Gold and Silver Prices Rally on Week, US Mint Suspends Silver Coins

by Bullion Prices Staff on February 25, 2012

Gold stepped modestly back Friday but it was the only decline this week which meant gold sported a healthy weekly increase — 2.9% to be exact. In closing the week, gold prices ended down Friday by $9.90, or 0.6%, to $1,776.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded between $1,771.30 an ounce and $1,784.40 an ounce.

Gold seems poised for gains next week as well, according to many analysts.

"Higher gold prices are possible next week as tensions with Iran continue to escalate, market watchers said," writes Debbie Carlson of Kitco.

"In the Kitco News Gold Survey, out of 32 participants, 24 responded this week. Of those 24 participants, 19 see prices up, while three see prices down, and two are neutral on prices. Market participants include bullion dealers, investment banks, futures traders, money managers and technical chart analysts."

In other precious metals closings on Friday, March silver prices declined 21.8 cents, or 0.6%, to $35.34 an ounce, March palladium futures prices fell $7.65, or 1.1%, to $710.75 an ounce and April platinum futures prices declined $7.90, or 0.5%, to $1,715.10 an ounce.

On a weekly basis, silver gained 6.4%, palladium rose 3.3% and platinum added 5%.

On a yearly basis across all the major metals, gold has advanced 13.4%, silver has gained 26.6%, palladium has climbed 8.3% and platinum is up 22.1%.

United States Mint Bullion Sales on Week

Not a lot of activity occurred this week for United States Mint bullion sales, as gold bullion was quiet in three of the four days and silver bullion was mute in two of the four days. (U.S. markets were closed Monday for President’s Day holiday.)

Sales slumped for gold bullion, with 2,000 ounces ordered across all coins compared to 8,500 ounces previously. Silver bullion improves with 415,000 ounces ordered versus the prior 125,000 ounces — the worst weekly amount this year.

The most recent bullion figures are provided below in the daily, monthly and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
  Tues. Wed. Thurs/Fri. Feb. 2012 Sales
1 oz American Gold Eagle 1,000 0 0 15,500 100,000
1/2 oz American Gold Eagle 0 0 0 0 49,000
1/4 oz American Gold Eagle 0 0 0 2,000 40,000
1/10 oz American Gold Eagle 0 0 0 0 85,000
1 oz American Gold Buffalo 1,000 0 0 4,500 18,000
5 oz America the Beautiful Silver Coins 0 0 0 0 5,700
1 oz American Eagle Silver Coins 115,000 300,000 0 1,250,000 7,357,000

 

Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Friday, January 27, 2012. Since no gains have been published for nearly a month, levels have likely remained the same. All other bullion sales have an "as of date" of Friday, February 24 2012, as published on the Mint website.

In a major United States Mint news Friday week, which is not related to bullion but to silver prices, the following article is of note:

The SilverCoinsToday.com article discusses the United States Mint’s suspension of several silver numismatic (collector) products as a result of sharply higher silver prices. The Mint halted sales of the coins on Friday, indicating they were “temporarily unavailable for product repricing.” The suspended products include the uncirculated American Eagle and the five America the Beautiful 5 oz. Silver Coins honoring:

  • Gettysburg National Military Park in Pennsylvania,
  • Glacier National Park in Montana,
  • Olympic National Park in Washington
  • Vicksburg National Military Park in Mississippi and
  • Chickasaw National Recreation Area in Oklahoma

London Bullion Prices

London bullion prices split Friday, with gold and silver rising and PGM’s falling. From the Thursday PM to Friday PM London Fix:

  • Gold added 50 cents to $1,777.50 an ounce,
  • Silver prices added $1.02, or 3%, to $35.57 an ounce,
  • Palladium declined $7, or 1%, to $714 an ounce, and
  • Platinum declined $15, or 0.9%, to $1,714 an ounce

For the week, London bullion prices advanced with the following gains:

  • Gold for $54.50, or 3.2%,
  • Silver for $2.09, or 6.2%,
  • Palladium for $17, or 2.4, and
  • Platinum for $76, or 4.6%

Refer to this site’s home page for always updated bullion prices and news.

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