Gold Breaks Weekly Losing Streak, Silver Prices Rise, Bullion Silver Eagle Annual Record

by Bullion Prices Staff on October 8, 2011

U.S. gold declined Friday, cutting into its weekly gain — the first in five weeks as the yellow metal managed to break a four-week losing streak. December gold futures retreated $17.40, or 1.1%, to $1,635.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded between $1,627.60 an ounce and $1,668 an ounce.

For the week, gold prices rose $13.50, or 0.8%. They may rise next week as well, according to some analysts. Debbie Carlson of Kitco Metals writes:

"The concerns over Europe could continue to give gold prices support next week as worries about the sovereign-debt crisis remain at the forefront.

Gold’s safe-haven status could attract buying if those worries reignite; however, not all precious metals market watchers are completely convinced that growing economic woes in Europe will automatically be bullish for the metal…

In the Kitco News Gold Survey, out of 34 participants, 23 responded this week. Of those 23 participants, 16 see prices up, while three see prices down and four see prices sideways or unchanged."

December silver futures prices lost $1.01, or 3.2%, to $30.99 an ounce, trading between $30.71 an ounce and $32.85 an ounce. Despite Friday, the white metal rose 91 cents, or 3% , on the week — also its first weekly pick-up in five weeks.

PGM metals fell for both the day and week. Palladium dropped the most. On Friday, December palladium futures declined 12.95, or 2.2%, to $585.85 an ounce. They fell $28.70, or 4.7%, on the week. January platinum futures prices dipped $14.80, or 1%, to $1,493.30 an ounce on Friday and lost $30.30, or 2%, on the week.

United States Mint Bullion Coins – Silver Eagles Hit Annual Record

United States Mint 1 oz. bullion coins enjoyed solid gains Friday. The Gold Eagle added 8,000 and the Silver Eagle jumped 400,000. Investors have become even more focused on the bullion Silver Eagle after silver’s September fall toward $30 an ounce and its subsequent hanging at around the level since. Last week the coins soared 2.16 million and this week they gained 1.662 million — weekly levels that are among the best in 2011.

Speaking of 2011, it is already in the history books for all-time Silver Eagle sales in a year. As of Friday, the United States Mint has taken more than 35 million orders in 2011, passing the 34.6+ million sold last year, the previous annual record. For more on this, read the article Silver Eagle Bullion Coins Shatter Annual Sales Record.

Also in the news, the United States Mint ended collector silver product suspensions and also lowered coin prices on Friday. The popular proof and uncirculated versions of the Silver Eagle are each priced $9.50 lower while the Gettysburg and Mount Hood 5 oz. silver uncirculated coin prices have been cut by $50.

The latest United States bullion figures are provided below in the daily, October 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
Weekly / Oct.
1 oz American Gold Buffalo 0 5,000 137,500
1 oz American Gold Eagle 8,000 21,500 781,500
1/2 oz American Gold Eagle 1,000 2,000 64,000
1/4 oz American Gold Eagle 2,000 4,000 76,000
1/10 oz American Gold Eagle 0 0 345,000
5 oz America the Beautiful Silver not reported 386,600
1 oz Silver Eagle 400,000 1,662,000 35,073,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, October 3, 2011. All other figures have an "as of date" of Friday, October 8, 2011.

London Bullion Prices

On Friday, London bullion prices showed good gains for gold and silver and exceptional gains for palladium and platinum. London PM fixing prices included the following changes:

  • Gold added $17, or 1%, to $1,652 an ounce
  • Silver rose 18 cents, or 0.6%, to $31.98 an ounce
  • Palladium added $21, or 3.6%, to $609 an ounce
  • Platinum rose $34, or 2.3%, to $1,529 an ounce

For the week, palladium fell 0.8%. Other precious metals rose. Weekly gains included 2% for gold, 5% for silver and 1.2% for platinum.

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