Gold Inches Up for Week, Silver Bullion Coins Shoot Higher

by Bullion Prices Staff on September 21, 2012

Gold rose modestly Friday, but enough to extend its weekly winning streak to five. Daily gains and losses since the Fed announced its latest QE plan last Thursday, September 13, have been muted.

Silver has been tracking gold, while platinum and palladium have responded more to labor issues in South African mines. Across the precious metals spectrum this week, gold added 0.3% with the others registering losses of 0.1% for silver, 4% for palladium and 4.4% for platinum.

On Friday, December gold prices closed up $7.80, or 0.4%, to $1,778 an ounce on the Comex division of the New York Mercantile Exchange.

"Logically, if the central banks of the world are printing more and more money, one can surmise that investors will want some store of wealth which cannot be reproduced to infinity, and at this point, gold and silver fit that bill," Anthony Lazzara with Lido Isle Advisors was cited on MarketWatch.

Many market-watchers are expected higher gold prices next week. Kitco’s weekly gold survey had 15 participants bullish, 4 bearish and 2 sideways or unchanged.

In other closings Friday, September silver futures lost 4.4 cents, or 0.1%, to $34.64 an ounce, December palladium added $10.45 or 1.6%, to $671.55 an ounce and October platinum added $13.70, or 0.8%, to $1,637.60 an ounce.

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

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $34.37 $34.72 $34.59 $34.68 $34.64 -$0.02
-0.1%
Gold Prices $1,770.60 $1,771.20 $1,771.70 $1,770.200 $1,778.000 $5.30
0.3%
Platinum Prices $1,672.60 $1,636.30 $1,640.40 $1,623.900 $1,637.600 -$76.10
-4.4%
Palladium Prices $689.10 $667.35 $673.05 $661.100 $671.550 -$27.75
-4.0%

 

United States Mint Bullion Coins

Gains were bullish this week for United States coins, especially silver bullion coins. This week U.S. Mint authorized distributors ordered:

  • 18,500 ounces of gold bullion coins versus the previous week’s 26,500 ounces, and
  • 1,149,000 ounces of silver bullion coins against to the prior week’s 512,000 ounces

American Eagle silver bullion coins in the last several days passed the two million mark for the month and the 24 million point for the year. And since Friday, American Eagle gold bullion coin sales for the month are higher than those from August or July.

The latest sales of United Stats Mint bullion coins are offered in the daily, September and 2012 columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri September 2012 Sales
1 oz American Eagle Gold Bullion Coin 1,500 1,500 4,500 0 6,500 42,000 389,500
1/2 oz American Eagle Gold Bullion Coin 0 0 0 0 0 1,000 60,000
1/4 oz American Eagle Gold Bullion Coin 0 0 2,000 0 0 2,000 60,000
1/10 oz American Eagle Gold Bullion Coins 0 0 10,000 0 0 20,000 235,000
1 oz American Buffalo Gold Bullion Coins 1,000 1,000 500 0 500 7,000 95,000
5 oz America the Beautiful Bullion Silver Coins 2,000 400 100 0 200 10,400 70,000
1 oz American Eagle Bullion Silver Coins 740,000 25,000 57,000 0 314,000 2,275,000 24,815,000

 

Notes: Bullion coin sales above are in the number of coins sold, not the amount of ounces sold.

In other coin news topics of note, read about:

The first article discusses how premiums for United States Mint silver products have fallen as their melt values have advanced along with silver prices. The coin news article provides specific examples of how premiums have changed between the release dates of U.S. Mint 2012-dated silver coins and sets through to the present day.

The second article provides a brief overview about the series of Canadian Wildlife Silver Bullion Coins, including the first five coins that depict a wolf, grizzly, cougar, moose and antelope.

London Bullion Prices

Bullion prices in London were higher Friday but lower for the week. 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 Change
($/%)
Silver Prices $34.53 $34.06 $34.65 $34.25 $34.69 -$0.02
-0.1%
Gold Prices $1,770.00 $1,769.50 $1,766.75 $1,758.50 $1,784.50 $9.00
0.5%
Platinum Prices $1,696.00 $1,669.00 $1,633.00 $1,620.00 $1,642.00 -$55.00
-3.2%
Palladium Prices $691.00 $681.00 $674.00 $663.00 $672.00 -$30.00
-4.3%

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