Silver Prices Plummet in June and Second Quarter 2013
Silver Prices Plummet in June and Second Quarter 2013
And from there, it just gets worse with atrocious quarterly and year-to-date figures. Despite it all, United States Mint sales of its bullion silver coins continue on record pace.
On Friday, silver prices for September delivery soared 91.7 cents, or 4.9%, to settle at $19.47 an ounce on the Comex in New York. That cut into the prior day poundings, brought silver up from a 34-month low, and set its weekly decline to 2.5%.
Marking a fifth straight monthly loss, silver prices in June sank $2.77, or 12.5%. Going back through the previous months in 2013, the precious metal dived $1.94 in May, $4.14 in April, 10.9 cents in March and $2.92 in February. January was the only month this year in which silver prices gained, up $1.12.
Quarter and YTD
Tallying the losses in the April through June period, or the second quarter, silver futures ended down $8.85, or 31.3%. And for the year, declines stacked to $10.76, or 35.6%.
In rounding out the precious metals complex in New York on Friday:
- August gold settled at $1,223.70 an ounce to fall $169.30, or 12.2%, in June
- October platinum ended at $1,339.90 an ounce for a monthly loss of $121.90, or 8.3%, and
- September palladium settled at $660.70 an ounce for a June decline of $92.95, or 12.3%
And in the second quarter 2013, losses totaled to 23.3% for gold, 14.9% for platinum and 14% for palladium. On the year so far, declines are 27% for gold, 13.1% for platinum and 6.1% for palladium.
Silver Prices in London
The London silver Fix was $18.61 an ounce on Friday, gaining 25 cents or 1.3%. London silver prices buckled 16.4% in June and 34.1% in the second quarter. Year-to-date, the precious metal has fallen 37%.
In other London fixings on Friday, for June and for the quarter:
- Gold at $1,192 an ounce lost 14.5% for the month and 25.4% for the quarter,
- Palladium at $643.00 an ounce declined 13.6% in June and 16.5% for the quarter, and
- Platinum at $1,317.00 an ounce shed 9.7% for the month and 16.4% for the quarter
Declines so far this year accumulate to 28.4% for gold, 8% for palladium and 13.5% for platinum.