Gold and Silver Prices Rise on Week, Bullion Silver Eagle Coins Up

by Bullion Prices Staff on August 11, 2012

Gold, palladium and silver prices were higher on the week but platinum declined. Bullion traded within narrow ranges for most of the time and volume was exceptionally light.

For the week, gold rose 0.8%. On Friday, December gold futures added $2.60, or 0.2%, to settle at $1,622.80 an ounce on the Comex division of the New York Mercantile Exchange.

"In the Kitco News Gold Survey, out of 32 participants, 19 responded this week. Of those 19 participants, 11 see prices up, while two see prices down, and six are neutral or see prices moving sideways. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts," writes Debbie Carlson of Kitco News.

"Gold prices are holding above $1,600 an ounce, which gives some market participants a bullish bias toward the metal."

In other bullion news Friday, September silver prices fell 3.5 cents, or 0.1%, to $28.06 an ounce, September palladium prices lost $4.50, or 0.8%, to $582.20 an ounce and October platinum prices declined $12.90, or 0.9%, to $1,399.90 an ounce.

For the week, silver added 0.9% and palladium added 0.7%. Platinum was off 1.0%.

The following table provides New York bullion prices on a daily basis and the most recent weekly changes.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $27.86 $28.09 $28.08 $28.10 $28.06 $0.26
0.9%
Gold Prices $1,616.20 $1,612.80 $1,616.00 $1,620.20 $1,622.80

$13.50
0.8%

Platinum Prices $1,401.90 $1,410.40 $1,410.20 $1,412.80 $1,399.90 -$14.50
-1.0%
Palladium Prices $579.55 $588.20 $586.50 $586.70 $582.20 $4.00
0.7%

 

United States Mint Bullion Sales

Sales were up for United States Mint bullion Silver Eagle coins this week, but down a bit for the bureau’s gold coins. In weekly figures:

  • Sales of gold bullion coins hit 7,000 ounces against the prior week’s 11,500 ounces.
  • Sales of silver bullion coins reached 742,000 ounces, up from the prior week’s 581,500 ounces. As is always the case, Silver Eagle coins led all bullion products with weekly sales of 735,000. They advanced 510,000 last week.

The latest United States Mint bullion coin sales totals are offered in the daily, August and 2012 sales columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Fri August 2012 Sales
1 oz American Eagle Gold Bullion Coin 1,000 0 0 0 5,000 8,500 322,000
1/2 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 56,000
1/4 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 54,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 5,000 195,000
1 oz American Buffalo Gold Bullion Coins 0 0 0 0 1,000 3,500 82,500
5 oz America the Beautiful Bullion Silver Coins 900 0 0 0 500 1,900 42,100
1 oz American Eagle Bullion Silver Coins 585,000 0 0 0 150,000 915,000 20,585,000

 

Bullion sales notes: Totals above are in numbers of coins sold, not in ounces sold.

In other United States Mint coin news this week, check these three articles:

The first article discusses the joint United States Mint and Bureau of Engraving and Printing product, the Making American History Coin and Currency Set, which includes a $5 banknote and a 2012-S Proof American Eagle. Released Tuesday and priced at $72.95, the set celebrate’s the BEP’s 150th anniversary and the U.S. Mint’s 220th anniversary.

The second article talks about initial sales of the 2012-W Uncirculated American Silver Eagle and other weekly silver coin figures from the United States Mint. The Silver Eagle launched for $45.95 on August 2, 2012 and had five-day sales of 184,967.

The final article details the 2012-W Proof American Platinum Eagle Coin. It was released by the United States Mint on Thursday for a starting price of $1,692.00. It is the U.S. Mint’s single 2012-dated platinum product.

London Bullion Prices

Bullion prices in London were mostly lower Friday. Gold was the outlier with a $3.50 increase. All precious metals were higher on the week. The following grid offers London PM Fix prices on a daily basis and the weekly losses.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Losses
($/%)
Silver Prices $27.72 $28.00 $27.84 $28.02 $27.88 $0.63
2.3%
Gold Prices $1,610.00 $1,611.00 $1,613.25 $1,615.00 $1,618.50 $16.50
1.0%
Platinum Prices $1,396.00 $1,410.00 $1,402.00 $1,411.00 $1,399.00 $9.00
0.6%
Palladium Prices $576.00 $585.00 $585.00 $588.00 $578.00 $5.00
0.9%

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