Gold and Silver Prices Retreat for Week, US Mint Bullion Coins Firm

by Bullion Prices Staff on November 16, 2012

Gold edged higher Friday but fell 0.9% this week after surging 3.3% last week. December gold futures prices settled up Friday by 90 cents, or less than 0.1%, to $1,714.70 an ounce on the Comex division of the New York Mercantile Exchange.

Many analysts and traders expect gold to rise next week.

"Gold prices are likely to hold above $1,700 an ounce, which will provide support for the metal next week as concerns over European and U.S. fiscal outlooks buoy the market," states a week-ending Kitco’s Metals outlook article.

"In the Kitco News Gold Survey, out of 33 participants, 22 responded this week. Of those 22 participants, 14 see prices up, while three see prices down, and five are neutral or see prices moving sideways."

That being said, many analysts last week had voiced support for gold this week.

Other precious metals were lower Friday:

  • December silver prices closed at $32.37 an ounce, falling 30.4 cents or 0.9%
  • December palladium prices settled at $626.45 an ounce, declining $4.75 or 0.8%
  • January platinum prices closed at $1,561.80 an ounce, slipping $11.50 or 0.7%

While silver was off this week with a loss of 0.7%, PGM’s were higher. Gains were 2.5% for palladium and 0.2% for platinum.

New York precious metals prices on a daily and weekly basis are listed below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
Silver Prices $32.52 $32.49 $32.88 $32.67 $32.37 -$0.23
Gold Prices $1,730.90 $1,724.80 $1,730.10 $1,713.80 $1,714.70 -$16.20
Platinum Prices $1,566.50 $1,586.40 $1,591.60 $1,573.30 $1,561.80 $2.40
Palladium Prices $608.05 $636.60 $641.55 $631.20 $626.45 $15.40


United States Mint Bullion Coin Sales

Demand was high again this week for United States Mint coins but down from last week. Weekly sales were:

  • 18,500 ounces of American Eagle gold coins versus 21,500 ounces last week
  • 3,000 ounces of American Buffalo gold coins compared to 5,000 ounces last week
  • 717,500 American Eagle silver coins versus 1,348,000 last week
  • 7,500 ounces of America the Beautiful 5 oz Silver Bullion Coins compared to 25,500 ounces last week

For November so far in American Eagle coins, Gold Eagles are only 3,000 away from the equaling October and Silver Eagles are 888,000 away. Both coins are well ahead of sales from November of last year.

Bullion sales are listed in the table below by day, by month and for the year.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri November 2012 Sales
1 oz American Eagle Gold Bullion Coins 0 3,500 5,000 0 7,000 51,500 516,000
1/2 oz American Eagle Gold Bullion Coins 0 1,000 0 0 2,000 3,000 66,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 2,000 4,000 70,000
1/10 oz American Eagle Gold Bullion Coins 0 5,000 5,000 0 0 20,000 300,000
1 oz American Buffalo Gold Bullion Coins 0 1,000 500 0 1,500 8,000 115,500
5 oz America the Beautiful Silver Bullion Coins 0 1,500 0 0 0 11,600 108,000
1 oz American Eagle Silver Bullion Coins 0 647,500 0 0 70,000 2,265,500 31,213,500


Notes: Sales of the bullion coins listed above are in the number of coins sold, not the amount of ounces sold.

In other coin news this week, read about the:

On a yet to be announced date, the United States Mint is expected to release a 2012 Limited Edition Silver Proof Set for $149.95. The Mint has not said what the set will contain. Speculation is that it will have a proof American Eagle silver coin and the silver coins that are within the 2012 Proof Silver Set. The first linked article above offers details.

This week the United States Mint released the second of this year’s First Spouse Gold Coins. In 24-karat gold and in proof and uncirculated finishes, the coins depict and honor Frances Cleveland for her role during Grover Cleveland’s first term as President. Second term gold coins will follow later this year. The second linked article offers more information about the Frances Cleveland First Spouse Gold Coins.

The last linked article discusses the sell-out of the 2012-W Uncirculated American Eagle gold coin. With most recent sales of 6,114, the coin is the scarcest of any since the series was introduced in 2006.

London Bullion Prices

Bullion prices in London were mixed every day this week, resulting in splits on a weekly basis as well. Last week all precious metals were higher. The following table offers the London fixings for every day this week and since Friday.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
Silver Prices $32.63 $32.58 $32.48 $32.57 $32.27 $0.11
Gold Prices $1,735.25 $1,726.25 $1,725.75 $1,710.00 $1,713.50 -$24.75
Platinum Prices $1,567.00 $1,585.00 $1,583.00 $1,578.00 $1,554.00 -$5.00
Palladium Prices $611.00 $617.00 $643.00 $639.00 $623.00 $11.00

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