Silver Prices Plummet in June and Second Quarter 2013

June 30, 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.

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