.78, or 53.6 percent from the $10.79 fixes price on Dec. 31, 2008. However, the gain was 63.6 percent just last Friday.

"A less-euphoric outlook to global growth may help explain why the price declines in silver and platinum have been more severe than gold over the past week," analysts at Deutsche Bank said on Bloomberg.com

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
10/23/2009	1061.25	1061.75	17.65	1369.00	1372.00	335.00	338.00
10/30/2009	1044.50	1040.00	16.57	1328.00	1320.00	327.00	324.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-6.1%	-$1.08
Gold		X	-2.0%	-$21.75
Platinum		X	-3.8%	-$52.00
Palladium		X	-4.1%	-$14.00

 

These articles offer precious metals and silver coin news:

• Bullion & Business Weekend Report – CoinNews
  Precious metals retreated on the week as prices fell following a stronger US dollar. New York crude oil dropped the most in a month on Friday, yet still managed an October rise of 9 percent. US stocks also declined sharply Friday to mark their worst one-day slide since April …

• Gold falls on U.S. data, but still up nearly 4% in October – MarketWatch
  Gold futures finished lower on Friday, but held on to strong gains in October, as a firmer dollar and mixed U.S. economic reports dimmed the metal’s appeal as a hedge against inflation. The U.S. government reported consumer spending fell sharply in September, while employment costs rose …

• Gold Falls, Capping First Weekly Loss in Five, as Dollar Gains – Bloomberg
  Gold fell, capping the first weekly loss since late last month, as a strengthening U.S. dollar cut demand for the precious metal as an alternative asset. Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, slipped 0.3 percent this week as the dollar rebounded from …

• GDP: Great Day to Play – Jon Nadler, Kitco
  Friday’s market sessions in precious metals started off on a tamer note, following the best gains in gold in three weeks. Explanations follow. The recapture of the $1045 area is noteworthy, although analysts we polled during the wee hours overseas are trying to define the move as everything from a …

• US Mint Bullion Coin Sales Robust – CoinNews
  US Mint collector coins moved like molasses when compared to sales figures of two weeks ago. But bullion coins — especially gold — still had a little swagger in their step. October will be a robust month for American Eagles and American Buffalos. UHR Double Eagles took a significant hit, rising sadly by only 562. Since they …

• First Spouse Gold Coin Sales Slip – First Spouse Coins
  Sales retreated again for the beautiful 24-karat First Spouse Gold Coins. In fact, the total unit increase for the seven day period was less than half of what it was in the prior report. Sarah Polk Proofs still led the First Spouse series by adding 79, but both Anna Harrison Proofs and Letitia Tyler Proofs lost …

• US Silver Coins Cool, Bullion Eagles Near 23M – Silver Coins Today
  US Mint sales numbers are often mixed when it comes to silver related collector products — demand for coins in one hand rise while those in the other decline, metaphorically speaking. October has been different. Silver coins have trended up or down as a group without the mixing. Last week’s report was filled with strong, bullish numbers. This week’s numbers are …

• US Bullion Gold Buffalo Coins Top 110K – CoinNews
  The United States Mint has sold 110,500 one-ounce American Buffalo $50 Gold Bullion Coins since they were released on Thursday, Oct. 15, 2009. To place that in perspective, in less than two weeks bullion dealers have purchased 64.2 percent of the total (172,000) that was sold in all of 2008 …

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