Bullion Prices Fall on Week, US Coins Score Higher Sales

by Bullion Prices Staff on October 20, 2012

Bullion prices declined across the board for a second straight week. On Friday, December gold lost $20.70, or 1.2%, to settle at $1,724.00 an ounce on the Comex division of the New York Mercantile Exchange.

"People who rushed in for QE expecting to get a significant lift are getting out of the market," Reuters quoted Frank McGhee, head precious metals trader of Integrated Brokerage Services LLC.

"The longer we don’t make a new high, the more people start getting nervous about where gold is trading," McGhee said.

For the week, gold prices shed $35.70 or 2.0%.

Rounding out other bullion prices on Friday, December silver futures declined 77.1 cents, or 2.4%, to $32.10 an ounce, December palladium futures declined $24.20, or 3.7%, to $623.00 an ounce and January platinum futures declined $28.20, or 1.7%, to $1,615.50 an ounce.

The precious metals weekly losses were 4.7% for silver, 2.5% for palladium and 2.6% for platinum.

Provided below are bullion prices for each day this week and the weekly changes.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $32.74 $32.96 $33.23 $32.87 $32.10 -$1.57
-4.7%
Gold Prices $1,737.60 $1,746.30 $1,753.00 $1,744.70 $1,724.00 -$35.70
-2.0%
Platinum Prices $1,632.30 $1,645.20 $1,670.50 $1,643.70 $1,615.50 -$43.80
-2.6%
Palladium Prices $632.60 $638.95 $653.00 $647.20 $623.00 -$16.05
-2.5%

 

United States Mint Bullion Coins

Daily volume picked up for United States Mint bullion coins, but buying activity from the Mint’s distributors remained limited to two days this week. October has been slow in that sense compared to other months, yet doing well in overall numbers despite the lack in buying frequency.

For the week, sales of American Eagle silver coins rose 608,500 and ATB 5 oz. silver coins climbed 4,800. In contrast, last week the coins logged respective gains of 175,000 and 500. Sales for the American Silver Eagles this month are higher than those in April and February.

In gold bullion, American Eagle gold coins added 24,000 ounces and American Buffalo gold coins added 2,000. Last week they respectively gained 8,500 ounces and 3,000. Sales for the American Gold Eagles this month are higher than those from August, July, April and February.

Below are the latest sales of U.S. Mint bullion coins. These are broken down by product type, with specific sales shown in the daily, October and 2012 columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri October 2012 Sales
1 oz American Eagle Gold Bullion Coin 0 13,000 0 0 10,000 39,000 449,500
1/2 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 61,000
1/4 oz American Eagle Gold Bullion Coin 0 2,000 0 0 0 2,000 64,000
1/10 oz American Eagle Gold Bullion Coins 0 5,000 0 0 0 15,000 265,000
1 oz American Buffalo Gold Bullion Coins 0 2,000 0 0 0 7,500 104,000
5 oz America the Beautiful Bullion Silver Coins 0 2,000 0 0 2,800 5,300 75,300
1 oz American Eagle Bullion Silver Coins 0 410,000 0 0 198,500 2,016,500 27,811,500

 

Notes: Bullion sales listed above are in the number of coins sold, not the amount of ounces sold.

In other U.S. coin news this week, check out:

The first linked article provides weekly numismatic coin sales data from the United States Mint. The article leads with the opening sales for the newly released proof an uncirculated Alice Paul and the Suffrage Movement Gold Coins. These 24-karat gold coins had the highest sales of their series since 2010.

Offered in the second article is information about the Lions Club International Century of Service Commemorative Coin Act that was signed into law by President Obama. In 2017, the United States Mint will produce and sale up to 400,000 silver commemorative coins that honor LCI’s 100th anniversary.

London Bullion Prices

London bullion prices suffered heavy losses this week as well, although not to the degree of most precious metals futures in New York. The biggest weekly loser was silver, down 4.3%. Gold fell the least at 1.7%. The following grid offers the daily London PM Fix prices and the weekly changes.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $33.22 $32.80 $33.03 $32.99 $32.33 -$1.46
-4.3%
Gold Prices $1,736.00 $1,746.50 $1,749.00 $1,743.00 $1,737.00 -$29.75
-1.7%
Platinum Prices $1,641.00 $1,640.00 $1,656.00 $1,647.00 $1,633.00 -$45.00
-2.7%
Palladium Prices $637.00 $639.00 $643.00 $647.00 $638.00 -$12.00
-1.8%

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