Gold and Silver Prices Soar in August, New Australian Bullion Coins

by Bullion Prices Staff on August 31, 2012

U.S. gold and silver prices surged Friday, adding to their August 2012 gains. Across the range of precious metals, increases in August were 4.5% for gold, 12.6% for silver, 6.6% for palladium and 8.5% for platinum.

On Friday, December gold prices advanced $30.50, or 1.8%, to settle at $1,687.60 an ounce on the Comex division of the New York Mercantile Exchange. That was the precious metal’s best closing price since mid-March. Support for gold and other precious metals on Friday came from a speech by Fed Chairman Ben Bernanke that was taken bullish due to the improved sentiment for new stimulus measures.

"Metals prices rose Friday after Federal Reserve Chairman Ben Bernanke suggested more quantitative easing might help bring down unemployment, but now the markets look to another central bank, the U.S. monthly jobs report and China’s economic data for direction next week," writes Debbie Carson of Kitco news.

"In the Kitco News Gold Survey, out of 33 participants, 24 responded this week. Of those 24 participants, 15 see prices up, while six see prices down, and three are neutral or see prices moving sideways," added Carlson.

In other precious metals futures prices on Friday, September silver prices rallied 99.6 cents, or 3.3%, to $31.44 an ounce, December palladium added $13 or 2.1%, to $629.40 an ounce and October platinum advanced $33.60, or 2.2%, to $1,537.30 an ounce.

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 $31.05 $30.88 $30.84 $30.45 $31.44 $0.82
2.7%
Gold Prices $1,675.60 $1,669.70 $1,663.00 $1,657.10 $1,687.60

$14.70
0.9%

Platinum Prices $1,553.20 $1,520.40 $1,520.30 $1,503.70 $1,537.30 -$17.10
-1.1%
Palladium Prices $654.75 $640.95 $636.50 $616.40 $629.40 -$22.75
-3.5%

 

United States Mint Bullion Coins

Coin sales rallied from a week ago, based on data published by United States Mint. During the final week of August:

  • Sales of gold bullion coins were 18,000 ounces as compared to the previous week’s 14,500 ounces.
  • Sales of silver bullion coins were 809,000 ounces as compared to the prior week’s 563,500 ounces.

The latest United States Mint bullion coin sales are offered in the daily, August and 2012 sales columns below. The sales for August should be final, although there is a slight chance that the U.S. Mint could update them on Tuesday after the Labor Day holiday. If that is the case, the table below will get updated.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri August 2012 Sales
1 oz American Eagle Gold Bullion Coin 0 0 8,000 0 5,000 34,000 347,500
1/2 oz American Eagle Gold Bullion Coin 0 0 1,000 1,000 0 3,000 59,000
1/4 oz American Eagle Gold Bullion Coin 0 0 2,000 2,000 0 4,000 58,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 5,000 25,000 215,000
1 oz American Buffalo Gold Bullion Coins 0 0 2,500 0 0 9,000 88,000
5 oz America the Beautiful Bullion Silver Coins 0 0 11,800 200 0 19,400 59,600
1 oz American Eagle Bullion Silver Coins 0 0 399,000 55,000 295,000 2,870,000 22,540,000

 

Notes: The bullion totals above are in numbers of coins sold, not in ounces sold.

2013 Australian Bullion Coins

In bullion coin news from The Perth Mint of Australia, releases dates and designs have been published for its 2013 bullion coins in gold and silver. These include the lunar "Year of the Snake" gold and silver bullion coins as well as the traditional Koala silver, Kookaburra silver and Kangaroo gold bullion coins. Each of the 2013-dated Australian bullion coins will have next year’s date on them, although their release will begin this year.

London Bullion Prices

London bullion prices on Friday were fixed prior to the market’s digestion of Ben Bernanke’s speech. Losses were logged across the group of precious metals, and three of the four major ones declined for the week as highlighted in the bottom chart.

As for August, each registered gains that totaled 1.6% for gold, 8.2% for silver, 5.4% for palladium and 6.3% for platinum.

The following grid offers the daily London PM Fix prices and the weekly changes.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Losses
($/%)
Silver Prices $30.37 $30.81 $30.73 $30.66 $30.52 $0.15
0.5%
Gold Prices $1,667.00 $1,668.00 $1,660.00 $1,660.50 $1,648.50 -$18.50
-1.1%
Platinum Prices $1,537.00 $1,521.00 $1,518.00 $1,522.00 $1,517.00 -$20.00
-1.3%
Palladium Prices $643.00 $640.00 $634.00 $634.00 $623.00 -$20.00
-3.1%

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