Weekly Silver Prices Fall More Than 7%

The pullback in silver prices that began last Friday continued through the week, as commodities were pressured lower mostly due to a stronger U.S. dollar, according to reports.

Silver plunged in both London and New York, with respective weekly drops of 7.0% and 7.7%. It was the worst performer in the precious metals group.

New York silver futures for March delivery finished Friday at $17.09 an ounce, plunging $1.43 to easily discard the prior week’s 21.8 cent gain.

London silver was fixed at $17.51 an ounce, falling $1.32 for the week. It ranged from a high of $18.83 on Monday to a low of $17.39 on Thursday. Despite the large weekly loss, the metal is still up more than 62% this year.

Silver has a period of seasonal strength from the end of October to the end of May. Silver has gained in nine of the past 10 periods for an average gain per period of 21.4%," writes Don Vialoux via National Post. "Although silver is responsive to changes in the price of gold, it tends to have a greater correlation with base metal prices that also have a period of seasonal strength from the end of November to May."

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
12/4/2009	1203.25	1190.25	18.83	1484.00	1472.00	382.00	378.00
12/11/2009	1140.00	1124.00	17.51	1436.00	1429.00	367.00	367.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-7.0%	-$1.32
Gold		X	-5.6%	-$66.25
Platinum		X	-2.9%	-$43.00
Palladium		X	-2.9%	-$11.00

 

These articles offer precious metals and silver coin news:

• Gold hits one-month low, down for second week – MarketWatch
  Gold futures fell Friday to the lowest level in nearly one month, marking their second weekly loss, as upbeat retail and consumer-sentiment data pushed the U.S. dollar sharply higher, curbing gold’s appeal as bulwark against currency depreciation. Gold for December delivery fell $6.30, or 0.6%, to end at $1,119.40 an ounce on the Comex division of the …

• Platinum, Palladium Futures Fall as Gold Drops on Dollar Rally – Bloomberg
  Platinum and palladium fell in tandem with gold as the dollar’s rally eroded demand for the precious metals as alternative assets. The greenback climbed as much as 0.9 percent against a basket of major currencies. Gains in U.S. retail sales and consumer confidence triggered speculation that the Federal Reserve will increase interest rates next year. Gold futures declined …

• Friday The 4th Part II – Jon Nadler, Kitco
  The US dollar had eased back to under the 76-mark on the trade-weighted index as risk appetite staged a comeback very early on Friday morning. Said appetite was fueled by a near-20% rise in China’s industrial output last month, as against levels seen one year ago. Such news soon lifted equities and commodities in overseas markets and set the stage for a recovery in gold prices …

• US Mint Silver Coin Sales Rise – Silver Coins Today
  It is rare when it can be said that the US Mint’s entire collection of silver coin products improved over prior weekly gains. That is exactly what happened according to the latest United States Mint sales report covering from Nov. 30 to Dec. 6. Sales were driven higher during the period by record silver prices, traditional holiday purchases, and collector recognition that several commemorative coin offerings would soon be gone forever …

• 2009 Platinum Eagle Proof Coin Sold Out – WorldMintCoins.com
  The only US Mint platinum coins for the year were released late, but sold out early. Collectors purchased the maximum 8,000 minted 2009 American Platinum Eagle Proof Coins in a span of a week, despite their rather hefty $1,792 price, and a five per household order limit. The sellout was not exactly surprising. Over 7,200 eagles were sold in the first four days of issue — they launched on …

• 2009 Gold Eagle Coin Sales to Return – CoinNews
  A week after announcing the inventory depletion and temporary suspensions of 2009 American Gold Eagle bullion coins, the United States Mint today provided follow-up information on the return of the one ounce and fractional sizes, as well as an update for how long they will available. Fractional Gold Eagles in 1/2 oz, 1/4 oz and 1/10 oz sizes will be released on Monday …

For daily silver news and prices, visit Spot Silver.