Precious metals were beat down harshly for a second consecutive week. London gold, silver and platinum tumbled 9.3 percent, 11.3 percent, and 14.7 percent, respectively. Since last Friday’s close, the Dow dropped 5.3 percent, the S&P lost 6.8 percent, and the Nasdaq fell 9.3 percent. Other world markets performed just as sourly.
Nymex December crude oil fell $3.69, or 5.4 percent on Friday, to close at $64.15 per barrel, marking its lowest level in 17 months and falling 11 percent for the week. In OPEC’s Friday meeting, a decision was made to cut its quota of 28.8 million barrels per day by 1.5 million barrels beginning on November 1.
London silver ended at $8.88 an ounce — a loss of 91 cents on the week, or 68 cents from last Friday.
London gold fell to $712.50 an ounce, falling $90.50 for the week, or $73 from last Friday.
London platinum plunged to $778 an ounce — a loss of $134 for week, or $78 from last Friday.
“Deutsche Bank today opined that fair value in the yellow metal lies between $600 and $620. Suddenly, that number does not appear very distant at all,” said senior analyst Jon Nadler at Kitco Bullion Dealers.
“New York bullion trading headed into Friday’s afternoon session with a $7 gain per ounce, with spot quoted at $727.00 The lonely bit of good news in these last few hours came from -where else?- India, where just a few days before Diwali, local buyers have been offered a bargain they’ve patiently waited a full year for… More commotion to follow next week. Hopefully, the endless liquidation will have run its course,” added Nadler.
Gold typically follows oil and moves opposite to the greenback, as a weakened dollar encourages investors to buy gold, also considered a hedge during times of high inflation and economic uncertainty.
Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and four related precious metal articles.
CoinNews London Fix Charts: Silver, Gold and Platinum
(October 20-24)
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 changes
October 20-24
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-9.3%
|
-$0.91
|
$8.88
|
| Gold |
|
X
|
-11.3%
|
-$91
|
$713
|
| Platinum |
|
X
|
-14.7%
|
-$134
|
$778
|
Week change numbers are for Monday AM-Friday PM
October 13-17
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-9.9%
|
-$1.05
|
$9.56
|
| Gold |
|
X
|
-9.3%
|
-$81
|
$785
|
| Platinum |
|
X
|
-13.2%
|
-$130
|
$856
|
Week change numbers are for Monday AM-Friday PM
October 6-10
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
X
|
|
4%
|
$0.45
|
$11.74
|
| Gold |
X
|
|
7.7%
|
$64
|
$901
|
| Platinum |
X
|
|
4.4%
|
$42
|
$1001
|
Week change numbers are for Monday AM-Friday PM
Sept 29-Oct 4
|
Up
|
Down
|
Week % Change
|
Week $ Change
|
Friday Close
|
|
| Silver |
|
X
|
-14.2%
|
-$1.86
|
$11.20
|
| Gold |
|
X
|
-5.5%
|
-$49
|
$828
|
| Platinum |
|
X
|
-13.4%
|
-$148
|
$959
|
Week change numbers are for Monday AM-Friday PM
Bullion and business related articles for the week
In related news, interesting or quick-read articles:
- October 24 – Gold rises first day in four on belief it was oversold – MarketWatch
Gold futures reversed losses Friday, closing up more than 2% on speculation that the precious metal, losing more than $190 in the previous 11 sessions, has been oversold. Copper and other metals, however, ended mostly lower.
- October 24 – Gold ends up, snaps down streak on safe haven bids – Reuters
Gold ended higher on Friday, snapping a three-day losing streak that took it below $700 an ounce as safe-haven buying emerged on fears that global stock markets were heading into a free fall.
- October 24 – The Once-a-Year Shameless Self-Promotion Article – Jon Nadler
Gold prices bounced back from oversold levels near $680 and managed a return to near $730 by the end of the Friday session, thus reducing this week’s loss to ‘only’ about $50.
- October 21 – Mint Removes One-Tenth Ounce Eagle Platinum Coin
The United States Mint on Tuesday removed its newly discounted one-tenth ounce 2008 American Eagle Platinum Uncirculated Coin from its online store. Indicators suggest a potential price-driven sellout, with any remaining coins held for inclusion in the Mint’s four-coin platinum set, which includes the one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce sized coins.
Business week overview and wrap-up by Reuters News
U.S. stocks ended the week with more than 3 percent declines as mounting recession fears sent global investors running to the exits.
In stock market action, the three major US indexes:
-
The Dow dropped 312.30 points Friday to close at 8,378.95. For the week, the Dow lost 5.4 percent.
-
The S&P 500 fell 31.34 points Friday, closing to 876.77.
- The Nasdaq lost 51.88 points Friday to finish at 1,552.03. It lost 9.3 percent for the week.
In other world markets:
-
The German DAX lost 224.03 points to close at 4,295.67.
-
The Paris CAC 40 fell 117.08 points to close at 3,193.79.
- And the London FTSE 100 dropped 204.47 points to close at 3,883.36.
Speakers: Sam Stovall, chief investment strategist, Standard & Poor’s; Mark Hasrouny, New York City tourist; Ben Gleeson, New York City tourist Conway Gittens reports from New York.
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