Silver Prices Surge in First 2010 Trading Week

Silver prices were smoking hot during the first full week of trading in 2010. For the week, the metal soared 9.6 percent in New York and was fixed 6.7 percent higher in London.

Silver prices in 2009 posted an annual gain in New York of 49 percent, which was the biggest yearly increase since 1979. The percent gain was even larger in London at 57.5 percent. The trend is continuing for at least the first week of this year.

New York silver futures for March delivery ended the week at $18.47 an ounce, soaring an impressive $1.62 since the final trading day of 2009. London silver was fixed at $18.12 an ounce, surging $1.13 during the same time frame.

"While we see both gold and silver as safe haven investments, particularly as a hedge against the longer term risk of hyper-inflation, we believe gains in silver will outpace gold," advised Charles Gradante, co-founder of the Hennessee Group, in a statement cited on Epock Times in an article entitled Silver May Rise As Hot Commodity.

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
12/31/2009	1104.00	–	16.99	1466.00	–	402.00	–
1/8/2010	1121.75	1126.75	18.12	1547.00	1569.00	424.00	431.00

 

Dollar and Percent Bullion Price Changes
	Up	Down	% Change	$ Change
Silver	X		6.7%	$1.13
Gold	X		2.1%	$22.75
Platinum	X		7.0%	$103.00
Palladium	X		7.2%	$29.00

 

These articles offer precious metals and silver coin news:

• Gold rises as jobs data hit dollar – MarketWatch
  Gold futures rose Friday as the U.S. dollar dropped sharply against its major rivals after a largely disappointing jobs data, raising gold’s investment appeal. Platinum and palladium rose as the first exchange-traded funds backed by the two metals started trading in New York …

• Gold Caps First Weekly Gain Since November on Dollar’s Decline – Bloomberg
  Gold rose, capping the first weekly gain since November, on bets that a slumping dollar will boost the appeal of the metal as an alternative asset. Platinum rose to a 17-month high on increasing investment demand. The greenback fell as much as 0.7 percent against a basket of six …

• Unemployees Of The Month – Jon Nadler, Kitco
  Gold prices tried to find support at lower levels overnight, following yesterday’s declines that were largely a combination of dollar strength and on-going profit-taking. Asian markets witnessed further declines in the yellow metal, which sank to a low near $1,118 as mild selling spilled over into the overnight hours and as few bargain hunters stocked up on it ahead of critical US data that was released …

• US Collector Silver Coins First Rise of 2010 – Silver Coins Today
  The first United States Mint numismatic product sales report in 2010 shows rising demand for silver coins, despite a holiday shortened week. The increases break a three-week trend of softening sales, with the latest levels nearing those that were last seen toward the middle of December. The 2009 Silver Proof Set enjoyed the most collector attention. Weekly numbers increased by 7,021 compared to the prior pick …

• 2009 American Silver Eagles Records – CoinNews
  2,773,500 American Silver Eagle Bullion Coins were sold during the final weeks in 2009, according to the latest United States Mint sales data. Last month ranked as the second best December ever for the silver coin series that was introduced in 1986. It was the fourth best month in 2009 — a year that saw a record-breaking 28,766,500 eagles fly out of US Mint inventories. December and yearly numbers would have been more spectacular …

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