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21 May 2010

Gold and Silver stabilise as they benefit from Bargain Hunting, Platinum loses further 1%

Gold and Silver flat in London at Midday, Platinum down further 1%

After yesterdays carnage on the metals markets, Friday morning saw stabilisation in Gold and Silver in London along with equity markets. Platinum saw further selling however with it showing a further 1% fall just before midday in London.

BullionSupermarket reported increased price comparison activity in all precious metals on Thursday as falling prices brought bargain hunters to the site in search of a bargain. This trend continued into Friday, with the weekend, when most auctions complete, promising to be a busy one for buyers in search of a bargain. Interest on the site was slewed towards Gold at midday (London time) with 81.4% of price comparisons being performed on Gold bullion coins and bars, with just 14.4% on Silver and 4.2% Platinum. This was compared to the previous day when 70.4% of price comparison traffic was on Gold bullion items.

Gold Premiums were mixed with some older auction and fixed price lots showing higher than usual premiums due to lower Gold Prices and some newer auctions completing very close to zero premium, indicating some caution from buyers at this stage.

Silver Premiums were mixed as with Gold, most likely for similar reasons, but broadly lower than recent days, potentially due to increased supply. Here at BullionSupermarket we will be watching with interest to see how the physical market responds to this weeks turmoil.

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