Gold and Silver Prices Lower on Week, US Bullion Coins Dip

by Bullion Prices Staff on October 27, 2012

Bullion prices were lower again this week — gold marked its third weekly loss and silver its fourth. Sales of U.S. Mint bullion coins were also slower than the previous week.

On Friday, December gold slid $1.10, or 0.1%, to close at $1,711.90 an ounce on the Comex division of the New York Mercantile Exchange. That put the yellow metal’s loss this week at $12.10, or 0.7%. Analysts are somewhat mixed as to the direction of gold next week.

"Cautious, range-bound trading may be the trend for the gold market next week as the calendar flips to November, with market watchers saying month-end book-squaring and a preference to wait until after the U.S. presidential election could keep participants at bay," writes Debbie Carlson in the Metals Outlook from Kitco.

"In the Kitco News Gold Survey, out of 33 participants, 24 responded this week. Of those 24 participants, nine see prices up, while five see prices down, and 10 are neutral or see prices moving sideways."

Across the spectrum of other precious metals on Friday, December silver prices lost 4.2 cents, or 0.1%, to $32.04 an ounce, December palladium futures fell $9.10, or 1.5%, to $595.40 an ounce and January platinum futures lost $22.80, or 1.5%, to $1,546 an ounce.

For the week, these precious metals came down 0.2% for silver, 4.4% for palladium and 4.3% for platinum.

New York bullion prices on a daily basis are listed below. Weekly changes are also provided.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $32.25 $31.79 $31.62 $32.08 $32.04 -$0.06
-0.2%
Gold Prices $1,726.30 $1,709.40 $1,701.60 $1,713.00 $1,711.90 -$12.10
-0.7%
Platinum Prices $1,612.20 $1,575.60 $1,562.70 $1,568.80 $1,546.00 -$69.50
-4.3%
Palladium Prices $622.65 $593.85 $592.75 $604.50 $595.40 -$27.60
-4.4%

 

United States Mint Bullion Coins

United States Mint authorized dealers ordered fewer bullion coins this week than last week. Sales of silver bullion coins were nearly comparable with American Eagle silver coins up 567,500 and America the Beautiful 5 oz. silver coins up 7,000. Last week these respective bullion coins rose 608,500 and 4,800.

Gold bullion coins had a bigger weekly falling as American Eagle gold coins gained 7,500 ounces and American Buffalo gold coins added 2,500 versus the previous week’s totals of 24,000 ounces and 2,000 ounces.

Included in the table below are the latest sales totals for U.S. Mint bullion coins. These are broken down by product type, with specific sales shown in the daily, October and 2012 columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri October 2012 Sales
1 oz American Eagle Gold Bullion Coin 2,500 3,000 0 0 0 44,500 455,000
1/2 oz American Eagle Gold Bullion Coin 0 1,000 0 0 0 1,000 62,000
1/4 oz American Eagle Gold Bullion Coin 0 2,000 0 0 0 4,000 66,000
1/10 oz American Eagle Gold Bullion Coins 0 10,000 0 0 0 25,000 275,000
1 oz American Buffalo Gold Bullion Coins 1,000 1,500 0 0 0 10,000 106,500
5 oz America the Beautiful Bullion Silver Coins 6,700 300 0 0 0 12,300 80,500
1 oz American Eagle Bullion Silver Coins 432,500 135,000 0 0 0 2,584,000 28,379,000

 

Notes: Bullion sales listed above are in the number of coins sold, not the amount of ounces sold.

In other U.S. coin news this week, check out:

The first article talks about the debut of the 2012 Denali National Park 5 Ounce Silver Bullion Coin, the last of the 2012-dated America the Beautiful Silver Bullion Coins. Sales on Monday opened at 5,200. Another 300 were added on Tuesday.

Due to falling gold and platinum prices, the United States Mint on Wednesday reduced the prices of its collectible platinum and gold coins. The second article explains the reasoning and lists the coins and their new prices.

London Bullion Prices

London precious metals were mixed Friday as gold inched higher while palladium, platinum and silver prices moved lower. The metals all declined this week. The following grid offers the daily London PM Fix prices as well as their changes this week.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $32.17 $31.71 $31.95 $32.08 $31.67 -$0.66
-2.0%
Gold Prices $1,726.75 $1,711.00 $1,706.50 $1,715.50 $1,716.00 -$21.00
-1.2%
Platinum Prices $1,607.00 $1,577.00 $1,577.00 $1,572.00 $1,561.00 -$72.00
-4.4%
Palladium Prices $623.00 $601.00 $600.00 $605.00 $604.00 -$34.00
-15.3%

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