Silver Prices in May Jump 26.6% in N.Y., 22.9% in London

Silver had a monster month in May, recording the best month since 1987. According to most reports, prices soared as a result of inflation fears, weakness in the U.S. dollar and higher demand expectations with hopes of an economy recovery.

New York silver futures for July delivery ended Friday at $15.61 an ounce, soaring 91.5 cents, or 6.2 percent this week. The metal gained 4.9 percent the week prior, and has surged 26.6 percent in May.

London spot silver closed Friday at $15.52 an ounce, jumping 86 cents or, 5.9 percent this week. It was up 5.3 percent last week. London silver has gained 22.9 percent in May. Even more impressive, it has risen an astounding 43.8 percent this year, gaining $4.73 from the $10.79 closing price on December 31.

“Extreme dollar weakness is adding to the momentum,” Pradeep Unni, an analyst at Richcomm Global Services in Dubai, was quoted on Bloomberg. “Ascending oil prices, concerns of inflation and fears of massive U.S. debt have certainly been supporting” both gold and silver.

Here are week changing London precious metal prices:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
5/22/2009	952.50	959.75	14.66	1145.00	1149.00	231.00	234.00
5/29/2009	972.00	975.50	15.52	1163.00	1175.00	235.00	236.00

 

Dollar and Percent Changes
	Up	Down	% Change	$ Change
Silver	X		5.9%	$0.86
Gold	X		1.6%	$15.75
Platinum	X		2.3%	$26.00
Palladium	X		0.9%	$2.00

 

These articles offer week ending precious metals and silver coin news:

• Silver Soars to Best Month in 22 Years, Eagle Sales Rise – CoinNews
  Silver continued its spectacular rise Friday, soaring another 45 cents in New York and scoring the best monthly gain in 22 years. Silver futures for July closed….

• Silver posts biggest monthly gain in 22 years; gold rallies – MarketWatch
  Silver futures gained 3% Friday, ending May with their biggest monthly gain in 22 years as inflation worries and hopes for an economic recovery boosted the metal. Gold rose to three-month highs as the dollar slipped…

• Silver Rises to Best Month Since 1987; Gold at Three-Month High – Bloomberg
  Silver climbed the most in a month in 22 years and gold rose to a three-month high in New York and London as a weaker dollar increased demand for precious metals as an alternative investment…

• And Now, Previews of Coming Attractions – Jon Nadler, Kitco
  As the greenback slipped by more than one full point on the trade-weighted index on this last trading day in May, the “sell in May” adage was heavily contradicted by copper, oil, gold, silver, and commodities overall. We have now tallied a near…

• Bullion & Business Weekend Report – CoinNews
  It was a banner week for precious metals and oil. London gold rose 3.3 percent, silver surged 5.3 percent, platinum jumped 3.6 percent and crude-oil soared 8.2 percent. U.S. stocks gained as well. The Dow and S&P rose for a ninth weekly gain in eleven weeks and the Nasdaq is up for ten of the past eleven weeks. European stocks were higher as well…

• US Silver Coin Sales – Silver Coins Today
  Louis Braille Silver Dollars were the standout. Demand for these commemorative coins surged. On the other hand, sales declined for all other collector silver coins and sets, the latest US Mint sales stats reveal. No doubt helping the Brailles were two recent promotions — the launch of Braille Dollars into space and the NFB plea to buy them…

For daily silver news and prices, visit Silver Spot Prices.