Precious metals spurred forward in the week’s end with strong gains Friday. They were due in part to surprising jobs data numbers showing a rise in unemployment that weakened the US dollar, and fantastically high, record-breaking crude oil prices.
London Platinum closed the week to $2,050, which was up $42 compared to its previous Friday close.
Silver closed to $17.19 an ounce, an increase of $0.34 compared to last Friday’s close.
Gold had an exceptional day Friday, and closed to $891 an ounce. Its rebound held its loss for the week to $0.75, but it did manage a gain of $4.50 compared to last Friday.
“Conditions remain excellent for gold to rally with further fading of this fantasy that all is OK — monetary wise,” said Peter Spina, an analyst at GoldSeek.com.
“When you look at all the factors going against the value of the U.S. dollar, there is a list and it is a lot longer than what the dollar has going for it,” he said in emailed comments.
The silver, gold and platinum weekly charts and comparisons from last week are below. The weekly business recap video from Reuters and three related precious metal articles are listed as well.
CoinNews London Fix Charts: Silver, Gold and Platinum
(June 2-6)
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
|
|
2.0%
|
$.33
|
$16.86
|
| Gold |
|
X
|
-0.1%
|
-$0.75
|
$888
|
| Platinum |
X
|
|
2.9%
|
$57
|
$2050
|
Week change numbers are for Monday-Friday.
London Fix: May 27-30 (last week)
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-7.1%
|
-$1.29
|
$16.85
|
| Gold |
|
X
|
-4.1%
|
-$38
|
$886
|
| Platinum |
|
X
|
-7.7%
|
-$167
|
$2,008
|
Week change numbers are for Tuesday-Friday.
London Fix: May 19-23
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
5.4%
|
$0.92
|
$18.10
|
| Gold |
X
|
|
2.1%
|
$19
|
$928
|
| Platinum |
X
|
|
0.6%
|
$14
|
$2182
|
Week change numbers are for Monday-Friday.
London Fix: May 12-16
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
0.5%
|
$0.09
|
$16.83
|
| Gold |
X
|
|
1.6%
|
$15
|
$897
|
| Platinum |
X
|
|
4.4%
|
$91
|
$2,136
|
Week change numbers are for Tuesday-Friday.
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- June 6 – Gold gains over $23 to end the week higher – MarketWatch
Gold futures climbed more than $23 an ounce Friday to log their biggest one-day dollar gain since February, as a larger-than-expected rise in the U.S. unemployment rate put severe pressure on the dollar, raising investment demand for the precious metal.
- June 6 – Gold ends nearly 3 percent up on oil rally, weak jobs – Reuters
Gold ended nearly 3 percent higher on Friday to a 1-week high on the back of record crude oil and the dollar’s drop after data showed a sharp rise in the U.S. unemployment rate and as equity markets slipped on worries about economic growth.
- June 6 – Mushroom Clouds and Friday Night Fights – Jon Nadler
A staggering 8.5+ % upward move in oil (to a new record near 139) followed yesterday’s already historic gains in the commodity and it promptly translated into a 2% gain in gold, a 2.6% fall in the Dow, and a near .80% drop in the dollar index
Business week overview and wrap-up by Reuters News
It was history across the markets, as oil climbed to never before seen levels. Crude rose more than 11 dollars a barrel at the NYMEX.
The three major US indexes:
-
The Dow lost 394.64 points to close at 12,209.81 Friday. For the week the Dow fell 3.5%.
-
The S&P 500 fell 43.37 points Friday to close at 1,360.68.
- The Nasdaq dropped 75.38 points Friday to finish at 2,474.56. It lost 1.9% for the week.
In other world markets:
-
The German DAX dropped 138.02 points to close at 6,803.81.
-
The Paris CAC 40 lost 111.74 to close at 4,795.32.
- And the London FTSE 100 dropped 88.50 points to close at 5,906.80.
Diane King reports from New York. Speaker: Brian Gendreau, Investment Strategist, INGSOUNDBITE: Brian Gendreau, Investment Strategist, ING
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The precious metals are making a comeback! On June 7, 2008 Gold makes a sharp rise from lows. It makes sense that U.S. Dollar will fall back again next week. So stay tuned!