Platinum experienced a second consecutive week of impressive gains and records, climbing 4.32% on the London Fix. Silver and gold posted smaller, but still positive numbers.
Platinum was the benefit of continual power shortage problems reducing production in South Africa mines, where four-fifths of the world’s platinum originates.
At one point, platinum futures hit a record of $1,884 an ounce Friday. Market estimates expecting platinum production losses "between 300,000 and 700,000 ounces" in 2008 was the driving factor.
Bullion coin news
On the bullion coin front, the United States Mint introduced the 24-Karat Gold American Buffalo 2008 Celebration Coin on Tuesday. Earlier, they also resumed sales of their Uncirculated American Eagle Platinum coins. However, as soon as Thursday, the one ounce, one-half ounce, one-quarter ounce, and four-coin set were no longer on sale with the message, “Product is not available.”
London Fix numbers after Friday’s close
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
1.50%
|
$0.25
|
$16.95
|
|
| Gold |
X
|
|
1.86%
|
$17
|
$916
|
| Platinum |
X
|
4.32%
|
$77
|
$1,860
|
The silver, gold and platinum weekly charts are below as well as the business week wrap up video and four related articles.
CoinNews London Fix Charts: Silver, Gold and Platinum
(February 4-8)
The London Fix is one of the most used bullion quotes around the world. The London AM fix for gold and platinum begins at 10:30am GMT (5:30am in New York), and the PM fix begins at 3pm GMT (10am in New York). The London Fix for silver begins each business day at 12pm GMT (7am in New York).
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- Feb 8 – Metals – Platinum hits new record amid ongoing outages in South Africa
- Feb 8 – PRECIOUS METALS: Gold Rises With Oil; Another Platinum Record
- Feb 5 – United States Mint Sales Begin for 24-Karat Gold American Buffalo 2008 Coin
- Feb 4 – Platinum Breaks New Record, American Eagle Coins Back on Sale
Business week wrap-up video by Reuters News
The Dow had its worst weekly percentage drop since 2003. The three major US indexes:
-
The Dow lost 64.87 points Friday to close at 12,182. It lost 4.4% for the week.
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The S&P 500 lost 5.62 points Friday to close at 1,331.
- The Nasdaq rose by 11.82 points Friday to finish at 2,305. It was down 4.5% for the week.
The Reuters video recaps the business week.
CoinNews bullion related collector tools
Bullion related calculator and currency tools that may interest you:
Since price of Platinum is high enough to melt down Platinum Coins minted in 1997 and 1998. How does Platinum Eagle Coins minted in 1997 and 1998 has been? It look like prices of Platinum as well as Gold, Silver, and Palladium to continues rise in near future. Since U.S. Dollar is continues fall, you will see higher prices for all precious metals!