Uninspiring jobs data, fear of recession and oil spiking to a historical century mark of $100-per-barrel all helped to bat down stocks for losses this week.
The story was different for smiling silver, gold and platinum buyers. The metals were welcomed into and through the new year with fresh and never before seen highs. The runaway peaks wavered slightly with end of week profit taking, but not enough to curtail a positive bullion week.
Overall in London Fix precious metals:
- Silver ended Friday at $15.275 per ounce, gaining $.52 for the week
- Gold remained above the $850 barrier it shattered Wednesday for a new 28-year high and closed Friday at $855
- and Platinum closed at $1545, gaining $16 for the week.
REUTERS end of week Wall Street video recap
The major discussion points from this week’s REUTERS Friday business wrap-up include:
- Global stock markets faltering with recession fears – weak job reports and US unemployment rate spiking
- Nasdaq’s biggest one day drop since it reopened after the Sept. 11, 2001 attacks, falling 98 points to 2,5404 and down 6.4% for the week
- The Dow losing 256 points to 12,800 and 4.2% for the week
- S&P falling 35 points to 1,411.
- Oil and gold moved lower for Friday
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