Precious Metals Market Recap: Week of 5/17/10 - 5/21/10 - Gainesville Coins News
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Precious Metals Market Recap: Week of 5/17/10 - 5/21/10

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Precious Metals Market Recap: Week of 5/17/10 - 5/21/10

The poor performance of precious metals this week - poor when compared to last week, that is – was engendered by a drop across the board in spot prices from all-time highs. Uncertainty continues to affect these markets as an increasing number of investors are getting out of commodities markets altogether.

All eyes have been on Germany, as earlier this week a unilateral decision to curb some trading activities was met with disappointment in the Eurozone. This has been the prime motivator in the recent global profit-taking trend. Each of the precious metals in fact, dropped over the past few days.

  • Gold: Gold fell this week from a Monday high of $1,242.00. This comes as no surprise as, for the reasons mentioned above, global investors have been taking profits on the traditionally stable metal. The market closed at $1,182.40 on Thursday.
  • Silver: Silver followed suit with a 3.13% decline on Thursday alone. Silver’s applications in industry make it slightly more vulnerable to economic turbulence. The commodity closed at $17.61 in New York Thursday.
  • Palladium & Platinum: Typically responding more quickly to declines in other spot prices and more slowly in increases, Palladium and Platinum didn’t disappoint this week. Both fell to 7-week lows this Thursday closing at $407.95 and $1,493.80 respectively.

German parliament will vote this Friday on whether to authorize the country’s $123 billion contribution to bailout measure. If Chancellor Angela Merkel gets her way, as many anticipate she will, Germany will go ahead with its share of the loan guarantees, essentially saving the Euro. If not, there isn’t much telling what will happen. Early activity in the European markets Friday reflected this as gold prices dropped early in the morning, but then recovered slightly.

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