Gold and Silver Prices Up for 2nd Week, US Bullion Eagles Strong

by Bullion Prices Staff on October 26, 2013

Bullion prices mixed it up on Friday but advanced across the precious metals spectrum for the week. In breakdowns, gold, silver and platinum futures scored a second week of gains while palladium extended its weekly winning streak to three.

In the latest week, gold prices gained 2.9%, silver prices surged 3.3%, palladium prices added 1% and platinum prices advanced 1.2%.

For Friday and its closing, gold futures for December delivery settled up $2.20, or 0.2%, to $1,352.50 an ounce on the Comex division of the New York Mercantile Exchange. That was gold’s highest close and also its first settlement above $1,350 an ounce since September 19, 2013.

Going forward, investors will be looking to the FOMC statement on U.S. monetary policy, expected out Wednesday. Many analysts and traders are forecasting higher gold prices next week.

"Traders who follow technical charts and those who watch fundamental factors both have something to monitor next week in the gold market, as gold trades around the pivotal $1,350-an-ounce area ahead of a Federal Open Market Committee two-day meeting," said Debbie Carlson of Kitco News.

"In the Kitco News Gold Survey, out of 34 participants, 26 responded this week. Of these, 20 see prices up, while five see prices down and one sees prices sideways," she relayed.

In other precious metals futures on Friday:

  • Silver prices for December delivery shed 18 cents, or 0.8%, to settle at $22.64 an ounce.
  • Palladium prices for December delivery added 10 cents to close at $747.90 an ounce.
  • Platinum prices for January delivery dipped 70 cents to settle at $1,455.50 an ounce.

New York bullion futures prices per day and by the net changes for the week are listed in the table below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $22.28 $22.79 $22.62 $22.82 $22.64 $0.73
3.3%
Gold Prices $1,315.80 $1,342.60 $1,334.00 $1,350.30 $1,352.50 $37.90
2.9%
Platinum Prices $1,438.60 $1,450.70 $1,439.60 $1,456.20 $1,455.50 $17.70
1.2%
Palladium Prices $750.25 $752.90 $746.10 $747.80 $747.90 $7.25
1%

 

October Sales of United States Mint Bullion Coins

Weekly US Mint bullion coins slipped a bit from last week when comparing total ounces in gold and silver sales. American Eagle gold coins, however, continued their sharper gains. In weekly comparisons and monthly figures:

  • American Eagle gold coins surged 15,500 ounces against the 13,000 ounces in the prior week. Month-to-date sales are 40,500 ounces. Their sales since April have fallen sharply but the October total has already snapped the trend of five straight declining months. Sales in September reached 13,000 ounces while those from August made it to 11,500 ounces.

  • American Buffalo gold coins rose 2,500 compared to the prior week’s 6,500 total. October sales at 15,000 coins also surpassed the prior two months which equaled 10,000 each.

  • American Eagle silver coins gained 699,000, down from the prior 800,000 which went down as the best week since the last one in August. Their sales are at 2,386,000 for the month-to-date and 38,474,000 for the year-to-date. A new annual record for the bullion coins should be set by mid-November. For collectors, check the news about the adjusted 2013-W Silver Eagle Set sales. The United States Mint on Friday provided a revised total for the popular West Point set that went off sale on June 6.

  • America the Beautiful 5 oz bullion silver coins were flat for a second straight week.

In the table below are US Mint bullion sales by day this week and the YTD totals to October 25, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 3,000 6,000 0 1,000 1,500 638,500
1/2 oz American Eagle Gold Bullion Coins 0 2,000 0 0 0 56,000
1/4 oz American Eagle Gold Bullion Coins 0 8,000 0 0 0 114,000
1/10 oz American Eagle Gold Bullion Coins 0 5,000 5,000 0 0 495,000
1 oz American Gold Buffalo Bullion Coins 1,500 500 500 0 0 215,000
5 oz America the Beautiful Bullion Silver Coins 0 0 0 0 0 179,100
1 oz American Eagle Bullion Silver Coins 416,500 237,000 0 0 45,500 38,474,000

 

Bullion Prices in London

London bullion fixings headed lower Friday, except for a slight increase for gold. All but palladium gained on the week. In the net dollar and percentage changes from the PM fixings on Thursday to Friday:

  • Gold added $3, or 0.2%, to
  • Silver declined 32 cents, or 1.4%
  • Palladium fell $16, or 2.1%
  • Platinum lost $7, or 0.5%

Below are the London PM fix prices for each day this week and the percent and net dollar changes over last Friday:

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $22.09 $22.06 $22.53 $22.67 $22.35 $0.48
2.2%
Gold Prices $1,317.50 $1,333.00 $1,331.25 $1,344.75 $1,347.75 $31.25
2.4%
Platinum Prices $1,438.00 $1,432.00 $1,440.00 $1,447.00 $1,440.00 $2.00
0.1%
Palladium Prices $746.00 $744.00 $748.00 $749.00 $733.00 -$4.00
-0.5%

 

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