Weekly Silver Prices Rise in NY, Fall in London

Silver prices were mixed on the week, as it increased 1.3% in New York and fell 1.1% in London.

Precious metals for the most part were pressured by a stronger US dollar, which stuck around a three-month high that was hit on Thursday. Bullion generally moves opposite of the greenback.

New York silver futures for March delivery finished Friday at $17.32 an ounce, marking a weekly 23 cent gain.

London silver was fixed at $17.31 an ounce, falling 20 cents for the week. It ranged from a low of $17.18 on Tuesday to a $17.60 high on Wednesday. The weekly loss made only a small dent in the metal’s yearly gain, with silver up $6.52, or 60.4%, this year.

According to analysts at DailyFX.com, the white metal has undergone a major bearish break(down) and if the $17.15 mark is taken out, the first path is towards the $mid-$16s and towards the $15 area as a possible secondary aim," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "Those of you who follow the metal closely should note that our friends over at CPM Group New York have just released their Silver Long-Term Outlook publication."

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
12/11/2009	1140.00	1124.00	17.51	1436.00	1429.00	367.00	367.00
12/18/2009	1106.50	1104.50	17.31	1435.00	1417.00	366.00	365.00

 

Dollar and Percent Bullion Price Changes
	Up	Down	% Change	$ Change
Silver		X	-1.1%	-$0.20
Gold		X	-1.7%	-$19.50
Platinum		X	-0.8%	-$12.00
Palladium		X	-0.5%	-$2.00

 

These articles offer precious metals and silver coin news:

• Gold futures finished higher, though rising dollar caps gains – MarketWatch
  Gold futures gained Friday, helped by technical factors after gold dropped sharply in the prior session, though gains were limited as the dollar advanced on news of a simmering oil conflict between Iraq and Iran. Gold for February delivery finished with a gain of $4.10, or 0.4%, at $1,111.50 an ounce. Gold for January delivery rose $4 to $1,110.80 an ounce. For the week, the most active contract …

• Gold Climbs in London as Weaker Dollar, Decline Lures Buyers – Bloomberg
  Gold gained in London, paring a third weekly decline, as a halt in the dollar’s rally prompted investors to buy bullion after the metal’s biggest drop in almost two weeks. Bullion yesterday fell below $1,100 for the first time since Nov. 10 and dropped 3.4 percent, the most since Dec. 4, as the U.S. Dollar Index rose to a three-month high. The index, a six-currency gauge of the greenback’s value, was …

• Bomb Voyage In 2010? – Jon Nadler, Kitco
  The tally at the end of the afternoon on Thursday had gold prices showing a $40.40 loss with the metal quoted at $1093.80 per ounce, a price level not seen since before Thanksgiving. Previous support at $1111 was taken out, and the sellers are now apparently targeting the $1092 area as the next one to challenge. Below that mark, there is little to talk about until the $1070 level is in view. All of this …

• Demand Sluggish, Gold Coins and Sets Retreat – CoinNews
  Demand for almost every numismatic product fell according to the latest US Mint weekly sales report. In fact, just analyzing the raw numbers show a drop of over 70,000 total items from the prior week. Nearly every gold coin and all US mint proof and uncirculated sets retreated. This is not completely surprising, however, as the previous week saw well above average demand for most coins. Also, demand for gold …

• Collector Silver Declines, Eagles Return Strong – Silver Coins Today
  2009 American Silver Eagle Bullion Coins have returned with strength following their near two-week hiatus as a result of a depleted inventory. The United States Mint resumed selling the eagles to authorized dealers on Monday, Dec. 7. Although they are being rationed, 737,500 more were still sold in the last seven days and during a time when silver prices moved mostly lower. 27,783,000 is the new 2009 tally. The latest …

For daily silver news and prices, visit Spot Silver.