Gold Logs 0.6% Weekly Loss, Sales of US Bullion Silver Coins Weaken

by Bullion Prices Staff on October 12, 2012

All precious metals in New York settled lower Friday and for the week — it was silver’s second straight weekly loss. In percentages, losses this week were 1.2% for gold, 2.6% for silver, 3.6% for palladium and 2.8% for platinum.

On the final day, December gold prices fell $10.90, or 0.6%, to close at $1,759.70 an ounce on the Comex division of the New York Mercantile Exchange. Analysts are split as to where prices may head next week.

"In the Kitco News Gold Survey, out of 33 participants, 21 responded this week. Of those 21 participants, 10 see prices up, while nine see prices down, and two are neutral or see prices moving sideways," writes Debbie Carlson of Kitco News.

Prices drifted lower on Friday’s in a fairly light volume session, with selling ahead of the weekend dominant. Gold "clearly lacks the necessary impetus to make further gains just now, the debt crisis in the eurozone having not escalated any further and the supply risks in South Africa already being largely priced in," said analysts at Commerzbank.

As for other bullion prices on Friday, December silver futures lost 41.3 cents, or 1.2%, to $33.67 an ounce, December palladium futures declined $11.85 or 1.8%, to $639.05 an ounce and January platinum futures lost $30.30, or 1.8%, to $1,659.30 an ounce.

The following table lists precious metals futures prices for each day this week and it lists their weekly changes.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $34.95 $34.67 $34.69 $34.08 $33.67 -$0.903
-2.6%
Gold Prices $1,783.30 $1,775.60 $1,779.80 $1,770.60 $1,759.70 -$21.10
-1.2%
Platinum Prices $1,685.80 $1,687.20 $1,694.10 $1,689.60 $1,659.30 -$47.90
-2.8%
Palladium Prices $645.60 $654.20 $657.90 $650.90 $639.05 -$24.15
-3.6%

 

United States Mint Bullion Coins

So far this month, United States Mint sales of its American Eagle silver coins have advanced on just two days. The first increase occurred last week on Thursday when buyers ordered 1.233 million — one of the best weekly totals of the year. In contrast, the only increase this week came on Friday when a dreary 175,000 were claimed.

Daily sales occurrences for United States Mint gold bullion coins are drastically lower this month as well, but overall weekly pick-ups have been at least more even. This week buyers ordered 11,500 ounces compared to the 11,000 ounces in the previous week.

The latest sales of United Stats Mint bullion coins, broken down by product type, are offered in the daily, October and 2012 columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri October 2012 Sales
1 oz American Eagle Gold Bullion Coin 0 0 0 0 8,500 16,000 426,500
1/2 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 61,000
1/4 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 62,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 10,000 260,000
1 oz American Buffalo Gold Bullion Coins 0 0 0 0 3,000 5,500 102,000
5 oz America the Beautiful Bullion Silver Coins 0 0 0 0 500 500 70,500
1 oz American Eagle Bullion Silver Coins 0 0 0 0 175,000 1,408,000 27,203,000

 

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

In other U.S. coin news this week, check out:

On Wednesday, Oct. 3, the U.S. Mint stopped selling collector silver coins as their melt values rose with silver prices and their coin prices had not. On Wednesday, Oct. 10, the Mint re-introduced the silver coins at higher prices. The first article relays these events and the new silver coin prices.

The second article provides weekly sales stats from the United States Mint for silver coin products. A portion of the article highlights how 2012-W Proof American Eagle silver coins logged improved sales despite their several day suspension.

London Bullion Prices

Bullion prices in London declined Friday, adding to weekly losses that ranged across the metals from between 1 and 3 percent. 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 $34.35 $34.85 $34.72 $34.25 $33.79 -$1.06
-3.0%
Gold Prices $1,787.00 $1,775.50 $1,775.25 $1,769.00 $1,766.75 -$17.25
-1.0%
Platinum Prices $1,678.00 $1,678.00 $1,685.00 $1,681.00 $1,678.00 -$33.00
-1.9%
Palladium Prices $650.00 $646.00 $652.00 $649.00 $650.00 -$17.00
-2.5%

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