Gold and Silver Prices Down; Bullion Coins Split for Mint

by Bullion Prices Staff on December 7, 2013

Gold prices declined this week, as did other precious metals excluding palladium.

On Friday, gold for December delivery dipped $2.90, or 0.2%, to finish at $1,229 an ounce on the Comex division of the New York Mercantile Exchange. That pulled prices for a sharper weekly decline that totaled 1.7%. Gold soared on Wednesday but fell on the other days this week with pressuring Fed tapering talk in the news.

"Gold has been suffering again lately as taper talk and a friendly risk environment have provided better investment opportunities elsewhere," said Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen.

In the other bullion futures prices on Friday:

  • Silver prices for March delivery fell 5 cents, or 0.2%, to close at $19.52 an ounce.
  • Palladium prices for March delivery fell 70 cents to close at $736.15 an ounce.
  • Platinum prices for January delivery fell $7.20, or 0.5%, to close at 1,356.30 an ounce.

In weekly results, silver declined 2.6%, platinum declined 0.9% but palladium advanced 2.3%.

New York bullion 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 $19.29 $19.07 $19.83 $19.57 $19.52 -$0.51
-2.6%
Gold Prices $1,221.90 $1,220.80 $1,247.20 $1,231.90 $1,229.00 -$21.40
-1.7%
Platinum Prices $1,346.80 $1,355.80 $1,376.00 $1,363.50 $1,356.30 -$12.50
-0.9%
Palladium Prices $713.40 $714.80 $729.25 $736.85 $736.15 $16.50
2.3%

 

Sales of United States Mint Bullion Coins

Overall, sales of US Mint bullion coins split with gold coins higher and silver coins lower, though rationing has tightened for American Eagle silver coins and any comparisons there are strictly informational and not an indication of demand. Here is a summary of the latest weekly, which is also the month-to-date, sales totals across all bullion coins:

  • American Eagle gold coins soared 20,500 ounces against last week’s total of 12,000 ounces.

  • American Buffalo gold coins added 1,500 ounces. That compares to last week’s 2,000 ounces.

  • American Eagle silver coins rose 400,000 after their best week of the month with a pick-up of 800,000.

  • America the Beautiful 5 oz Silver Bullion Coins were muted for a second week in a row.

In the table below are United States Mint bullion sales by day this week and the YTD totals to December 6, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 9,000 2,000 8,000 0 709,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 58,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 118,000
1/10 oz American Eagle Gold Bullion Coins 0 0 10,000 5,000 0 535,000
1 oz American Gold Buffalo Bullion Coins 0 0 500 1,000 0 233,500
5 oz America the Beautiful Bullion Silver Coins 0 0 0 0 0 218,800
1 oz American Eagle Bullion Silver Coins 239,000 110,500 25,000 0 25,500 41,875,000

 

Also in world bullion coins, 2014 SML bullion coins were released this week. The Royal Canadian Mint has changed the finish and added a new laser-engraved mark to improve security.

Bullion Prices in London

Unlike New York precious metals futures, London bullion fix prices advanced Friday. In the net dollar and percent changes from the PM fix prices on Thursday to Friday:

  • Gold rose $10.50, or 0.9%.
  • Silver edged up 3 cents, or 0.2%.
  • Palladium added $3, or 0.2%.
  • Platinum gained $13, or 1.8%.

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

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $19.75 $19.17 $19.05 $19.46 $19.49 -$0.44
-2.2%
Gold Prices $1,229.50 $1,217.25 $1,227.50 $1,222.50 $1,233.00 -$20.00
-1.6%
Platinum Prices $1,357.00 $1,345.00 $1,357.00 $1,364.00 $1,367.00 -$9.00
-0.7%
Palladium Prices $717.00 $711.00 $718.00 $728.00 $741.00 $17.00
2.3%

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