Gold Ends Streak of Four Weekly Gains, Bullion Silver Coins Surge

by Bullion Prices Staff on June 11, 2011

U.S. gold futures prices fell Friday, sabotaging the metals seven-day gain and breaking a streak of four weekly gains. While other precious metals rose this week, gold fell 0.9% — the same amount it lost Friday.

August gold futures prices declined $13.50 to $1,529.20 an ounce on the Comex division of the New York Mercantile Exchange. The loss was gold’s biggest in a month and the closing the lowest since May 26.

"With the dollar strengthening, it’s putting weakness on gold," Frank McGhee, head precious metals trader at Integrated Brokerage Services, said according to Reuters. "In the shorter term, the weaker economic numbers set up liquidation of assets, even as it is bullish longer-term because the government is expected to do more stimulus."

In other bullion prices, July silver lost $1.10, or 2.9%, to $36.33 an ounce, September palladium lost 80 cents, or 0.1%, to $817.30 an ounce and July platinum lost $11.70, or 0.6%, to $1,833 an ounce.

As mentioned, silver, palladium and platinum posted weekly gains. Palladium rallied the highest at 4.1%. Silver and palladium advances were modest, with respective weekly increases of 0.4% and 0.5%.

United States Mint Bullion Coins

Demand for United States Mint gold bullion coins retreated this week. Silver bullion coins, however, rallied. It was one of the best week in months for American Silver Eagles. Buyers scooped up nearly 900,000 this week as compared to the just over 700,000 last week. Without a doubt, the .999 fine silver coins will reach 20 million in year-to-date sales within days.

In a look back, gold and silver American Eagle gains are known for the month of May. For more, read about:

Daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 0 0 0 74,000
1 oz American Gold Eagle 0 19,000 6,500 24,500 476,000
1/2 oz American Gold Eagle 0 0 0 0 55,000
1/4 oz American Gold Eagle 0 0 0 0 56,000
1/10 oz American Gold Eagle 0 15,000 0 15,000 230,000
5 oz America the Beautiful Silver 0 0 0 0 326,800
1 oz American Silver Eagle 93,000 701,500 888,000 935,000 19.8365M

Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz America the Beautiful Silver Bullion Coin sales on May 26. All other sales figures are as of Friday, June 10.

London Bullion Prices

London bullion prices were mixed Friday. PM fixing price changes included a:

  • Gold loss of $8.50, or 0.6% at $1,540 an ounce
  • Silver gain 35 cents, or 0.9%, at $37.38 an ounce
  • Platinum loss of $2, or 0.1%, at $1,829 an ounce

Palladium stayed unchanged at $810 an ounce.

For the week, London gold fell 0.7% while the other precious metals gained. Increases included 6.2% for silver, 5.2% for palladium and 1.2% for platinum.

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