Gold and Silver Prices Retreat, Adding to Weekly Losses; Bullion Coins Rally

by Bullion Prices Staff on November 12, 2010

After a strong start to the week, U.S. precious metals plunged on Wednesday and Friday, pulling prices down for weekly losses. Gold futures prices were hit on Friday for their biggest one-day loss since July 1, 2010.

"A rising dollar, worries over a potential hike in Chinese interest rates, along with some short-term technical chart signals weighed on precious metals Friday and the weaker trend could influence trade next week," said Debbie Carlson of Kitco News. "Commodities across the board were hit by worries over a potential Chinese rate hike. There was no actual rate hike, but after strong economic data out of the Asian nation Thursday, analysts are beginning to ponder the chance," Carlson added.

In New York bullion prices, gold futures for December delivery declined $37.80, or 2.7%, to settle at $1,365.50 an ounce. The yellow metal retreated $32.20, or 2.3%, for the week, which pulled down its 2010 gain to 25%.

Silver prices for December delivery lost $1.463, or 5.3%, to end at $25.942 an ounce. For the week, silver fell 80.6 cents, or 3.0%. However, prices are still up 54% this year.

Palladium prices for December delivery ended down $30.50, or 4.3%, to $673.65 an ounce. The metal lost $11.75, or 1.7%, this week.

Platinum prices for January delivery closed to to $1,684.60 an ounce, falling $61.20, or 3.5%, on Friday and $84.30, or 4.8%, this week.

In London precious metals prices, gold was fixed to $1,388.50 an ounce, which was $7, or 0.5%, lower than last Friday. The silver fixing was $26.79 an ounce for a weekly pick-up of 65 cents, or 2.5%. In PGM metals for the week, platinum ended down $52, or 2.9%, to $1,712 while palladium gained $16, or 2.3%, to $703 an ounce.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent U.S. gold and silver coin news:

  • US Mint Bullion Gold and Silvers Coins Jump
    There were several ups and downs listed in the most recent U.S. Mint sales figures. Sets were mixed, but numismatic gold products were mostly up. Bullion gold and silver coins were hot …
  • US Mint Proof Gold Eagle Sales Near $100 Million
    With the sell out of the most popular single one ounce 2010 Proof Gold Eagle combined with expected price increases on Wednesday, buyers quickly shifted their attention to the remaining product options. They spent more money than in each of the prior two weeks, lifting total coin sales near $100 million …

US Mint 2010 Bullion Coin Sales

Buyers grabbed United States Mint bullion coins at a fiery pace this week, capping a second improved weekly performance for gold bullion and a third for silver bullion.

In a milestone, one ounce bullion American Gold Eagle coin sales topped the 1 million level for the year. That has only happened in five other years since the 22-karat gold series debuted in 1986. On a weekly basis, the coins advanced 29,500 compared to the prior 10,000.

U.S. Mint purchasers also order the fractional 1/2 oz, 1/4 oz and 1/10 oz Gold Eagle sizes for the first time in November.

On the silver front, bullion American Silver Eagles registered their best weekly performance in months, rising 1.685 million. That adds to their all-time annual record which is now near 30.6 million.

The following table lists Mint published coin sales figures as of Friday, November 12, 2010:

2010 US Mint American Eagle Bullion Coin Sales
  Prior Weekly Gain Current Weekly Gain November 2010 2010 Totals
American Gold Buffalo Sold Out 209,000
American Gold Eagle 1 oz 10,000 29,500 37,000 1,014,000
American Gold Eagle 1/2 oz 0 3,000 3,000 42,000
American Gold Eagle 1/4 oz 2,000 2,000 2,000 58,000
American Gold Eagle 1/10 oz 0 5,000 5,000 385,000
American Silver Eagle 1 oz 805,000 1,685,000 1,940,000 30,570,500

 

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

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