Gold and Silver Prices Rebound, but Fall on Week; Silver Eagle Gains Slower

by Bullion Prices Staff on September 16, 2011

Bullion prices advanced Friday but declined this week. Weekly losses across the precious metals spectrum included 2.4% for gold, 1.9% for silver, 0.8% for palladium and 1.3% for platinum. As for gold prices on Friday, they jumped $33.30, or 1.9%, to $1,814.70 an ounce on the Comex division of the New York Mercantile Exchange.

The weekly Kitco gold survey leans more heavily toward falling prices next week as well.

"Weakness in technical charts in the short term and investors returning to other, riskier markets like equities could weigh on gold prices next week, according to participants in the Kitco News Gold Survey.

In the Kitco News Gold Survey, 28 out of 34 participants responded. Of those 28 participants, nine see prices up, while 15 see prices down and four see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts."

In other New York futures prices, December silver added $1.33, or 3.4%, to $40.83 an ounce, December palladium added $9.45, or 1.3%, to $732.95 an ounce and October platinum added $33.30, or 1.9%, to $1,813.90 an ounce.

United States Mint Bullion Coins

Buyers ordered United States Mint American Silver Eagle bullion coins on every day this week, but the amounts were modest when contrasted against more typical pick-ups. The coins rose 75,000 Friday and 392,000 on the week, or about half the level seen during most of the weeks this year.

Sales of 22-karat American Gold Eagle (1 oz.) and 24-karat American Gold Buffalo bullion coins were mild as well. Their respective weekly gains were 5,500 and 1,000 versus the previous 14,500 and 4,000.

The latest United States bullion figures are provided below in the daily, September 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Friday
Gain
Prior
Weekly
Weekly
Gain
September
2011
2011
Totals
1 oz American Gold Buffalo 0 4,000 1,000 5,000 124,500
1 oz American Gold Eagle 0 14,500 5,500 23,000 695,500
1/2 oz American Gold Eagle 0 0 0 0 61,000
1/4 oz American Gold Eagle 0 0 0 0 70,000
1/10 oz American Gold Eagle 0 5,000 10,000 15,000 335,000
5 oz America the Beautiful Silver not reported 381,200
1 oz American Silver Eagle 75,000 557,000 392,000 1,043,000 29,994,000

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, September 12, 2011. All other figures have an “as of date” of Friday, September 16, 2011.

For a recent review of numismatic and bullion coin sales, read the CoinCollectingNews.org article: US Mint Sales: Uncirculated Gold Eagle, 9/11 Silver Medals Ease. In major U.S. coin releases this week, the Mint issued the uncirculated Silver Eagle for $60.45. It may be purchased directly on the United States Mint website at http://www.usmint.gov.

London Bullion Prices

Earlier fixed London bullion prices were split, with all but silver rising. Fixing prices included the following Thursday (PM) to Friday (PM) changes:

  • Gold added $12, or 0.7%, at $1,794 an ounce
  • Silver declined 37 cents, or 0.9%, at $39.97 an ounce
  • Palladium added $16, or 2.2%, at $732 an ounce
  • Platinum added $6, or 0.3%, at $1,798 an ounce

London precious metals declined on a weekly basis at a rate of 3.1% for gold, 3.5% for silver, 2.1% for palladium and 2.4% for platinum.

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