The rollercoaster that the financial markets were facing during last week took its toll on the commodities markets as well. During last week, silver price managed to shed off its value almost 28%; this is after during April is added to its price level nearly an equal rate. By the end of the week, silver price reached 35.28$ – its lowest level since mid March.
Gold prices declined during the week by 4.2% and finished at 1,491$/t. oz; this sudden shift in direction I have referred to in length in a recent post on silver and gold prices.
Let examine the main changes during the recent week of May 2nd to 6th of 2011:
Precious Metals Prices weekly summary:
The following table presented the main descriptive statistics regarding the changes in silver and gold prices during last week:
*This figure is calculated based on the percent change from the price at the beginning of the week compare to end of the week
Gold prices increased by 4.21% from beginning to end of the week; this week’s average price of 1,5173 USD /t. oz was 0.41% below the previous week’s average price of 1,523 USD /t. oz.
Silver price decreased very sharply by 23.43% from beginning to end, and this week’s average price was 39.92$/t oz or 14.85% below the previous week’s average 46.88/$/t oz.
During the week, the average daily percent change of gold price rose by -0.84%; silver price declined on a daily scale by an average of 6.18%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – May, 2nd. It shows the trend of these precious metals prices.
The graph shows how silver price fell very sharply throughout the week compared to gold price.
In the last chart are the daily percent changes of silver and gold prices during last week (the changes around the trend). The chart shows how silver prices declined in a very steep way compared to the decline in gold prices, even though both metals seem to move in similar shifts as they were correlated.
For further reading (in this site):
- Gold & Silver Prices Outlook – 6 May
- Gold and silver prices outlook May 2011 – what’s next for gold & silver?
Previous issues of weekly report:
- Gold & Silver finished the month with new record highs | 25-29 April
- Gold & Silver continue to break new grounds | weekly recap – 18-21 April
- Gold & Silver’s new record highs | weekly recap – 11-15 April