Silver Prices for Week Plunge 5.8% in London, 5.2% in New York

Major precious metals prices fell this week as a strengthened U.S. dollar pressured gold and silver lower.

Silver followed a decisive negative path since Monday after peaking the final Friday in June.

New York silver futures for July and the week plummeted 5.2%. The metal ended at $13.393 an ounce, falling 73.5 cents. All U.S. markets were closed Friday for the Independence Day holiday weekend.

London silver inched 3 cents higher Friday, but plunged 5.8% on the week for a 82 cent loss. The metal closed to $13.44 an ounce.

The latest decline hacked off a large piece from yearly gains. London silver is up $2.65, or 24.6% this year, which is significantly lower than the $4.73, or 43.8 percent, gain seen during peak prices in May.

Here are week changing London precious metal prices:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
6/26/2009	943.00	942.00	14.26	1208.00	1203.00	244.00	245.00
7/3/2009	932.50	932.50	13.44	1183.00	1185.00	250.00	250.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver		X	-5.8%	-$0.82
Gold		X	-1.0%	-$9.50
Platinum		X	-1.5%	-$18.00
Palladium	X		2.0%	$5.00

 

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

• Bullion & Business Weekend Report – CoinNews
  Precious metals were pressured this week with the U.S. dollar pushing higher. London gold and silver fell after gaining last week. Platinum declined for week four. New York crude-oil and U.S. stocks tumbled Thursday in a holiday shortened week while European stocks were split Friday but closed down on the week as well…

• 2.2 Million Silver Eagle Coins Sold in June – Silver Coins Today
  Sales of American Eagle Silver Bullion Coins soared in June, marking the third best month of 2009 according to the latest US Mint sales stats. The US Mint sold 2,245,000 silver eagles in June, preserving a pace that, if continued, will…

• Gold falls on stronger dollar, jobs data; copper also down – MarketWatch
  Gold futures fell Thursday, ending near $930 an ounce as the U.S. dollar strengthened against most of its rivals after a disappointing U.S. jobs report boosted demand for the dollar, reducing gold’s appeal as an investment alternative…

• Gold Falls as Stronger Dollar Curbs Demand; Silver Futures Drop – Bloomberg
  Gold declined as a stronger dollar reduced demand for the precious metal as an alternative investment. Silver futures also fell. The U.S. Dollar Index, a six-currency measure of the greenback’s value, gained as much as 0.9 percent…

• Men (Not) At Work – Jon Nadler, Kitco
  If it is Thursday, it must be jobs (numbers) day, and the day to reverse Wednesday’s gains in gold prices. Evidently. The US dollar was seen benefiting from the expected number of jobs lost and a US unemployment rate that is inching ever closer to ten percent…

• US Mint Sales Figures: 2009 Proof Sets Surge – CoinNews
  Standing out in the latest batch of US Mint sales figures is an eyebrow raising increase for the 18-coin clad 2009 Proof Set. After a double-take, the numbers were verified as true. Another 106,987 were purchased during the prior seven days ending on Sunday…

• Sales Mixed for First Spouse Coins – First Spouse Coins
  First Spouse Coin sales were again mixed last week but trended a touch higher, according to new US Mint data. Four of eight coins climbed, two were unchanged and two slid, when comparing the week prior and week-over-week percent increases for the gold coin series…

• Silver Coin Demand Fluid – Silver Coins Today
  In typical fashion of late, the demand for US silver coins and sets flows differently depending on the week, with both ups and downs. Of the six silver products sold, the latest US Mint sales figures have four with modest increases and two easing lower…

• Gold, Silver Eagle Bullion Sales Surge in June – CoinNews
  Demand is lower for bullion coins? Poppycock. US Mint sales figures released Wednesday say otherwise. Marking the third best month of a record setting pace year, demand in June for American Eagle Gold and Silver Bullion Coins jumped aggressively over May…

For daily silver news and prices, visit Silver Prices.