Gold and Silver Prices Plunge on Week, US Bullion Coin Sales Rally

by Bullion Prices Staff on April 13, 2013

Gold, silver, platinum and palladium plummeted Friday. Gold had already been heading for a weekly decline but the other precious metals were dragged into losses for the week.

Gold futures for June delivery on Friday ended down $63.50, or 4.1%, to $1,501.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest in 21 months. Gold fell $74.50 or 4.7% for the week.

In the weekly gold survey often cited here, investors are split as to where prices will head next week.

"In the Kitco News Gold Survey, out of 34 participants, 21 responded this week. Of those 21 participants, 10 see prices up, while 10 see prices down, and one sees prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

Those who see higher prices said the underlying fundamentals of ultra-loose monetary policy and strong physical buying interest, especially from China, may limit losses. However, some believe the break on Friday was a washout and might have gone too far, too fast in one day."

In other New York bullion prices:

  • May silver prices spiraled lower by $1.37, or 4.9%, to $26.33 an ounce, its lowest price since November 17, 2010.
  • June palladium sank $24.25, or 3.3%, to $709.10 and
  • April platinum fell $39.90, or 2.6%, to $1,495.90 an ounce

There weekly declines totaled 3.3% for silver, 2% for palladium and 2.6% for platinum.

New York bullion prices on the day and their weekly changes follow.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $27.14 $27.88 $27.65 $27.70 $26.33 -$0.89
-3.3%
Gold Prices $1,572.50 $1,586.70 $1,558.80 $1,564.90 $1,501.40 -$74.50
-4.7%
Platinum Prices $1,537.00 $1,553.10 $1,529.80 $1,535.80 $1,495.90 -$39.60
-2.6%
Palladium Prices $729.80 $733.00 $720.85 $733.35 $709.10 -$14.80
-2.0%

 

Sales of United States Mint Bullion Coins in April

United States Mint bullion sales were stronger this week for both gold and silver coins. Comparing the two latest weekly sales totals by U.S. Mint bullion product:

  • American Eagle gold bullion coins accumulated to 28,500 ounces compared to 22,000 ounces from last week. April sales are at 50,500 ounces. Another 11,500 ounces will equal March sales.
  • American Eagle silver bullion coins gained 900,000 versus last week’s 812,000. April sales are at 1.712 million so far. March sales hit just over 3.35 million.
  • American Buffalo gold bullion coins totaled 5,000 against the 2,000 from a week ago. April sales are at 7,000, or 4,000 from the total in March.

Bullion coin sales on a daily basis and totals for 2013 up to April 12 are listed in the following grid.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 19,000 0 0 3,000 3,500 291,000
1/2 oz American Eagle Gold Bullion Coins 3,000 0 0 0 0 30,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 0 0 0 50,000
1/10 oz American Eagle Gold Bullion Coins 5,000 0 0 0 5,000 245,000
1 oz American Buffalo Gold Bullion Coins 2,000 0 0 2,500 500 102,000
5 oz America the Beautiful Silver Bullion Coins* 0 0 0 0 0 63,100
1 oz American Eagle Silver Bullion Coins 833,000 61,500 0 5,500 0 15,935,000

 

*The U.S. Mint has not issued any of the 2013 America the Beautiful Silver Bullion Coins. Prior year coins have sold out.

In numismatic news from the U.S. Mint, it has scheduled the release of its 2013 West Point Silver Eagle Set. Coin collectors are eagerly awaiting its release as it includes a coin with new laser frosting.

Bullion Prices in London

Bullion prices in London were lower Friday as well, but not to the degree of precious metals futures in New York. In percentages, declines were 1.9% for gold, 0.6% for silver, 1% for palladium ad 1.1% for platinum. Weekly losses were also slighter — silver actually notched an increase. The weekly percent and net changes are listed in the following table.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $27.27 $27.25 $27.74 $27.57 $27.40 $0.43
1.6%
Gold Prices $1,575.00 $1,577.25 $1,575.00 $1,565.00 $1,535.50 -$32.50
-2.1%
Platinum Prices $1,532.00 $1,542.00 $1,533.00 $1,531.50 $1,514.00 -$17.00
-1.1%
Palladium Prices $730.50 $732.00 $713.00 $723.00 $715.50 -$4.50
-0.6%

 

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