Bullion Prices Decline in Second Quarter 2012

by Bullion Prices Staff on June 30, 2012

Bullion prices rallied Friday, the final day of June and of the second quarter 2012. The sharp gains lifted all but one precious metal higher for the week and half of them for June, but each fell for the quarter. Those quarterly losses were 4% for gold, 15% for silver, 10.6% for palladium and 11.7% for platinum.

On Friday, gold prices for August delivery jumped $53.80, or 3.5%, to $1,604.20 an ounce on the Comex division of the New York Mercantile Exchange. That put gold up 2.4% on the week and 2.6% for June. Many analysts expect higher prices next week as well.

"Gold’s stout rally Friday on the back of news that European Union banks will get some help could spillover to next week, with many market observers watching to see how the metal behaves now that it is back over the $1,600 an ounce level," notes Debbie Carlson of Kitco News.

"In the Kitco gold survey, 24 responded this week. Of those 24 participants, 14 see prices up, while four see prices down, and six are neutral."

Silver prices tracked gold. September silver gained $1.32, or 5%, to settle at $27.61 an ounce. Silver rose 3.6% for the week but fell 0.5% for June.

In PGM metals, September palladium prices added $20.65, or 3.7%, to $584.55 an ounce and October platinum prices added $63.10, or 4.5%, to $1,452.40 an ounce. The metals split on the week and month. Palladium fell 3.7% this week and 4.8% in June. Platinum added 1.5% this week while jumping 2.5% in June.

The following grid offers precious metals futures on a daily basis along with the most recent weekly changes.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
July Silver Prices $27.52 $27.038 $26.94 $26.29 $27.61 $0.95
3.6%
Aug. Gold Prices $1,588.40 $1,574.90 $1,578.40 $1,550.40 $1,604.20

$37.30
2.4%

July Platinum Prices $1,439.40 $1,426.80 $1,409.70 $1,389.30 $1,452.40 $21.20
1.5%
Sept. Palladium Prices $607.25 $593.70 $579.75 $563.90 $584.55 -$22.65
-3.7%

 

United States Mint Bullion Sales

There was no bullion coin action to report Friday, for a second day. United States Mint bullion sales started fast this week, so it turned out to be a decent one despite the two days of non gains.

  • In gold bullion, weekly sales rose to 14,000 ounces versus the prior week’s 24,000 ounces
  • In silver bullion, weekly sales were 535,000 ounces against the previous 720,000 ounces

The Mint has not "closed" June’s sales, but should so on Monday. The latest United States Mint bullion coin sales totals are offered in the daily, June and 2012 sales columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Fri June 2012 Sales
1 oz American Eagle Gold Coins 3,000 2,000 4,500 0 0 49,500 279,500
1/2 oz American Eagle Gold Coins 0 0 1,000 0 0 2,000 56,000
1/4 oz American Eagle Gold Coins 0 0 2,000 0 0 6,000 52,000
1/10 oz American Eagle Gold Coins 5,000 0 5,000 0 0 25,000 175,000
1 oz American Buffalo Gold Coins 1,000 0 1,500 0 0 10,000 75,000
5 oz America the Beautiful Silver Coin 3,400 0 0 0 0 3,500 21,500
1 oz American Eagle Silver Coin 493,000 25,000 0 0 0 2,593,000 17,127,000

 

Notes: The sales of bullion coins above are in numbers sold, not ounces sold.

In other coin news, check out this 2012-W American Eagle Gold Coin article. It details Thursday’s release of the uncirculated 22-karat gold piece.

London Bullion Prices

London bullion prices were also up Friday, but more modestly than bullion futures in New York. The following grid provides London PM Fix daily bullion prices and latest changes for the week.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $26.72 $27.440 $26.835 $26.81 $27.08 $0.27
1.0%
Gold Prices $1,570.00 $1,576.00 $1,573.50 $1,558.50 $1,598.50 $33.00
2.1%
Platinum Prices $1,434.00 $1,433.00 $1,408.00 $1,402.00 $1,428.00 -$7.00
-0.5%
Palladium Prices $606.00 $601.50 $579.00 $576.00 $578.00 -$30.00
-4.9%

 

For London bullion prices in June, gold added 2.6%, silver declined 3.6% palladium fell 5.4% and platinum added 1.6%.

For London bullion prices for the quarter, losses included 3.8% for gold, 16.5% for silver, 11.2% for palladium and 12.9% for platinum.

Refer to this site’s home page for always updated bullion prices and news.

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