Platinum and Silver Surge
surged forward Wednesday as oil tumbled. Gold
hit its highest point since July while silver
and platinum marked heights not seen since
September. New York silver, gold and platinum
futures rose 3.0 percent, 3.3 percent and 4.4
March crude-oil fell further and for the fourth
straight session, declining $1.61, or 4.3
percent. It ended the day at $35.94 a barrel.
The average price for regular unleaded gasoline
increased 1.2 cents to $1.94 a gallon, according
March silver gained 39 cents following Tuesday’s
30 cent gain. The metal closed at $13.52 an
ounce, the highest since September 26.
April platinum surged $45.80 to $1,080.70 an
ounce, the highest since September 30.
Gold for February jumped $30.10 to end at
$943.80 an ounce.
Gold’s rally "sparks trending moves to $950 to
$955, as well as holding potential for an
extreme spike to $980," Ralph Preston, a
commodity analyst with Heritage West Futures
Inc. in San Diego, was quoted at Bloomberg.com.
Gold, considered a hedge during times of high
inflation and economic uncertainty, tends to
follow oil and move opposite to the U.S. dollar.
A rising greenback makes dollar-denominated
commodities, like bullion, more expensive for
holders of other world currencies.
In spot trading, the London afternoon
gold-fixing price — a benchmark for gold traded
directly between big institutions — stood at
$938.00 an ounce. London silver and platinum
were at $13.39 and $1,040.00, respectively.
In bullion coin news, the US Mint Gold
Uncirculated Eagle 1/10oz Coin Sold Out on
Tuesday. The collector coin had a last reported
individual sales figure of 8,643, with another
2,862 sold within the uncirculated 4-coin set.