The precious metals suffered during May 2011 rapid falls mainly silver.
During recent week the variance of the daily percent changes of these metals’ prices declined; by the end of the week silver prices fell while gold prices didn’t do much and remained around the 1,500$ mark.
Part of the changes in silver and gold prices might be related to the fluctuations in US dollar compared to major currencies:
Let examine the main changes during the recent week of May 9th to 13th of 2011:
Precious Metals Prices weekly summary:
The following table shows the main descriptive statistics regarding the changes in gold and silver prices during recent 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 decreased by 0.64% during the week; this week’s average price of 1,504 USD /t. oz was 0.84% below the previous week’s average price of 1, 517 USD /t. oz.
Silver prices decreased by 5.67% from beginning to end, and this week’s average price was 36.19$/t oz or 9.35% below the previous week’s average 39.92/$/t oz.
During the week, the average daily percent change of gold price rose by 0.03%; silver price declined on a daily scale by only an average of 0.05%.
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, 9th. It presents the trend of these precious metals prices.
The graph shows how silver price started off the week rising and then rapidly declined by nearly 6% by the end of the week; gold price on the other hand, remained flat most of the week, and it didn’t show any clear upward or downward trend.
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 that silver prices declined very sharply on Wednesday; while gold prices started off the week with moderate rises and ended the week with moderate falls.
For further reading (in this site):
- Gold & Silver Prices Outlook – 13 May
- Gold and silver prices outlook May 2011 – what’s next for gold & silver?
Previous issues of weekly report:
- Gold & Silver started May with sharp falls | 2-6 May
- Gold & Silver finished the month with new record highs | 25-29 April
- Gold & Silver continue to break new grounds | weekly recap – 18-21 April