Precious Metals Market Recap: Week of 5/10/10 – 5/16/10

Last week’s DOW scare and recent political tension in Greece joined forces to bring about some pretty interesting events this week in global precious metals markets. The most note-worthy of which is gold breaking records for most of the past 4 days.

All in all, demand for bullion is up – particularly in Europe. European sources of gold and silver were so thinly spread this past week that the demand has hopped the Atlantic to be felt in North American markets as well. The result has been a robust increase these past few days in spot prices.

  • Gold: As stated, gold continued its upward trend at the beginning of the week, shattering records in its path. Opening at $1,182.30 on Monday, gold jumped to an all-time high of near $1,250. Investors took their profits Thursday, it seems, as the market closed at $1,235.70.
  • Silver: Silver rode the same wave of investor interest as gold this week, but unlike gold, continued its upward path through most of the way through Thursday. Silver reached an unprecedented high of $19.845, to close a few cents down at $19.48 Thursday.
  • Palladium & Platinum: Earlier interest this week seems to have tapered off as both Palladium and Platinum dropped Thursday. Palladium fell $4.15 to close at $543.30 an ounce while Platinum fell a smaller percentage, losing $7.90 Thursday to close at $1,739.40. 

Concerns over the implications of the still unresolved oil spill in the Gulf of Mexico continue to affect most every major global market, with precious metals being no exception. Market participants worldwide are quantifiably apprehensive about the future of traditionally stable investments, and have retreated to the known security of precious metals.

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