Gold dashed to the $1,800-an-ounce mark but couldn’t quite hold it Aug. 10.
It closed in New York trading at a record $1,781.30, up $117.90 in just a week.
And, oh, what a week.
The world’s financial markets were in turmoil. Share prices were down dramatically from Hong Kong to New York. Investors sought the safe haven of gold.
While gold was running long, however, silver apparently didn’t get the quarterback’s signal because it actually lost ground, dropping $2.42 in the same time period to close at $39.33 a troy ounce.
Pat Heller in his weekly e-newsletter commentary in the Krause Publications “Numismatic Update” said, “Silver’s price is heavily influenced by its use as a financial asset. However, it is now predominantly an industrial metal, with more applications being discovered every week. During an economic downturn, it is normal for demand for industrial commodities to decline, leading to lower prices.”
However, he said his customers were going for silver in their purchases in a big way nevertheless.
See related Page 1 story for the metals impact on coin sales.