Bullion Prices Retreat on Week, Gold Falls Least; Coin Sales Mild

by Bullion Prices Staff on September 9, 2011

Bullion prices retreated this week after rallying with sizable gains during the previous week. Ironically, gold touched a record high on Tuesday of $1,923.70 an ounce, but just as quickly gave back its gains. In the end, the yellow metal ended the week with two straight session gains but still dropped 0.9% from where it stood last Friday. Weekly losses in other precious metals were more severe. Palladium plunged 5.7%, silver dropped 3.4% and platinum followed with a 2.5% loss.

On the Comex division of the New York Mercantile Exchange, December gold  prices added $2.00, or 0.1%, to $1,859.50 an ounce, moving on the day from a low of $1,825.50 an ounce to a high of $1,889.10 an ounce.

"Volatility will likely continue in the gold market next week, with headline news driving price direction, but traders’ biases favor higher prices for the metal," wrote Debbie Carlson of Kitco News.

"The outlook for higher gold prices certainly is not unanimous and underscores the why values have likely swung so much lately … In the Kitco News Gold Survey, out of 34 participants, 21 responded this week. Of those 21 participants, nine see prices up, while six see prices down, and six see prices sideways or unchanged," she added.

In other New York futures prices, December silver lost 90.6 cents, or 2.1%, to $41.624 an ounce, December palladium lost $26.70, or 3.5%, to $738.60 an ounce and October platinum lost $16.60, or 0.9%, to $1,837.90 an ounce.

United States Mint Bullion Coins

American Silver Eagle sales rallied 476,000. Although a hefty gain, the weekly increase turned out to be a rather mild 557,000 — mild in the sense that many times this year the .999 fine silver coins have advanced upwards of 750,000 in a week. American Gold Eagles in the 1 oz. size fared a bit better this week, rising 14,500 versus last week’s 14,000. They should hit the 700,000 year-to-date milestone next week.

The latest United States bullion figures are provided below in the daily, September 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 4,000 3,500 4,000 4,000 123,500
1 oz American Gold Eagle 14,500 14,000 14,500 17,500 690,000
1/2 oz American Gold Eagle 0 0 0 0 61,000
1/4 oz American Gold Eagle 0 0 0 0 70,000
1/10 oz American Gold Eagle 5,000 0 5,000 5,000 325,000
5 oz America the Beautiful Silver not reported 380,900
1 oz American Silver Eagle 476,000 844,000 557,000 651,000 29,602,000


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Friday, September 2, 2011. All other figures have an "as of date" of Friday, September 9, 2011.

For a recent break down of numismatic and bullion coin sales, read the CoinCollectingNews.org article: US Mint Sales: Vicksburg Quarters Top 2011 Proof Silver Eagles.

London Bullion Prices

London bullion prices declined across-the-board Friday and also finished the week lower than the previous one. PM fixing prices included the following daily changes:

  • Gold declined $3.50, or 0.2%, at $1,851.50 an ounce
  • Silver declined 74 cents, or 1.8%, at $41.40 an ounce
  • Palladium declined $14, or 1.8%, at $748 an ounce
  • Platinum declined $6, or 0.3%, at $1,842 an ounce

On a weekly basis, London precious metals declined at a rate of 1.3% for gold, 2.6% for silver, 4.7% for palladium and 1.7% for platinum.

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