Bullion & Business Weekend Report – May 16

By mid-week, silver, gold and platinum hit the bottom of their slow roller coaster ride on the London Fix.

While silver edged up slightly by Friday, gold and platinum enjoyed a quicker and steeper climb starting Thursday.

London Platinum closed to $2,136 an ounce, which was up $57 compared to its previous Friday close.

Silver moved up Friday to $16.83 an ounce. Although ending higher for the week, it was 14 cents lower compared to last week’s close.

Gold often moves in the same direction as crude, and did again Friday. Gold jumped to $897 an ounce, and was up $21 over last Friday.

“If it (gold) can rise to and close above $905, the metal could try for $925 on this wave. However, the risks of a major correction in crude oil have increased exponentially this week and such a fall will carry many a commodity in its brutal wake," said senior analyst Jon Nadler at Kitco Bullion Dealers."

The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and two related precious metal articles links are included as well.

CoinNews London Fix Charts: Silver, Gold and Platinum
(May 12-16)

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

London Fix: previous week figures

London Fix: two weeks previous

London Fix: three weeks previous

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

• May 16 – Gold rises on oil, platinum awaits Johnson Matthey – Reuters
  Gold rose on Friday, buoyed by firm oil prices, but investors were careful about taking large positions ahead of a raft of U.S. data, which may set the direction for the dollar and precious metals.

• May 16 – Oil & Gold – Divorce, or Happy Reunion? – Jon Nadler
  Gold prices picked up another 2.4% on Friday, as the dollar dropped quite a hefty amount, to 72.79 on the index. A $3.69 rise in crude oil during the day (to $127.82) was met with a correlated move in gold this time around. A commendable turn in gold over these past two days.

Business week overview and wrap-up by Reuters News

Wall Street ended little changed on Friday and held on to its best weekly gain in about a month. Crude oil surged $2.17 to a record settlement price of $126.29 a barrel.

The three major US indexes:

• The Dow lost 5.86 points to close at 12,986.80 Friday. For the week the Dow gained 1.9%.

• The S&P 500 gained 1.78 points Friday to close at 1,425.35.

• The Nasdaq lost 4.88 points Friday to finish at 2,528.85. It gained 3.4% for the week.

In other world markets:

• The German DAX lost 75.50 points to close at 7,156.55

• The Paris CAC 40 lost 20.53 to close at 5,078.04

• And the London FTSE 100 dropped 52.50 points to close at 6,304.30
• .

SPEAKER: Bob Brusca, chief economist, Fact and Opinion Economics Conway Gittens reports from New York.

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