Silver Prices Surge 6.0% in New York, 4.2% in London

Precious metal prices rallied this week in New York and London markets following dismal performances last week. Silver was buoyed by rising gold prices, and signs of a stabilizing economy that would increase metal demand.

New York silver futures for September delivery soared 75.8 cents or 6.0% on the week, closing Friday to $13.403 an ounce.

London silver surged as well, gaining 53 cents or 4.2 percent to end Friday at $13.16 an ounce.

"The widening in the gold/silver ratio is a reflection of the weaker industrial demand for silver, James Steel, chief commodities analyst at HSBC in New York, was quoted in a Reuters article this week analyzing the gold to silver ratio.

"Although we believe that silver is now attractively priced compared to gold, we are looking for a further clear-out of silver longs on COMEX to provide a tactical relative value opportunity between gold and silver," John Reade, head of metals strategy at UBS was quoted in the same article.

London silver is now $2.37, or 22.0 percent, higher for the year following its closing price of $10.79 on Dec. 31. The price is off silver's peak from May, when it jumped $4.73, or 43.8 percent.

London precious metal weekly prices follow

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
7/10/2009	910.00	913.00	12.63	1106.00	1095.00	234.00	234.00
7/17/2009	934.50	937.50	13.16	1169.00	1165.00	247.00	245.50

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver	X		4.2%	$0.53
Gold	X		2.7%	$24.50
Platinum	X		6.4%	$70.00
Palladium	X		4.9%	$11.50

 

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

• Bullion & Business Weekend Report - CoinNews
  Precious metal prices were pushed higher this week, with gold helped by oil prices marking their first weekly gain in a month and a U.S. dollar that was sporadic at times. In notable news for metals, platinum broke a five-week losing streak...

• Gold Gains on Inflation-Hedge Demand, Higher Oil; Silver Climbs - Bloomberg
  Gold advanced on rising demand for the precious metal as a hedge against inflation after U.S. housing starts increased in June, adding to signs the world’s biggest economy is stabilizing. Silver also gained…

• Mind the Gap, Please - Jon Nadler, Kitco
  Consolidation punctuated by bouts of profit-taking, followed by small-scale pre-weekend buying, followed by more light selling, was the emerging theme (if there was one) in precious metals overnight, and on Friday…

• Bullion Eagle Mania, Proof Sets and Lincoln Cents Slow - CoinNews
  Recent sales of 2009 Proof Sets hiccup, Braille Silver Dollars crawl, Lincoln Rail Splitters lose luster and, well… the list goes on for nearly every US Mint coin or set. Collectors appear to be sleeping through the summer when it comes to buying modern coins. There is one, no make that two notable exceptions: American Eagle Gold and Silver bullion coins…

• US Mint First Spouse Gold Coin Sales Figures - First Spouse Coins
  There are no exceptionally flashy numbers to report in the latest round of US Mint First Spouse Gold Coin sales figures.With the exception of the two newest issues, no First Lady commemorative managed to surpass 46 in news sales last week…

• US Mint Silver Coin Sales Lower, Silver Eagles Flying - Silver Coins Today
  US coin sales are usually mixed with both ups and downs when comparing week-over-week performances. Not so for last week. Sales declined for all US Mint collector silver coin and set offerings. However, in what could be a hint for next week’s collector coin numbers, bullion silver coins (non collector versions) have been blistering hot….

• Silver Eagles Near 15M, Gold Eagles Hit 800K - Coin Sales Figures
  Bullion coin sales increased all around during the last seven days, as American Eagle Silver Coins jumped toward 15 million for the year and the American Eagle Gold Coins hit an even 800,000. The gains were better than those from the prior week, although sales had likely been affected then by the extended 4th of July weekend…

For daily silver news and prices, visit Silver Spots.

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