Silver Falls 10% in Three Weeks

For the shortened holiday week, silver and gold prices declined as palladium and platinum gained, marking a three-week repeat of the same cycle.

London spot silver ended at $12.30 an ounce, plummeting 56 cents, or 4.4 percent, from last Friday’s close. Silver has declined 9.9 percent (down by $1.35) since March 20.

In New York weekly numbers, silver futures for May delivery fell 40.5 cents, or 3.2 percent. The metal closed at $12.33 an ounce on Thursday compared to the last Friday’s $12.735.

The following tables lists London precious metal prices from Friday PM to Thursday PM:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
4/3/2009	902	905	12.86	1153	1159	222	221
4/9/2009	884	881	12.30	1205	1195	233	235

 

Dollar and Percent Changes Friday PM-Thursday PM
4/3-4/9	Gold	Silver	Platinum	Palladium
$ Change	-$24.50	-$0.56	$36.00	$14.00
% Change	-2.7%	-4.4%	3.1%	6.3%

 

These articles offer week ending precious metals news:

• Gold falls to mark third weekly loss amid optimism – MarketWatch
  Gold futures fell Thursday ahead of the three-day holiday weekend, marking a third weekly loss as upbeat results from Wells Fargo & Co. boosted investor interest in stocks, reducing gold’s appeal as a safe asset…

• Gold Falls in N.Y. as Equity Rally Reduces Demand; Silver Drops – Bloomberg
  Gold fell in New York, capping a third straight weekly loss, as equities rallied worldwide, reducing demand for the precious metal as an alternative investment. Silver also declined…

• The Fallout of the Doleout – Jon Nadler, Kitco
  Further lack of action is about all the markets got during the overnight hours. Apparently, every holiday this year is being welcomed way in advance of the calendar by stressed out speculators and tired investors…

• Bullion & Business Weekend Report – CoinNews
  For the third straight week, gold and silver moved lower while platinum and stocks finished higher. The London gold fixing was down 2.7 percent and silver dropped 4.4 percent. Platinum rose 3.1 percent.

• US Silver Coin Sales Figures – Apr 9 – Silver Coins Today
  US Mint collector silver coin sales declined from earlier heights during the last several days. Some pullback is to be expected given there is that initial spike with new coin launches, and then an easing as the days go by.