Weekly Silver Prices Fall 4.5% in New York, 5.6% in London

Silver struggled as prices plummeted early in the week and never recovered. The drop marked a third straight week of declines which follow silver’s massive May surge.

New York silver futures for July delivery slid Friday to $14.20 an ounce — a free fall of 67.5 cents, or 4.5 percent on the week.

London silver shifted 4 cents higher on Friday to $14.23 an ounce. The metal, however, was hit harder than in New York as it dropped 84 cents, or 5.6 percent on the week.

The latest weekly numbers cut further into silver’s 2009 gains. London silver surged 31.9 percent this year, gaining $3.44 from the $10.79 closing price on December 31. That contrasts to the $4.73, or 43.8 percent, increase at the end of May when silver prices reach their heights.

Here are week changing London precious metal prices:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
6/12/2009	950.00	937.25	15.07	1253.00	1241.00	255.00	252.50
6/19/2009	933.75	935.25	14.23	1209.00	1212.00	241.00	243.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-5.6%	-$0.84
Gold		X	-0.2%	-$2.00
Platinum		X	-2.3%	-$29.00
Palladium		X	-3.8%	-$9.50

 

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

• Gold ends slightly higher as dollar falls – MarketWatch
  Gold futures ended slightly higher Friday as the dollar fell against most of its major rivals, raising the precious metals’ investment appeal. The fractional gains notwithstanding, the precious metal ended the week down…

• Gold Gains on Weak Dollar; Silver Declines, Platinum Advances – Bloomberg
  Gold rose in New York as the dollar weakened, boosting demand for precious metals as alternative investments. The U.S. Dollar Index, a six-currency gauge of the greenback’s value, fell as much as 0.8 percent. Gold, which typically…

• Good News Bears – Jon Nadler, Kitco
  The trading week in bullion drew towards a rather lackluster finish, as gold rose only slightly on the back of not-so-mild declines in the dollar and crude oil values. Safe haven flows into gold have practically come to…

• Bullion & Business Weekend Report – CoinNews
  Precious metals were under fire this week as strength in the U.S. dollars made buying — especially in gold — less appealing. London gold ended lower for the second straight week after advancing during the prior four. In other markets, crude-oil surged for the fourth straight week while U.S. stocks marked modest gains. European stocks were mixed…

• Mint Ends Bullion Allocation – CoinNews
  The US Mint on Monday ended the allocation process which limited the number of gold and silver American Eagle bullion coins authorized dealers could order. Ironically, as of Monday also, week-over-week sales soared 8.1 percent for the silver eagles and 9.1 for the gold eagles…

• US Silver Coin Sales – Silver Coins Today
  The newest Mint sales figures show Braille Silver Dollars rising and silver sets declining, a 180-degree reversal compared to the prior week’s numbers. Considering the uncirculated Braille coins actually went through a negative correction…

• US Mint Ends Silver Eagle Rationing – Silver Coins Today
  The US Mint announced on Monday an end to the Gold and Silver American Eagle bullion rationing policy that was instituted in April 2008. This is great news for those interested in the bullion coins as premiums should ease further, but it could be of even greater interest to…

For daily silver news and prices, visit Spot Silver Prices.