Bullion Prices Mostly Up in October, US Silver Coins Race to Record

by Bullion Prices Staff on November 3, 2013

Bullion futures in New York ended Thursday sharply lower and that yanked gold prices down 0.3% for October. Other precious metals were able to hold onto their monthly gains but with trimmed advances of 0.7% for silver, 1.3% for palladium and 2.6% for platinum.

Bullion prices split on Friday, Nov. 1, with palladium and platinum recovering slightly, but all the metals still ended with weekly losses. Before getting to their closing prices, the declines on the week total 2.9% for gold, 3.5% for silver, 1.3% for palladium and 0.3% for platinum.

In specifics, gold futures for December delivery shed $10.50, or 0.8%, to $1,313.20 an ounce on the Comex division of the New York Mercantile Exchange. It tags a low not seen since Oct. 16. The outlook for gold prices next week is bearish, based on the majority of analysts, traders and market-watchers. Although most said watchers missed prices this week, expecting them to climb.

"In the Kitco News Gold Survey, out of 34 participants, 19 responded this week. Of these, three see prices up, while 13 see prices down and three see prices sideways or are neutral… Those who expect weaker prices cited the lack of inflation, particularly after this week’s lower-than-expected inflation readings out the eurozone," notes Kitco News.

US inflation was also tame. The Labor Department reported on Oct. 30 that US inflation for September climbed 0.2% and rose 1.2% on an annual basis. The monthly report was delayed about two weeks as a result of the US government shutdown.

In other precious metals futures on Friday:

  • Silver prices for December delivery eased 3 cents, or 0.4%, to settle at $21.84 an ounce.
  • Palladium prices for December delivery added $1.45, or 0.2%, to settle at $738.25 an ounce.
  • Platinum prices for January delivery added $3.50, or 0.2%, to settle at 1,451.90 an ounce.

New York bullion futures 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 $22.54 $22.49 $22.98 $21.87 $21.84 -$0.80
-3.5%
Gold Prices $1,352.20 $1,345.50 $1,349.30 $1,323.70 $1,313.20 -$39.30
-2.9%
Platinum Prices $1,472.90 $1,461.90 $1,479.90 $1,448.40 $1,451.90 -$3.60
-0.3%
Palladium Prices $750.45 $747.05 $749.50 $736.80 $738.25 -$9.65
-1.3%

 

Sales of United States Mint Bullion Coins

US Mint bullion coins scored stronger sales in October than in September. On the week in overall ounces, silver coins moved slightly faster and gold coins slightly slower. October and weekly figures include:

  • American Eagle gold coins rose 11,000 ounces, or 4,500 less than last week. They enjoyed a good run in October with sales of 48,500, which is the highest for a month since July. Sales in September reached 13,000 ounces with those from August at 11,500 ounces.

  • American Buffalo gold coins added 3,000. That compares to 2,500 from the previous week. October sales made it to 18,000, which is also the best total since July. Sales in the months of September and August each totaled 10,000.

  • American Eagle silver coins advanced 701,000, or a modest 2,000 higher than last week. October sales at 3,087,000 also totaled just a bit above September with its 3,013,000. They are at 39,175,000 for the year and that indicates a new all-time annual record is right around the corner. 2011 holds the current record at 39,868,500. For more, read about sales of the silver coins in October.

  • America the Beautiful 5 oz bullion silver coins added 600 after two straight weeks of no gains. They added 6,600 for the month, down from 22,900 last month. Sales will improve in November when the Mount Rushmore 5 oz silver coin makes its first appearance.

In the table below are US Mint bullion sales by day this week and the YTD totals to November 1, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 2,000 3,500 1,000 1,000 3,000 649,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 56,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 114,000
1/10 oz American Eagle Gold Bullion Coins 0 5,000 0 0 0 500,000
1 oz American Gold Buffalo Bullion Coins 2,000 1,000 0 0 0 218,000
5 oz America the Beautiful Bullion Silver Coins 0 600 0 0 0 179,700
1 oz American Eagle Bullion Silver Coins 506,500 194,500 0 0 0 39,175,000

 

Bullion Prices in London

Before jumping into weekly results and Friday, Nov.1, bullion prices in London, a quick recap on how they performed in October follows:

  • Gold inched lower by $2.50, or 0.2%, to
  • Silver gained 52 cents, or 2.4%
  • Palladium gained $16, or 2.2%
  • Platinum added $39, or 2.8%

London bullion fixings mixed it up but most metals fell Friday. They divided on the week with gold and silver down 3% and 2.7% and platinum and palladium higher by 0.9% and 0.5%. In the net dollar and percentage changes from the PM fixings on Thursday to Friday:

  • Gold fell $17.25, or 1.3%, to
  • Silver declined 45 cents, or 2%
  • Palladium fell $5, or 0.7%
  • Platinum added $3, or 0.2%

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

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $22.54 $22.31 $22.74 $22.20 $21.75 -$0.60
-2.7%
Gold Prices $1,361.00 $1,349.25 $1,354.75 $1,324.00 $1,306.75 -$41.00
-3.0%
Platinum Prices $1,462.00 $1,466.00 $1,477.00 $1,450.00 $1,453.00 $13.00
0.9%
Palladium Prices $742.00 $744.00 $749.00 $742.00 $737.00 $4.00
0.5%

 

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