Gold and Silver Prices Reach Highs; US Gold Bullion Coins Faster

by Bullion Prices Staff on September 18, 2010

U.S. gold prices hit a fresh record on Friday, the third this week. The yellow metal scored a weekly 2.5% gain. All precious metals in fact soared this week. Silver notably hit a 30-year high, rising almost double that of gold percent-wise, at 4.9%. Platinum’s weekly gain was the best as it registered a 5.1% increase. Palladium was next at 5.0%.

In New York bullion prices, gold futures for December delivery ended at $1,277.50 an ounce for a pickup of $3.70 or 0.2%. It finished $31 higher than last Friday’s close.

"Gold’s sentiment-al journey continued virtually uninterrupted… as the ‘another day; must mean another record’ mentality remained manifest among spec funds," said Jon Nadler, senior analyst at Kitco Metals, Inc. "In effect it has become rather difficult to discern whether such daily gains (absent any substantive news of the really worrisome kind) are fueling sentiment or whether sentiment is fueling the subsequent gains."

September silver was $20.816 an ounce, marking its best closing price since October 16, 1980. It climbed 4.5 cents on Friday and 97.1 cents for the week.

In PGM metals prices, October platinum was $1,621.90 an ounce for a daily increase of $10.00. It gained $79.40 for the week. September palladium was $545.70 an ounce, advancing $3.65 on Friday and $25.85 for the week.

In London bullion weekly prices, gold was fixed to $1,274.00 an ounce for a pick up of $27.50 or 2.2%.

"All the debt and deficits are so high, the only perceived way out of this mess is a global synchronized devaluation of all fiat currencies," Michael Pento, a vice president at Euro Pacific Capital Inc. in New York, was quoted on Bloomberg. "Gold is replacing the dollar as the world’s reserve currency."

London silver was $20.850 an ounce, rising 95 cents or 4.8% for the week. Platinum was $1,618.00 an ounce for a weekly gain of $73.00 or 4.7%. And palladium was $547.00 an ounce, rising $29.00 or 5.6% for the week.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint gold and silver coin news (bullion and numismatic):

  • US Annual Sets and Bullion Coins Gain
    Annual collector sets, once again, shined the brightest among all of the United States Mint numismatic products, which were mostly sluggish for a second week. Only five items squeezed in an increase over prior sales. Demand for bullion coins picked up slightly …

  • 2010 Proof Gold Eagle Coin Issue Information
    The United States Mint is pleased to announce that it will issue 2010 American Eagle Gold Proof Coins on October 7, 2010, at noon Eastern Time (ET). The American Eagle Gold Proof Coins are struck in 22-karat gold. The coins’ obverse (heads side) feature …

Weekly US Mint Bullion Coin Sales

$20+ silver prices did not translate into bullion American Silver Eagle sales, as demand weakened further this week as compared to last week. Buyers grabbed more of them than other Mint coins, as typical, but their weekly increase was 70,000 versus the 320,000 purchased during the prior week. Demand this month remains substantially weaker for the .999 fine silver coins than in any other month of this year. 390,000 were sold in the first 17 days of September. The weakest 2010 month was February at 2,050,000, far higher than what it appears this month will end.

Record gold prices did support slightly better sales of the one-ounce Gold Eagles. Their weekly numbers improved 18,500 against 10,500. But fewer Buffalo gold coins were purchased, 1,500 compared to 2,500.

The following table lists U.S. Mint published coin sales figures as of Friday, September 17, 2010:

September 2010 Bullion Coin Sales

American Buffalo Gold 5,000 1,500 204,000
American Eagle Gold 1 oz 35,000 18,500 840,000
American Eagle Gold 1/2 oz 1,000 0 35,000
American Eagle Gold 1/4 oz 2,000 2,000 50,000
American Eagle Gold 1/10 oz 15,000 5,000 340,000
American Eagle Silver 390,000 70,000 23,990,500


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

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