Silver Prices Volatile During the Week

Silver was volatile this week. Daily prices took turns at large swings of ups and downs. In the end, New York silver as virtually unchanged for the week while London silver fell 20 cents. Specific figures follow.

New York silver futures for December delivery ended at $17.380 an ounce on Friday for a half penny weekly increase.

London silver came in at $17.323 an ounce, retreating 1.2 percent from last Friday’s fix. Despite the loss, it has gained $6.533 or 60.5 percent this year following the closing price of $10.79 an ounce on Dec. 31, 2008.

"Silver is really struggling to keep up with gold at the moment because this is a gold story, it is not a silver story," RBS analyst Stephen Briggs said. "Silver is only a geared play on gold, its own fundamentals are not great. If it weren’t for the ETF buying the market is in surplus."

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
11/6/2009	1095.00	1096.75	17.53	1362.00	1347.00	330.00	330.00
11/13/2009	1107.50	1104.00	17.32	1359.00	1359.00	354.00	354.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-1.2%	-$0.20
Gold	X		0.7%	$7.25
Platinum	X		0.9%	$12.00
Palladium	X		7.3%	$24.00

 

These articles offer precious metals and silver coin news:

• Gold futures build on gains as dollar falls back – MarketWatch
  Gold futures finished the session up almost 1% Friday, and gained almost 2% on the week, receiving a lift as the dollar weakened and on news that Vietnam lifted a ban on imports of the precious metal. The dollar came under renewed pressure Friday as upbeat earnings news from Walt Disney Co. helped …

• Gold, Silver Rally as Dollar Falls, Boosting Demand for Metals – Bloomberg
  Gold prices climbed to a second weekly gain as the dollar fell against the euro, boosting demand for alternative assets. Silver also rose. The dollar slipped as much as 0.6 percent against the euro. Bullion usually gains when the U.S. currency declines. Gold futures reached a record $1,123.40 an ounce yesterday …

• They Get a Kick From Champagne – Jon Nadler, Kitco
  Friday the 13th did not prove unlucky, at least as far as the “Old World” is concerned. The NY Times reported this morning that: “The 16-country euro zone has officially joined the United States and Japan out of recession, after figures showed its economy grew by 0.4 percent in the third quarter from the previous …”

• 2009 Silver Sales Rise, Braille to Go – Silver Coins Today
  The 2009 Silver Proof Set not only recovered from its recent dip, but it again garnered the most attention in the realm of numismatic silver products, the latest US Mint weekly coin sales reveal. The silver proof set rose by 9,586 to mark a more than 2K improvement over last week’s reported 7,455. The set is at 558,388, accounting for …

• Silver Eagles’ Secondary Market Analysis – CoinNews
  Bullion 2009 American Silver Eagle coin sales have been on fire this year. Eight of ten months were “best ever” records. 2009 has already been crowned the top-selling year of all-time, and that was back in early October. For a series which began in 1986, nothing underscores the demand for the silver eagles better. Their values in the upper grades are …

For daily silver news and prices, visit Spot Silver.