Bullion Prices Drop Sharply in Third November Week

by Bullion Prices Staff on December 21, 2013

Bullion prices fell this week, dropping the most on Thursday after the Federal Reserve announced that it was cutting its monthly bond purchases by $10 billion to $75 billion. Prices rebounded Friday but only modestly in comparison to the prior day’s plunge.

On Friday, gold for December delivery added $10.10, or 0.8%, to finish at $1,203.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices on the week lost 2.5% with expectations by many analysts for further declines.

"Gold is now likely to grind lower throughout 2014," Jeffrey Currie, Goldman’s head of commodities research in New York, said in a telephone interview. "Much of the expected price decline has been priced in as opposed to a more gentle process as the Fed backs away from QE. When the gold market sees these events, it usually tries to price it in immediately."

Other precious metals futures also rose Friday:

  • Silver prices for March delivery added 26 cents, or 1.4%, to finish at $19.45 an ounce.
  • Palladium prices for March delivery added $2.45, or 0.4%, to settle at $698.75 an ounce.
  • Platinum prices for January delivery added $13.80, or 1.1%, to close at $1,332.20 an ounce.

For the week, declines across the precious metals summed to 0.8% for silver, 2.4% for palladium and 2.3% for platinum.

New York bullion prices per day and by the net changes for the week are listed in the table below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $20.10 $19.84 $20.06 $19.19 $19.45 -$0.15
-0.8%
Gold Prices $1,244.40 $1,230.10 $1,235.00 $1,193.60 $1,203.70 -$30.90
-2.5%
Platinum Prices $1,360.10 $1,344.60 $1,342.70 $1,318.40 $1,332.20 -$30.70
-2.3%
Palladium Prices $716.35 $701.05 $699.45 $696.30 $698.75 -$17.45
-2.4%

 

Sales of United States Mint Bullion Coins

With all United States Mint silver bullion coins sold out, the only option buyers had were American Eagle and American Buffalo gold coins. Here is a summary of weekly and month-to-date bullion totals.

  • American Eagle gold coins added 6,500 ounces compared to the prior week’s 12,000 ounces. Their December sales total 39,000 ounces.

  • American Buffalo gold coins rose 1,500 ounces against the prior week’s 4,000 ounces for a new monthly total of 7,000.

  • All 2013 American Eagle silver coins sold out last week. Their December total will stay at 1.2 million.

  • All 2013 America the Beautiful 5 oz Silver Bullion Coins sold out last week. 4,300 coins sold for the month.

In the table below are United States Mint bullion sales by day this week and the YTD totals to December 20, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 0 0 3,000 3,500 726,500
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 58,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 122,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 535,000
1 oz American Gold Buffalo Bullion Coins 0 0 0 0 1,500 239,000
5 oz America the Beautiful Silver Bullion Coins 0 0 0 0 0 223,100
1 oz American Eagle Silver Bullion Coins 0 0 0 0 0 42,675,000

 

Bullion Prices in London

London bullion prices were divided Friday. PGM’s stayed steady or edged higher while gold and silver inched lower. In the net dollar and percent changes from the PM fix prices on Thursday to Friday:

  • Gold at $1,195.25 declined 75 cents, or 0.06%.
  • Silver at $19.33 fell 1 cent, or 0.05%.
  • Palladium was flat at $700.
  • Platinum at $1,328 added $7, or 0.5%.

Below are the London PM Fix prices for each day this week and the percent and net dollar changes since last Friday:

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $19.50 $20.02 $19.94 $19.34 $19.33 -$0.22
-1.1%
Gold Prices $1,234.75 $1,231.75 $1,230.50 $1,196.00 $1,195.25 -$36.75
-3.0%
Platinum Prices $1,355.00 $1,354.00 $1,354.00 $1,321.00 $1,328.00 -$39.00
-2.9%
Palladium Prices $717.00 $713.00 $709.00 $700.00 $700.00 -$23.00
-3.2%

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: