Silver Weekly Prices Surge 5.8% in N.Y. and 5.0% in London, Soars in March

Weekly silver prices soared toward the end of March and the beginning of April after falling the prior week. The metal jumped 5.8% in N.Y. and 5.0% in London.

The London silver fix ahead of long Easter weekend ended at $17.69 an ounce, marking a weekly gain of 84 cents. For March, silver soared 8.6% but managed a weaker 3.0% increase during the first quarter.

New York silver futures for May delivery ended up 98 cents to $17.89 an ounce. It surged 6.1% in March and registers a 4.0% first quarterly gain in 2010. On Thursday, silver touched $18 an ounce which was the highest price since January 21.

"Silver is sensitive to economic data and the direction of global equity markets so the move to the highest level since January 21st should come as no surprise overnight," wrote Nell Sloan of NS Futures (nsfutures.com). "Strong China manufacturing numbers overnight is a good foundation for industrial sector demand. Mexico silver production for January came in at 231,244 kilos, up 4.6%."

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
3/26/2010	1098.00	1096.50	16.85	1601.00	1596.00	458.00	456.00
4/1/2010	1116.00	1123.50	17.69	1659.00	1660.00	489.00	491.00

 

Weekly Bullion Prices
	Up	Down	% Change	Gain/Loss
Silver	X		5.0%	$0.84
Gold	X		2.5%	$27.00
Platinum	X		4.0%	$64.00
Palladium	X		7.7%	$35.00

 

These articles offer precious metals and silver coin news: In related silver and gold news, interesting or quick-read articles from the week include:

• Bully — Jon Nadler, Kitco Metals Inc.
  Gold prices held steady in the $1110-$1120 range overnight, but then again, so did the US dollar near the 81-mark on the index, while the euro followed suit and parked just under the 1.35 level once again. Dowry-related Indian demand was noted in the overnight hours, but little else was on offer in the market news flows on this first day of April ahead of tomorrow’s (and Monday’s) market closures.

  Gold opened with a $2.40 gain at $1116.00 per ounce in New York amid fast-thinning participation. As yesterday, we cannot rule out out-sized moves for later in the day, but the pivotal market item –tomorrow’s US employment data– will be met with a closed trading floor, thus it’s all going to be a bit of an anticipatory day in nature. Resistance in gold remains in place overhead at the $1130-$1135 levels …

• Collector Silver Products Rally, American Silver Eagles Explode
  The latest round of United States Mint weekly sales figures are in and they show collectors focused on the newly released 2010 Boy Scouts of America Centennial Silver Dollars. The coins are sprinting out Mint doors, as are bullion American Silver Eagles.

  The Boy Scouts coins were launched on Tuesday, March 23. By Saturday morning, March 27, an impressive 200,000 were sold. By Sunday, the total reached 214,673. With a 350,000 mintage limit, these coins look like they will sell out. Split across the two options, collectors have purchased 144,732 of the proof silver coins and 69,941 of the uncirculated silver coins.