Silver Prices Surge 6.1% in NY and 5.0% in London, 2009 Highs Hit

Silver prices soared this week as the metal followed the path of rising gold. 2009 highs were reached on Wednesday, before easing back yet still earning respective weekly increase in New York and London of 6.1 percent and 5.0 percent.

New York silver futures for December delivery ended at $18.44 an ounce on Friday to register a $1.06 weekly increase. Prices reached an intraday peak of $18.855 on Wednesday, which was the highest level since July 2008.

London silver ended at $18.18 an ounce, surging 86 cents from last Friday’s fix. Wednesday was the 2009 high point with a $18.74 per ounce price. As of Friday, the metal has jumped $7.39, or 68.5 percent, this year (as compared to the $10.79 price on Dec. 31, 2008).

"Silver has benefited from gold’s strength, U.S. dollar weakness, some investors’ rising concerns at the potential for higher inflation," and investors’ interest in commodities "in a very low interest rate environment,” London-based precious metals consultancy GFMS Ltd. said in a report Thursday that was cited on MarketWatch in an article entitled Silver prices to top $20 in short term, GFMS says.

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
11/13/2009	1107.50	1104.00	17.32	1359.00	1359.00	354.00	354.00
11/20/2009	1142.50	1140.00	18.18	1430.00	1435.00	361.00	360.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver	X		5.0%	$0.86
Gold	X		3.3%	$36.00
Platinum	X		5.6%	$76.00
Palladium	X		1.7%	$6.00

 

These articles offer precious metals and silver coin news:

• Gold rises for sixth session as inflation worries continue – MarketWatch
  Gold futures rose Friday for a sixth straight session to a new record high, ending the week with their third weekly gain as continued worries over a weaker dollar and global inflation encouraged investors to buy gold as a safe asset. Gold for December delivery, the most actively …

• Gold Rises for Sixth Straight Session on Bets Dollar to Drop – Bloomberg
  Gold prices climbed for the sixth straight session on speculation that the dollar will decline, boosting demand for the metal as an alternative investment. The dollar touched a 15-month low against a basket of major currencies on Nov. 16. The greenback climbed as much as 0.8 percent today. Gold reached a record …

• Curb Your Capital(ism) – Jon Nadler, Kitco
  A more robust gain in the US dollar overnight (rising 0.56 on the index, to 75.82) drew additional sales from gold holders and dented values in crude oil as well as other precious and base metals. The US currency gained ground following cautionary words on the state of economic recovery by ECB President Jean-Claude Trichet. US …

• Gold Coins and Braille Silver Dollars Gain – CoinNews
  With gold prices pounding on new highs, many of the US Mint’s gold coins enjoyed stronger sales last week, although $20 UHRs dropped back and proof Buffalo coins continue to slow. The newly released Lincoln Presidency cent two-roll sets are visible in this week’s report. The initial numbers are solid. Braille Silver Dollars, which will go off sale in less than a month, also picked up nicely. These and more highlights follow: …

• Silver Eagles Hit 25 Million Milestone – Silver Coins Today
  The newest United States Mint sales figures indicate collectors are paying more attention to silver coins. Only two silver numismatic products failed to outperform their prior week numbers. And while bullion 2009 American Silver Eagle sales softened slightly in the last seven days, they did top 25,000,000 for the year and reinforced their dominance.In getting down to specifics, 2009 US Mint Silver Proof Set sales have again outpaced prior figures, and for the second …

• US Mint Offers Newly Designed 2009 Platinum Eagle Coin – CoinNews
  The United States Mint officially confirmed today that the one-ounce 2009 American Platinum Eagle Proof Coin will be available for purchase at noon Eastern Time (ET) December 3, 2009 — the same date it had tentatively provided back in October. As part of the announcement, the US Mint released an image of the new theme for the reverse, which will change annually on platinum coins until 2014. …

For daily silver news and prices, visit Bullion Prices.