Precious metals shine
New York (Apr 5) Gold, silver and platinum rallied sharply all week, trading yesterday at one-week highs. A drop in the U.S. stock market, the resignation of a “hawkish” Federal Reserve Governor, and news that the Iraqi Central Bank has been accumulating more than 60 tons of gold might have been contributing factors. Platinum’s extraordinary strength was stimulated by ongoing labor unrest in South Africa, the world’s largest platinum miner.
Industrial copper, unlike the precious metals, took a tumble on concerns that the employment picture might not look as bright as economists had expected and reduced concerns that an earthquake in Chile could delay copper production from that nation.
Spot gold close the week at $1,304, while silver ended at $19.97.