Bullion Prices Soar on Week, US Silver Coins Moving

by Bullion Prices Staff on August 16, 2013

Bullion prices rallied this week, led by silver which scored a 14.3% weekly increase and scored a fourth week of consecutive gains. Gold shot ahead 4.5% and finished at its highest price since June 19. In rounding out the metals on a weekly basis, palladium advanced 3% and platinum gained 1.8%.

December gold prices on Friday settled up $10.10, or 0.7%, to $1,371 an ounce on the Comex in New York. Gold’s safe-haven demand gained as equities plummeted and on concerns of violence in Egypt.

"Precious metals were well supported this week as investors bailed out of equities and [Treasury's] on higher prospects of a September stimulus taper by the [Federal Reserve]," said Mike Meyer, assistant vice president of EverBank World Markets.

Some analysts expect gains in gold to continue into next week, according to Kitco News.

"A strong rally in gold, particularly toward the end of the week, could have enough momentum to keep going next week and could set the stage for an eventual target of the $1,400-an-ounce area," noted Debbie Carlson of Kitco.

"In the Kitco News Gold Survey, out of 36 participants, 25 responded this week. Of those 25 participants, 21 see prices up, while two see prices down and two see prices moving sideways or are neutral," Carlson pointed out.

Silver on Friday extended its winning streak to seven sessions. September silver futures added 38.7 cents, or 1.7%, to close at $23.32 an ounce. In palladium and platinum:

  • September palladium futures rose $6.20, or 0.8%, to $763.05 an ounce
  • October platinum futures added $4.70, or 0.3%, to $1,527.60 an ounce

New York bullion futures prices by day and 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 $21.34 $21.34 $21.79 $22.94 $23.32 $2.92
14.3%
Gold Prices $1,334.20 $1,320.50 $1,333.40 $1,360.90 $1,371.00 $58.80
4.5%
Platinum Prices $1,498.70 $1,499.70 $1,505.20 $1,532.30 $1,527.60 $27.00
1.8%
Palladium Prices $737.60 $738.90 $740.35 $756.85 $763.05 $22.05

3.0%

 

Sales of United States Mint Bullion Coins in August

Distributor demand continued at a low level for U.S. Mint gold coins. Weekly sales also retreated for silver coins but demand overall remained high. When comparing sales totals over the most recent two weeks:

  • American Eagle gold coins added 1,500 ounces, which was only a tad better than the 500 ounces from last week.
  • American Buffalo gold coins rose 1,500, or 500 less than last week.
  • American Eagle silver coins advanced 746,000 versus the previous weekly total of 850,000. In their latest milestone, year-to-date sales jumped above 31 million. The mark is the quickest ever achieved in a year. 2011 holds the annual sales record for the silver coins. That year it took until Sept. 21, 2011 to reach 31 million in sales.
  • America the Beautiful 5 oz bullion silver coins rose by 300 coins, or 1,500 ounces. Sales were muted during the two prior weeks.

United States Mint bullion coin sales by day and the totals for the year through to August 16, 2013 are listed in the grid below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 1,000 0 0 0 589,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 48,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 94,000
1/10 oz American Eagle Gold Bullion Coins 0 5,000 0 0 0 455,000
1 oz American Gold Buffalo Bullion Coins 0 1,500 0 0 0 184,500
5 oz America the Beautiful Silver Bullion Coins 0 300 0 0 0 131,500
1 oz American Eagle Silver Bullion Coins 0 746,000 0 0 0 31,046,000

 

In collector coin news, given the sharp gains in silver prices this week, chances have advanced for the Mint to increase the prices of its silver coins. For more, read this silver coins article.

Bullion Prices in London

London bullion fixings scored strong gains in ending the week. In percentage changes for the precious metals between London Fix PM prices on Thursday and Friday:

  • Gold gained 3.0%
  • Silver surged 3.8%
  • Platinum added 1.3%
  • Palladium jumped 2.1%

Like bullion futures in New York, London fixings for the week soared. London Fix prices for each day this week and the weekly percent and net dollar changes are presented below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $20.84 $21.46 $21.50 $22.00 $22.83 $2.52

12.4%
Gold Prices $1,341.00 $1,328.50 $1,326.50 $1,329.75 $1,369.25 $60.25

4.6%
Platinum Prices $1,503.00 $1,506.00 $1,491.00 $1,504.00 $1,524.00 $32.00

2.1%
Palladium Prices $742.00 $740.00 $737.00 $746.00 $762.00 $23.00
3.1%

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