Bullion July 2010 Prices and US Mint Coin Sales

by Bullion Prices Staff on July 31, 2010

U.S. bullion prices were mixed this week, and they closed out July the same way and for matching precious metals — gold and silver moved lower while platinum and palladium recorded gains.

Gold prices closed higher for a third consecutive day on Friday, but the momentum was insufficient to bring the final week of July, or the month itself, to positive territory. The metal declined 0.3% for the week and by a much larger 5.0% in July.

"We view the latest decline in the gold price as temporary," analysts at Deutsche Bank AG said in a report. "This weakness has been driven more by liquidation in net length among the investor community than a structural change in fundamentals."

In New York bullion weekly and July prices, gold futures for December delivery finished at $1,183.90 an ounce for a daily pick up of $12.70. However, the price was $3.90 less than last Friday, and a hefty $62 lower as compared to the ending price in June — marking a bargain for those who believe prices will eventually rise.

"People are trying to add to holdings of gold at a sale price," Zachary Oxman, managing director at TrendMax Futures, said and was quoted on MarketWatch. "and I think you are seeing some long-term players adding to their net long holdings at a reduced price."

In another metal on the Comex in New York, silver for September delivery closed Friday at $18.003 an ounce, climbing 38.6 cents or 2.2%. But the price declined 0.5% for the week and, again at a much larger rate, 3.8 percent in July.

October platinum was $1,576.80 an ounce for a gain of $13.40 or 0.9% on the Nymex. Prices climbed 2.2% for the week and 2.6% in July.

Palladium gained the most in all New York traded metals. It closed Friday at $500.00 an ounce for a daily increase of $8.80 or 1.8%. Palladium soared 7.1% for the week and 12.5% in July.

"We can understand why palladium and the commodity complex have outperformed gold of late," said Edel Tully, UBS analyst. "Quite simply, investors are seeking risk and for now gold’s safe haven properties have been made redundant."

In London bullion weekly prices, the gold fix was $1,169.00 an ounce, falling $21.50 or 1.8%. The monthly decline in July was heavier at $75 or a full 6.0%.

"There are still vocal bulls around, though just a tad fewer, and they are now happy to indicate that we might yet see $1,300 this very year," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. " Curiously, a lot of the $2K sloganeers have quietly slipped away; perhaps to a summer vacation spot on a remote beach."

London silver was $17.660 an ounce, retreating 51 cents or 2.8% for the week. It tumbled $1.08 or 5.8% during the month of July.

Platinum was $1,555.00 an ounce. It gained $14.00 or 0.9% during the week and $23 or 1.5% in July.

Finally, London palladium ended at $487.00 for a weekly advance of $27 or 5.9%. The metal soared $41 or 9.2% in July.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint gold and silver news:

  • US Mint Sales: 2010 Proof Sets, Gold Eagles Jump
    The United States Mint had a pretty good week, for a second time after several weeks of lazy sales. Most products outperformed prior gains, and the inaugural numbers for the 2010 United States Mint Proof Set were stronger than those of the 2010 Mint Set which were released a week earlier. For bullion coins, the one ounce versions enjoyed growth spurts. To the numbers…

    The popular 2010 Proof Set launched Thursday, July 22, and beat the uncirculated 2010 Mint Set which was released exactly one week earlier. The proof sets started with 296,379 after four days, while the mint sets reached 247,085 after 11 days on the market…

  • 2010 Proof Gold Eagle Production Likely?
    A House of Representatives subcommittee hearing on Tuesday revealed better odds in minting proof and uncirculated 2010 American Silver Eagle coins. But what about 2010 proof American Gold Eagles?

    As a reminder, the 2009 versions of these numismatic coins were canceled as the United States Mint focused its resources and available coin blank or planchet supplies on producing bullion coins.

    During the hearing, U.S. Mint Director Ed Moy spoke of his support for legislation that would redirect a portion of silver planchets from legally mandated bullion coins to discretionary proof and uncirculated silver dollars…

U.S. Bullion Eagle Weekly Sales

The only United States Mint bullion coins not to sell since last Friday were the one-tenth and one-fourth ounce American Gold Eagles. Coins with reported gains include:

  • American Buffalo Gold coins – rising 3,000 vs. 4,000 from the prior week
  • One ounce American Gold Eagles – advancing 34,000 versus last week’s 48,500
  • One-half ounce American Gold Eagles – adding 1,000
  • American Silver Eagles – surging 689,000 compared to 644,000

The following table has published sales figures from the U.S. Mint as of Friday:

Bullion Coin July 2010 Sales

American Buffalo Gold 33,500 23,000 183,500
American Eagle Gold 1 oz 97,000 147,500 766,000
American Eagle Gold 1/2 oz 31,000 2,000 33,000
American Eagle Gold 1/4 oz 44,000 2,000 46,000
American Eagle Gold 1/10 oz 280,000 30,000 310,000
American Eagle Silver 3,001,000 2,981,000 21,149,500


Figures above are in coins, not ounces of gold sold.

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