Silver Prices Retreat from Year Highs

October 17, 2009 by · Leave a Comment 

Weekly Silver UpdateSilver 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:

London Fix Precious Metal Prices

Gold
Silver
Platinum
Palladium
AM
PM
AM
PM
AM
PM
10/9/2009 1046.75 1051.50 17.63 1335.00 1337.00 323.00 323.00
10/6/2009 1047.75 1047.50 17.31 1341.00 1340.00 325.00 327.00

 

Dollar and Percent Price Changes

Up
Down
% Change
$ Change
Silver   X
-1.8%
-$0.32
Gold   X
-0.4%
-$4.00
Platinum X  
0.2%
$3.00
Palladium X  
1.2%
$4.00

 

These articles offer precious metals and silver coin news:

  • Bullion & Business Weekend Report – CoinNews
    Precious metals were mixed on the week, moving narrowly from last week’s soaring prices. For the week in London, gold and silver edged slightly lower while platinum inched higher. In New York futures, gold and platinum climbed several dollars while silver ended down nearly 30 cents …
  • Gold ends slightly higher as consumer confidence drops – MarketWatch
    Gold futures erased earlier losses Friday, ending slightly higher after a bigger-than-expected drop in U.S. consumer confidence drove down stock markets and raised investors’ interest in gold. On the Comex division of the New York Mercantile Exchange, the most actively traded …
  • Gold Rebounds in New York on Bets Dollar Will Extend Slump – Bloomberg
    Gold prices rebounded in New York on speculation that the dollar will extend a slump, enhancing the appeal of the precious metal as an alternative asset. The greenback is headed for the second straight weekly loss against a basket of six major currencies. Before today …
  • Rich Gold Now Sold (By, And To, The Rich) – Jon Nadler, Kitco
    A second day of falling prices in gold was once again, brought to you courtesy of a strengthening dollar. Initial support at $1048 was once again breached early this morning, precipitated by a gain of 0.35 in the USD on the index (now at 75.77). Gold spot prices have touched …
  • Gold Eagles Top 1M, Proof Presidential Dollars Plunge – CoinNews
    A month ago our US Mint sales report headline said “Presidential Dollar Sets Pass 600K.” Today that picture reverses as the proof dollars withdraw to fall back below the milestone. Several other products fell as well in a week where demand for collector coins trended mostly lower. There were several exceptions, especially for coins of yellow complexion. Bullion …
  • First Spouse Coin Sales Spike Before Price Change – First Spouse Coins
    Perhaps collectors saw a window of opportunity last week and jumped on it, since sales for US Mint First Spouse Gold Coins more than doubled their prior week’s numbers. Prices were lower for the coins from September 30 through October 7, and then they went up by $25 on October 8. Another price boost occurred …
  • US Silver Coins Slide in Sales, Braille Education Set Debuts – Silver Coins Today
    Demand mostly declined last week for silver coins, the most recent US Mint sales figures reveal. In fact, two product options were adjusted downward by the Mint, in affect showing a negative weekly increase. Bullion Silver Eagles, however, had a solid jump …
  • 2008-W Uncirculated Silver Eagles Jump – CoinNews
    The latest US Mint figures show weekly sales more than doubled for the 2008 Annual Uncirculated Dollar Set, which includes the 2008-W Uncirculated Silver Eagle. Driving them higher is the fact that the set is the only way to buy an uncirculated Silver Eagle from the US Mint this year, following the 2009 Eagle cancellations…
  • Silver Coin Melt Values at Fresh Highs – Silver Coins Today
    Silver coin melt values registered fresh highs last week, displacing the previous peaks reported just three weeks ago. The gains came as a result of record silver prices, with London silver reaching $17.80 an ounce on Thursday. Despite a 17 cent retreat on …

For daily silver news and prices, visit Silver Prices.

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