Bullion & Business Weekend Report – June 14

Silver, gold and platinum all declined for the week, with gold falling nearly 3 percent. The US dollar’s strength against the euro, weaker crude oil prices, and Friday’s Labor Department data indicating inflation is mostly where expected, helped edge against precious metal increases.

Silver closed to $16.31 an ounce, a loss of $0.55 compared to last Friday’s close.

London Platinum closed the week to $2,043, which was down just $7 compared to its previous Friday close.

And Gold closed Friday to $866 an ounce, losing $22 from last Friday.

“The U.S. dollar seems to be the main drive in the commodity markets at the moment, weighing mainly on precious metals prices this week,” wrote Credit Suisse analysts Tobias Merath and Eliane Tanner in a research note.

“Next week, we expect the release of the consumer price index for the Eurozone to influence trading in the precious metals sector,” she continued.

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 9-13)

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: June 2-6 (last week)

London Fix: May 27-30 (last week)

London Fix: May 19-23

Bullion and business related articles for the week

In related news, interesting or quick-read articles:

• June 13 – Gold off 2.9% for the week as dollar gains strength – MarketWatch
  Gold prices on Friday closed with modest daily gains but stiff weekly losses as the dollar strengthened against the euro and other major currencies, curbing investors’ appetite for the precious metal as an inflation hedge.

• June 13 – Gold closes higher on late short covering – Reuters
  Gold edged higher by the end of trade on Friday, as buyers covered short positions before the weekend and pulled prices up from lower levels that dominated much of the session, traders said.

• June 13 – Saudis Say: May We (try to) Change Your Oil? – Jon Nadler
  Friday’s New York session had gold modestly on the downside for most of the day, as the trade tallied the results of an extremely choppy week and decided not to participate heavily at all.

Business week overview and wrap-up by Reuters News

The Nasdaq had its best day in a month as a tepid rise in a measure of consumer inflation added to hopes inflation is not out of control.

The three major US indexes:

• The Dow gained 165.77 points to close at 12,307.35 Friday. For the week the Dow gained 0.8%.

• The S&P 500 gained 20.16 points Friday to close at 1,360.03.

• The Nasdaq gained 50.15 points Friday to finish at 2,454.5. It lost 0.8% for the week.

In other world markets:

• The German DAX gained 50.80 points to close at 6,765.32.

• The Paris CAC 40 rose 10.00 points to close at 4,682.30.

• And the London FTSE 100 gained 12.30 points to close at 5,802.80.

Conway Gittens reports.

CoinNews bullion and finance related collector tools

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