Weekly Silver Prices Fall 1.4% in N.Y., Rise 0.8% in London

Silver prices turned down during the first week in June following silver's surge in May where the metal gained 27 percent in N.Y. and 23 percent in London.

The earlier Friday closing London markets had silver slightly up for the week while the later closing New York markets pushed silver down hard enough to register a loss.

New York silver futures for July delivery plunged Friday to $15.388 an ounce, declining 22.2 cents or 1.4 percent on the week.

London spot silver closed Friday at $15.65 an ounce, gaining 13 cents or 0.8 percent on the week. To continue with year-to-date gains, the metal has jumped 45 percent this year, rising $4.86 from the $10.79 closing price on December 31.

If "prices of precious metals turn higher across the board, silver will tend to move up faster," Neil Meader, research director at London-based precious metals consultancy GFMS was quoted earlier in the week on MarketWatch.

On the flip side, Meader said "If all the prices come off, you will see silver prices collapse much faster."

Here are week changing London precious metal prices:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
5/29/2009	972.00	975.50	15.52	1163.00	1175.00	235.00	236.00
6/5/2009	977.75	962.00	15.65	1293.00	1275.00	264.00	257.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver	X		0.8%	$0.13
Gold		X	-1.4%	-$13.50
Platinum	X		8.5%	$100.00
Palladium	X		8.9%	$21.00

 

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

• Gold and silver fall as jobs data lessen metals’ appeal - MarketWatch
  Gold and silver futures fell sharply Friday as a better-than-expected U.S. employment report boosted hopes for an economic recovery and made precious metals a less attractive investment…

• Gold Slides as Employment Figures, Stronger Dollar Curb Demand - Bloomberg
  Gold fell in New York and London, posting the first weekly decline in a month, as U.S. employment figures bolstered expectations that the worst of the recession is over, reducing demand for bullion as a store of value…

• US gold ends 2 pct down, near $950/oz on dlr rally - Reuters
  Gold futures fell toward $950 an ounce on Friday, losing 2 percent as a better-than-expected U.S. jobs report sparked a dollar rally and boosted hopes for an economic recovery, denting gold’s appeal as a safe haven…

• Bullion & Business Weekend Report - CoinNews
  With the exception of gold, markets were generally positive on the week. As silver advanced and platinum surged, the yellow metal in London closed lower for the first time in five weeks. Outside of precious metals, crude-oil marked a third week of gains while U.S. stocks continued their upward trends. European stocks finished higher for the week as well...

• US Silver Coin Sales - Silver Coins Today
  With the exception of the DC & US Territories Quarters Silver Proof Set, silver coin sales were mostly lackluster based on the latest US Mint stats. The quarters silver proof set surged with an additional 12,238 sold for a total of 163,703. Not bad considering…

For daily silver news and prices, visit Spot Silver.

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