Gold and Silver Break String of 5 Weekly Gains, Bullion Coins Strong

by Bullion Prices Staff on October 23, 2010

U.S. bullion prices were mixed on Friday and for the week, but gold and silver dropped for both and broke their string of five weekly gains. The yellow metal declined 3.4% for the week, driven lower by a stronger greenback which managed to rise against other currencies and post a winning week for the first time in six weeks.

New York gold for December delivery lost 50 cents to end at $1,325.10 an ounce, marking a weekly loss of $46.90. Prices rose $26.70 or 2% last week.

Silver futures prices for December closed Friday at $23.118 an ounce, down 2.1 cents or 0.1%. Its weekly plunge in percent terms was the biggest of all the precious metals. It fell 4.8%, representing a dollar loss of $1.17. In notables, silver’s closing price was the lowest since October 8, 2010, and gold outperformed it — at least losing less — for the first time in six weeks.

"As usual silver has been under performing during the correction just like it has been outperforming during the recent rally," Saxo Bank senior manager Ole Hansen said in a note on Friday that was cited on Reuters.

In additional New York precious metals prices, January platinum edged higher by $1.70 or 0.1% to $1,675.10. The metal declined for a second straight week as it dropped $20.30 or 1.2%. It dipped 0.8% last week. Palladium rose $4.80 or 0.8% to end at $591.10 an ounce on Friday. It was the sole precious metal winner this week, gaining $1.90 or 0.3%.

In London bullion prices, gold was fixed to $1,322.50 an ounce for a weekly loss of $45.00 or 3.3%. Silver declined $1.37 or 5.6% for the week with its Friday fixing of $23.05. In other weekly prices, platinum lost $18 or 1.1% to $1,673.00, and palladium was $586 for a loss of $5 or 0.8%.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent U.S. gold and silver coin news (bullion and numismatic):

  • America the Beautiful Silver Bullion Coins Images
    If images recently released by the United States Mint are any indicator, collectors will have several nicely detailed bullion America the Beautiful Silver Coins to look forward to later this year when the strikes make their debut …

  • Silver Eagles Top 27M, Proof Gold Eagles at 74K
    Nothing could touch the hotness of silver bullion coins as they take the spotlight while gold bullion, gold proofs, and the Mint Proof Set round out the top sellers in the latest sales figures from the United States Mint …

Weekly US Mint Bullion Coin Sales

Bullion American Gold and Silver Eagle one once coins this week sold about as quick as they did last week. Gold Eagles moved slightly faster. If their pace continues, they will surpass sales from September (82,500). They have already overtaken August (39,000).

Silver Eagles were a bit slower. However, their October total has already topped September (1,880,000) and it seems likely that they will pass August (2,451,000). Further, another 936,000 and they will equal the number sold in all of 2009, which set an all-time annual record at 28,766,500.

The following table lists United States Mint published coin sales figures as of Friday, October 22, 2010:

2010 US Mint American Eagle Bullion Coin Sales
  Prior Weekly Gain Current Weekly Gain October 2010 2010 Totals
American Gold Buffalo Sold Out 209,000
American Gold Eagle 1 oz 19,000 20,500 74,500 962,000
American Gold Eagle 1/2 oz 2,000 0 3,000 39,000
American Gold Eagle 1/4 oz 0 0 0 54,000
American Gold Eagle 1/10 oz 10,000 5,000 25,000 380,000
American Silver Eagle 1 oz 875,000 725,000 2,350,000 27,830,500


Figures above are in coins, not ounces of gold sold.

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