Gold hit many analysts expectations Friday when New York gold swung to a new record high of $1,009 an ounce. The falling value of the U.S. dollar, the continuing housing slump and the hedge against inflation all helped to spur gold forward.
Silver stayed above the record $20 an ounce it first hit last week and Platinum made modest gains.
An overview of London Fix figures
London Fix Monday through Friday gold was up $30 to close at $1,004 Friday – a $31 increase compared to last Friday’s close.
London silver was up by $.84 for the week to close at $20.41. However, it was up just $.19 compared to last Friday.
Platinum increase by 3.1%, closing at $2,107.
Where may gold head?
In comments regarding the state of the monetary situation, Peter Spina, an analyst at GoldSeek.com said:
“Expansion of the monetary supply continues at an aggressive pace and simultaneously fear and panic are starting to emerge, and confidence in the system is deteriorating quickly.”
“As it deteriorates further, a greater awakening will occur and the move into gold will turn into a rush. In a year from now, I suspect gold at $1,000 and silver at $20 will look cheap to us.””
The silver, gold and platinum weekly charts are below. The Reuters business week wrap up video and two related articles links are included as well.
CoinNews London Fix Charts: Silver, Gold and Platinum
(March 10-14)
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).
London Fix figures: percent and dollar change after Friday’s close
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4.3%
|
$.84
|
$20.41
|
| Gold |
X
|
|
3.1%
|
$30
|
$1,004
|
| Platinum |
X
|
|
3.1%
|
$63
|
$2,107
|
Week change numbers are for Monday-Friday.
London Fix: previous week figures
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.06%
|
$.06
|
$20.22
|
| Gold |
|
X
|
-0.59%
|
$6
|
$973
|
| Platinum |
|
X
|
-3.70%
|
-$80
|
$2,082
|
Week change numbers are for Monday-Friday.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- Mar 14 – Gold Futures Rise to Record $1,009 on Bear Sterns Bailout
- Mar 14 – Gold ends up after hitting record high of $1,009
Business week overview and wrap-up by Reuters News
The three major US indexes:
-
The Dow lost 194.41 points Friday to close at 11,951.33. It gained 0.5% for the week.
-
The S&P 500 lost 27.28 points Friday to close at 1,288.20.
- The Nasdaq lost 51.12 points Friday to finish at 2,212.49. It was unchanged for the week.
The Reuters video recaps the business week.
CoinNews bullion and finance related collector tools
Bullion and finance tools that may interest you:
Precious Metals are best investment today. This means up day for Silver, Gold, Platinum, and Palladium. Because of ever declining U.S. Dollar.Soon we might be using inflation proof currency with is backed by precious metals.