Last week ended with gold and silver prices rising and reaching their high levels for this month. In Silver’s case its price reached a record high of over 30 years with 42.571$/t oz). Gold price finished off the week at 1,486$/t oz.
There are different aspects, among others, for this ongoing increase in silver and gold prices that might be related to the inflations concerns, and the correlations these precious metals have with major currencies such as Australian dollar. In any case, I still think (and speculate) that these precious metals are over priced, don’t reflect their market value, and are mostly driven by hot speculative money that enters this market; that being said, I also think that it doesn’t matter because these metals are hot tickets and they will continue to rise, but perhaps at a more moderate tone than they did in this passing week.
Let’s see what these two precious and very desirable metals did last week between 11th and 15th of April:
Precious Metals Prices weekly summary:
The following table summarizes the main descriptive data of silver and gold prices:
*This figure is calculated based on the percent change from the price at the beginning of the week compare to end of the week
From beginning to end of last week, gold price increased by 1.22%; this week’s average price of 1,467 USD /t. oz was 0.8% above the previous week’s average price of 1, 455 USD /t. oz.
Silver price continued to outperform gold price and increased by 4.82% from beginning to end, and this week’s average price was 41.03$/t oz 4.02% above compared to previous week’s 39.44/$/t oz.
During last week, the average daily percent change of gold price inclined by 0.16%; silver inclined by 0.96%.
During April gold prices rose by 4.0%, and silver prices increased by 12.8%, which is higher than the rate silver price inclined during the entire month of March.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – April, 11th. It shows the trend of these precious metals prices.
The graph shows that both these precious metals’ prices had an upward trend from the middle of last week.
In the last chart are the daily percent changes of silver and gold prices during last week (the changes around the trend). It shows that gold and silver prices didn’t change much at the beginning of last week but picked up from the second half of the week to finish strong with steep rises.
For further reading (in this site):
- Gold & Silver Prices Outlook – 15 April
- Gold prices outlook for April 2011 – what’s next for gold?
- 4 reasons silver outperformed gold in 2011 – 29 March
Previous issues of weekly report:
- Gold & Silver Prices continue their rally | weekly recap – 4-8 April
- Gold & Silver Prices weekly recap – 28 Mar-1 Apr
- Gold & Silver Prices continue their rally –21-25 March
- Gold & Silver Prices started weak and finished strong –14-18 March