Silver Prices Bounce Back in NY and London

Silver prices returned with some luster following their declines last week when prices slumped below yearly highs. The metal enjoyed weekly gains of 2.0 percent in London and 1.7 percent in New York — both closing at their at their highest weekly levels this year.

New York silver futures for December delivery finished Friday at $17.723 an ounce, rising 30.3 cent cent from last Friday’s close of $17.420. The price has gained 57 percent this year after dropping 24 percent in 2008.

London silver was set to $17.65 an ounce, jumping to a weekly gain of 34 cents. The precious metal is now up an impressive $6.86, or 63.6 percent this year. London silver on Dec. 31, 2008 was fixed at $10.79 an ounce.

"In silver right now you have about an equal number of buyers and sellers between the range we have seen recently," said David Morgan from Silver-Investor.com."And this is very typical of all markets. A bull market is named bull for a reason. All bull markets shake off as many participants as possible, on the way up"

London precious metal weekly prices follow: Read More…

Medal of Honor Commemorative Coin Act Passes Congress

Legislation known as the Medal of Honor Commemorative Coin Act of 2009, H.R. 1209, has been approved by Congress and will move quickly — within weeks — for an expected signature from President Obama, which will make it law. Read More…

Girl Scouts Commemorative Coin Act Cleared to Become Law

Touted by itself as the preeminent organization dedicated solely to girls, the Girl Scouts of the USA is about to get a commemorative coin issued in its honor if Congress gets its way.

The Girl Scouts USA Centennial Commemorative Coin Act authorizing the $1 silver coins was passed last week by the U.S. House of Representatives and it received approval this week by the Senate without amendment and by unanimous consent. It is now up to President Obama to sign it into law, which he is expected to do. Read More…

Silver Coins Heating Up, Silver Sets Jump in Mint Sales

A new week ushered in greater demand for silver coins, new US Mint stats reveal. Previous weekly sales dipped, so the change is more pronounced. Read More…

Richard the Lionheart Silver Coins

Available now from the Austrian Mint are 10 Euro Richard the Lionheart Silver coins, the second issue in the Tales and Legends in Austria series. Struck from sterling silver (.925 fine), each coin tells the story of royal proportions involving kings and dukes, queens and minstrels. Read More…

Lincoln Chronicles Sets Explode and Sell Out

The US Mint’s 2009 Lincoln Coin and Chronicles Set went on sale at noon on Thursday, Oct. 15. Within five hours, a total of 29,919 were grabbed by coin collectors. By the following day and before 6:00 p.m. ET, the Mint sold its entire inventory of 50,000.

As of this writing, the Mint is only taking standby orders in the event cancellations occur.

The set excitement level was expected to be high, with many collectors predicting a sell out on the very first day. That did not happen, although the Mint’s phone lines were backed up and its web site mostly down for several hours following the launch. In fact, at times it was so bad that the Mint issued an apology to customers for their experience. Read More…

Silver Prices Retreat from Year Highs

Silver prices in both New York and London retreated from last week’s highs with both markets settling at weekly losses of more than 1.5 percent.

New York silver futures for December delivery closed Friday at $17.42 an ounce, declining 27 cents, or 1.5 percent, from last Friday’s close of $17.69.

London silver was set to $17.31 an ounce, marking a weekly loss of 32 cents, or 1.8 percent. However, the metal is still up a remarkable $6.52, or 60.4 percent, from the Dec. 31 fixed price of $10.79 an ounce.

"Despite our reservations in the short term, we are very bullish on silver longer term," Sean Rakhimov from http://SilverStrategies.com said. "More importantly, we believe that the next big move up in silver is about to begin. Not tomorrow, not next week, but in the medium term."

London precious metal weekly prices follow: Read More…

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