Weekly Silver Prices Rally to 6.9% in NY and 5.8% in London

In a continuation of the seesaw silver prices we discussed last Saturday, a fresh rally has tilted silver significantly higher — to the tune of weekly gains of 5.8 percent in London and 6.9 percent in New York.

New York silver futures for December delivery closed to $17.375 an ounce on Friday, dipping 3.5 cents. However, the metal still soared $1.12 higher on the week.

London silver was set to $17.525 an ounce, jumping 95 cents on the week. The metal retreated on Tuesday to $16.35, but quickly recovered with successive daily gains through to week’s end. London silver is up $6.735, or 62.4 percent this year.

"Silver has proven itself, time and again, to be a safe haven for investors during times of economic uncertainty and, as such, with the current economy in difficulty the silver market has become a flight to quality investment vehicle," writes Lorimer Wilson on SilverSeek.com in an article entitled Current Gold:Silver Ratio Screams: Buy All Things Silver! "Silver has considerable upside potential short term (to $22), medium term (to $32) and long term (to $51 and beyond)."

"I believe we are about to see some temporary carnage in the stock and commodities markets, and that will deeply affect silver prices," writes Avery Goodman on Seeking Alpha in an article entitled Silver Prices Are About to Fall. "I may be overly pessimistic, but, based on charts I’ve examined, the way I see things, silver prices could temporarily fall to $11 per troy, again, or even lower, before March 2010."

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
10/30/2009	1044.50	1040.00	16.57	1328.00	1320.00	327.00	324.00
11/6/2009	1095.00	1096.75	17.53	1362.00	1347.00	330.00	330.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver	X		5.8%	$0.95
Gold	X		5.5%	$56.75
Platinum	X		2.0%	$27.00
Palladium	X		1.9%	$6.00

 

These articles offer precious metals and silver coin news:

• Bullion & Business Weekend Report – CoinNews
  Precious metals rallied this week following a weaker US dollar that was pushed lower by a series of economic reports, including the Labor Department’s higher than expected unemployment figures of 10.2 percent — a more than 26-year high. Gold reached an all-time high and silver soared …

• Gold taps record as U.S. joblessness hits 10% – MarketWatch
  Bullion tops $1,100 mark for first time as easy money seems assured. Gold futures finished at a record Friday, after earlier tapping $1,100 an ounce, as news that the U.S. unemployment rate topped 10.2% in October lifted expectations the Federal Reserve will keep interest rates near zero …

• Gold Advances to Record in New York, London After Jobs Data – Bloomberg
  Gold rose to a record in New York and London trading after a report showed U.S. employers cut more jobs than forecast in October, boosting demand for the metal as store of value. Bullion is heading for a ninth consecutive annual gain and approaching $1,100 an ounce for the first time as investors …

• Class Is Now In Session – Jon Nadler, Kitco
  Speculation early this morning was that U.S. employers likely have cut only 150,000 jobs in the month of October, a figure which would be the lowest in more than a year. The worst labor-market slump since the 1930s is now seen as possibly bottoming out, and the possibility of future consumer spending is …

• American Silver Eagles Top 23.4 Million – Silver Coins Today
  Breaking a recent October “up or down only” trend but returning to a more normalized pattern in general, the latest US Mint sales stats show mixing with fluctuating demand based on the type of collector silver coins. As for investor minted American Silver Eagle bullion coins, they have enjoyed stronger demand during the last seven …

• Silver Eagle Bullion Coins Hit 2.9M in October – Silver Coins Today
  2009 American Silver Eagle Coins registered another new record last month. The US Mint sold 2,939,000 of the bullion coins, which is the most ever for an October month stretching back the creation of the series in 1986. The milestone denotes the eighth time this year where a best ever monthly record has been achieved …

For daily silver news and prices, visit Silver Prices.