Gold Prices Close Week Higher; Gold and Silver Bullion Coins Jump

by Bullion Prices Staff on June 18, 2011

U.S. silver and gold prices ended up Friday, but only gold moved higher on the week. Silver, platinum and palladium declined with weekly losses ranging from 1.6% to as high as 8.8%.

On Friday, August gold prices rallied $9.20, or 0.6%, to $1,539.10 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal ranged between $1,523.20 an ounce and $1,543 an ounce. For the week, gold gained a modest 0.6%.

"How the situation in Greece unfolds over the coming days could influence the precious metals market into next week, market participants said Friday. As Greece teeters on the brink of default and civil unrest rises in the country over sharp spending cuts, gold has seen some safe-haven buying emerge as investors flee riskier assets," wrote Debbie Carlson at Kitco Metals Inc.

"Meanwhile, other precious metals with industrial ties such as silver and the platinum group metals have faltered as investors move from risk and from concerns about reduced global growth increase amid disappointing economic data," added Carlson.

In other New York futures bullion prices, July silver gained 18.9 cents, or 0.5%, to $35.75 an ounce, September palladium fell $18.10, or 2.4%, to $745.40 an ounce, and July platinum fell $8.60, or 0.5%, to $1,752.10 an ounce. Their weekly losses from high to low came in at 8.8% for palladium, 4.4% for platinum, and 1.6% for silver.

U.S. Mint Bullion Coins

The United States Mint registered one of its best weeks in months for bullion sales. Its Silver Eagle moved nearly every day, bringing the weekly total to 932,000 against the previous 888,000. Next week the .999 fine silver bullion coins will top 21 million for the year. It took until the end of July for them to reach that level last year.

Rising for the first time in June was the 1 oz. American Gold Buffalo (+1,000) and the 1/4 oz. sized American Gold Eagle (+2,000).

The sales pace of the America the Beautiful Silver Bullion Coins has retreated of late. The U.S. Mint sold out the first seven coins in the series, but the most recent Olympic National Park 5 oz. Silver Bullion Coin has not as of this writing. The U.S. Mint will offer the next Vicksburg 5 oz. coin to its buyers beginning on Monday.

For an analysis of recent bullion and numismatic coin performances, check out the latest U.S. Mint sales.

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 500 0 1,000 1,000 75,000
1 oz American Gold Eagle 3,000 6,500 8,500 33,000 484,500
1/2 oz American Gold Eagle 0 0 0 0 55,000
1/4 oz American Gold Eagle 2,000 0 2,000 2,000 58,000
1/10 oz American Gold Eagle 0 0 5,000 20,000 235,000
5 oz America the Beautiful Silver 0 0 0 0 326,800
1 oz American Silver Eagle 93,500 888,000 932,000 1.867M 20.7685M

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 June 12. All other sales figures are as of Friday, June 17.

London Bullion Prices

London bullion prices were mixed for a third straight day on Friday. PM fixing prices included the following changes:

  • Gold gained of $14.25, or 0.9% at $1,537.50 an ounce
  • Silver fell 16 cents, or 0.5%, at $35.39 an ounce
  • Palladium declined $4, or 0.5%, at $754 an ounce.
  • Platinum fell of $3, or 0.2%, at $1,751 an ounce

The three-day string of mixed bullion prices led to mixed weekly results as well. For the week, London gold gained 0.5% while the other precious metals fell. The metals that turned down from high to low were palladium at 6.9%, silver at 5.3%, and platinum at 6.9%.

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