Weekly Silver Prices Tumble 3.3% in New York, 3.7% in London

Silver prices turned lower to mark a second weekly negative trend following the metal’s monstrous May surge.

New York silver futures for July delivery plunged to close Friday at $14.875 an ounce, tumbling 51.3 cents or 3.3 percent on the week.

Silver’s picture in London was similar. London spot silver closed Friday at $15.07 an ounce, plunging 58 cents or 3.7 percent on the week.

The latest weekly numbers cut into the metal’s 2009 gains. Yet, the figures are still impressive. Silver has surged 39.7 percent this year, rising $4.28 from the $10.79 closing price on December 31.

Here are week changing London precious metal prices:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
6/5/2009	977.75	962.00	15.65	1293.00	1275.00	264.00	257.00
6/12/2009	950.00	937.25	15.07	1253.00	1241.00	255.00	252.50

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-3.7%	-$0.58
Gold		X	-2.6%	-$24.75
Platinum		X	-2.7%	-$34.00
Palladium		X	-1.8%	-$4.50

 

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

• Gold falls 2% as dollar strengthens ahead of G8 meeting – MarketWatch
  Gold futures fell Friday, ending at their lowest level in more than three weeks as the U.S. dollar rose ahead of a meeting of Group of Eight finance ministers, reducing gold’s investment appeal…

• Gold Drops Most in Two Months as Dollar Gain Curbs Hedge Demand – Bloomberg
  Gold slid the most in two months as the rallying dollar reduced demand for the metal as an alternative investment. Silver also slumped…

• Good News/Bad News/No (Inflation) News – Jon Nadler, Kitco
  Gold prices fell as low as the $935 area of support following the dollar’s success at turning back to well above the 80-mark on the trade-weighted index. Crude oil prices easing back from their lofty $73 levels…

• 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…

• Silver Eagle Coins Pass 12 Million in Sales – CoinNews
  2009 American Eagle Silver Bullion Coin sales blazed passed the 12 million barrier this week and approached 1 million sold during the first eleven days in June, the latest US Mint sales figures reveal. The Mint’s authorized dealers purchased 377,000 silver eagles during the first eight days in June (ending Monday). By Wednesday the tally more than…

• US Silver Coin Sales – Silver Coins Today
  The latest US Mint sales stats show renewed interest in silver coins and sets, with the exception of Braille Silver Dollars. For whatever reason — accounting corrections, customer returns, etc. — uncirculated Louis Braille Silver Dollar numbers plunged…

• 1.9M Silver Eagle Coins Sold in May – Silver Coins Today
  Sales of 2009 American Eagle Silver Bullion Coins were exceptionally strong in May. The silver coins continue their pace for a blowout, record performing year — potentially the best since the series began in 1986…

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