Silver Prices Tumble 6.0% in London, 5.7% in New York

Precious metal prices were hit hard this week, falling on the heels of a stronger U.S. dollar and sliding oil prices. Silver suffered one of the worst weeks of the year as it followed gold’s decline.

New York silver futures for September plunged 76.3 cents or 5.7% on the week to close Friday at $12.645 an ounce. It actually reached $12.51, which was the lowest level since May 4.

London silver faired slightly worse, falling to $12.63 an ounce, which is 81 cents or 6.0% down from the closing price last Friday.

"Should gold fall afresh, buying-support from the industry and private investors — which we have observed it the recent past — will not be able to prevent the white metal from falling further," Wolfgang Wrzesniok-Rossbach, the head of marketing and sales at Hanau, Germany-based Heraeus Metallhandels GmbH, was quoted on Bloomberg. "Support would be at $11.80 an ounce," he said, describing the price at which buying may swell.

The latest decline sliced a huge chunk off the metal’s yearly gain which peaked in May up to $4.73, or 43.8 percent. Today, London silver is $1.84 or 17.1% higher than the $10.79 closing price on December 31.

Here are week changing London precious metal prices:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
7/3/2009	932.50	932.50	13.44	1183.00	1185.00	250.00	250.00
7/10/2009	910.00	913.00	12.63	1106.00	1095.00	234.00	234.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-6.0%	-$0.81
Gold		X	-2.1%	-$19.50
Platinum		X	-7.6%	-$90.00
Palladium		X	-6.4%	-$16.00

 

These articles offer week ending precious metals and silver coin news:

• Bullion & Business Weekend Report – CoinNews
  Tumbling oil prices and a stronger U.S. dollar helped reduced gold’s appeal as the yellow metal, along with silver, fell for a second straight week. Platinum plunged for the fifth week. In London weekly declines, gold slid 2.1 percent, silver plunged 6.0 percent, and platinum plummeted 7.6 percent…

• Gold falls as oil tumbles, dollar rises; copper also down – MarketWatch
  Gold futures fell Friday, extending their weekly losses to 1.6% as tumbling oil prices and a stronger dollar reduced the metal’s appeal as a hedge against inflation and a weak currency. Crude oil has lost about 10% this week…

• Gold Declines as Stronger Dollar, Lower Oil Prices Curb Demand – Bloomberg
  Gold fell as a stronger dollar and lower oil prices curbed the metal’s appeal as an alternative investment and inflation hedge. Silver also slid. Gold futures dropped 2 percent for the week, the second straight decline…

• Livin’ In A Smuggla’s Paradise… – Jon Nadler, Kitco
  Gold prices headed for a near 2% loss on the week by early this morning, as selling intensified and brought values all the way down to $905 per ounce. Pressured by free-falling oil – itself posting the worst drop in prices since January (to under $59 per barrel) – and by another little pop in the US dollar (to around $80.40 on the index), the yellow metal succumbed…

• US Mint Coin Sales Ease – CoinNews
  Collectors had more on their minds than buying coins last week, the latest US Mint figures reveal. Sales were modest, held in check by diversionary summer travel and the celebration of an extended 4th of July holiday weekend…

• Inaugural Sales of Letitia Tyler First Spouse Gold Coins – First Spouse Coins
  Letitia Tyler First Spouse Gold Coins have registered on the US Mint sales board. From their launch on Thursday, July 2, to Sunday, July 5, collectors purchased 1,853 proof and 1,020 uncirculated coins…

• Silver Coins and Set Demand Declines – Silver Coins Today
  There is little surprise in learning that last week’s US Mint silver coin sales show a general decline in demand. Collectors were, after all, off and enjoying the recent three-day holiday weekend for the 4th of July. Sales in four of the six silver Mint offerings fell compared to…

• Silver Eagles Surge Over 14 Million, Gold Eagles Slow – Coin Sales Figures
  US Mint sales of silver eagles soared over 14 million during the last seven days while gold eagles climbed, but at a slower pace than the week prior. As reported on Monday, June 29, American Eagle Gold and Silver bullion coins had the potential to close out June as the third best month in 2009…

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