Silver Prices Surge 7.5% in London, 5.2% in New York

Silver streaked ahead this week making impressive gains in both New York and London. While gold prices Friday were trimmed slightly after a stronger US dollar and falling crude-oil prices reduced the yellow metal’s appear, silver was more resilient.

New York silver futures for September delivery jumped 72.8 cents on the week to close Friday at $14.668 an ounce, marking a 5.2 percent gain.

London silver performed better, rising an impressive $1.02, or 7.5 percent, since last Friday. The metal was fixed at week’s end to $14.65 an ounce, which was two cents lower than the highest point reached Thursday.

"It [the US jobs report] was good for the stockmarket, so copper, silver, platinum and palladium had rises," a trader was quoted on The Australian. "It makes sense for the white metals to be up."

US Jobs data for July showed the smallest job cuts since last August and an unemployment rate at 9.4 percent compared to the 9.5 percent level in June.

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
7/31/2009	936.50	939.00	13.63	1186.00	1189.00	258.00	256.00
8/7/2009	960.50	956.00	14.65	1237.00	1260.00	270.00	271.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver	X		7.5%	$1.02
Gold	X		1.8%	$17.00
Platinum	X		6.0%	$71.00
Palladium	X		5.9%	$15.00

 

London silver is ahead $3.86, or 35.8 percent, this year following the $10.79 closing price on Dec. 31. It is down from its peak in May, however, when it jumped higher by $4.73, or 43.8 percent.

These articles offer precious metals and silver coin news:

• Bullion & Business Weekend Report – CoinNews
  Precious metals carried momentum from last Friday into the new week and tilted higher until the week’s close. Gold edged lower Friday as the U.S. dollar strengthened and crude-oil prices weakened to fall from a five-week high. London metals trended higher through most of the week, marking solid gains…

• Gold falls on upbeat jobs data, stronger dollar – MarketWatch
  Gold futures fell below $960 an ounce Friday as an upbeat U.S. jobs report reduced the metal’s safe-haven appeal and as a stronger dollar curbed the metal’s attractiveness as an alternative investment…

• Gold Drops, Paring Weekly Gain, After Climb to Two-Month High – Bloomberg
  Gold declined on speculation investors are offloading holdings of the precious metal to lock in gains after it climbed to a two-month high yesterday and commodity prices slipped…

• CBGAOK – Jon Nadler, Kitco
  Silver opened with a 14-cent gain this morning, quoted at $14.69 per ounce, while platinum resumed its sharp sell-off, which brought it down to $1244.00 an ounce (off $17) after literally just hours following its near-$1300 achievement in price. For once (not), we do not have to point to any automotive world news in order to explain the past 48 hours in platinum. We could just offer up the names of the profit-taking sellers in the noble metal. We won’t….

• UHR Gold Coins Top 75K, Eagles Soar, Proof Sets Climb – CoinNews
  UHR $20 gold coins roared, Silver Eagles soared, American Samoa quarters performed and US Mint Proof Sets marched forward. The latest US Mint sales figures also include a fair share of average and sub-par numbers, but the highlights are more interesting:…

• First Spouse Gold Coin Demand Declines – First Spouse Coins
  The demand for First Spouse Gold Coins leaned lower over a seven day period ended Sunday, August 2. That latest stats from the United States Mint show declining sales for seven of the eight gold coin offerings when compared to the prior week. Anna Harrison’s gold piece was the…

• US Mint Silver Coin Sales: Coinage Lower; Eagles Higher – Silver Coins Today
  Bullion American Silver Eagles earn the headline news as the biggest selling US Mint coin, and they have for several weeks. July silver eagles sales closed impressively high. In fact, the month was the best July in history with 2.8 million eagles sold. August looks to be starting just as strong. 200,000 are already on the Mint books…

• 2009 Silver Eagles Set Explosive Records – Silver Coins Today
  American Eagle Silver Bullion Coins were on a tear last month, earning the top spot for the most ever sold in July, and hitting the highest total during the first seven months of a year. Following a May dip, June silver eagles soared to mark the third best month of an explosive year…

• US Mint Bullion Coin Sales in July – Coin Sales Figures
  American Eagle Gold and Silver Bullion Coins closed out with differing performances. For July, gold eagle sales registered toward the bottom of the monthly ladder. Silver eagles were one rung from the top. But both bullion coins are on track to have an exceptionally impressive year…

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