Gold Prices Dive on Week, US Mint Gold Bullion Sales Soar

by Bullion Prices Staff on April 20, 2013

Bullion prices tumbled this week, led by silver futures and followed quickly by gold prices — both hit multi-year lows though gold recovered a portion of its losses.

Across the precious metals spectrum this week, declines totaled to 7.1% for gold 12.8% for silver, 4.8% for platinum and 4.5% for palladium.

On Friday, gold prices for June delivery gained $3.10, or 0.2%, to finish at $1,395.60 an ounce on the Comex division of the New York Mercantile Exchange. It was gold’s second day of gains but a $140+ trouncing on Monday shook markets and added caution to the wind, though physical demand for gold surged.

"With the significant move to the downside, gold is rebounding off its low on a pick-up in physical demand and short-covering," said David Meger, director of metals trading at Vision Financial Markets, according to Reuters.

In other New York futures prices:

  • May silver prices dipped 28.5 cents, or 1.2%, to settle at $22.96 an ounce, its lowest price since February 2011. In dollars, silver this week sank $3.37.
  • June palladium added $7.25, or 1.1%, to $677.05 and
  • April platinum declined $5.10, or 0.4%, to $1,423.90 an ounce

New York bullion prices for each day this week and the net weekly changes are shown in the following table.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $23.36 $23.63 $23.31 $23.25 $22.96 -$3.37
-12.8%
Gold Prices $1,361.10 $1,387.40 $1,382.70 $1,392.50 $1,395.60 -$105.80
-7.1%
Platinum Prices $1,424.80 $1,450.60 $1,435.40 $1,429.00 $1,423.90 -$72.00
-4.8%
Palladium Prices $667.00 $678.20 $661.40 $669.80 $677.05 -$32.05
-4.5%

 

Sales of United States Mint Bullion Coins in April

United States Mint gold bullion sales raced with Gold Eagle putting up the best weekly numbers of the year. Silver bullion sales, however, retreated. In comparing the two latest weekly sales totals by U.S. Mint bullion product:

  • American Eagle gold bullion coins totaled 117,000 ounces compared to 28,500 ounces from last week. April sales at 167,500 are the highest since December 2009.
  • American Eagle silver bullion coins rose 675,000 compared to last week’s 900,000. The weekly pick-up was the weakest since the week ended Feb 15. April sales are at 2.387 million, still on track to surpass sales from March and February.
  • American Buffalo gold bullion coins totaled 14,500 against the 5,000 from a week ago. The weekly increase was higher than the totals in March and in February. April sales are at 21,500.

Bullion coin sales on a daily basis and totals for 2013 up to April 12 are listed in the following grid.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 30,000 58,500 2,500 13,000 395,000
1/2 oz American Eagle Gold Bullion Coins 0 2,000 3,000 2,000 0 37,000
1/4 oz American Eagle Gold Bullion Coins 0 4,000 6,000 6,000 2,000 68,000
1/10 oz American Eagle Gold Bullion Coins 0 10,000 20,000 10,000 10,000 295,000
1 oz American Buffalo Gold Bullion Coins 0 2,500 8,500 1,000 2,500 116,500
5 oz America the Beautiful Silver Bullion Coins* 0 0 0 0 0 63,100
1 oz American Eagle Silver Bullion Coins 0 503,000 172,000 0 0 16,610,000

 

*The U.S. Mint has not released the 2013 America the Beautiful Silver Bullion Coins. Prior year coins have sold out.

Bullion Prices in London

Bullion prices in London paralleled futures markets for metals with final prices for the week very close. As for Friday, platinum was the single decliner with a loss of 0.5%. Gains included 0.8% for gold, 0.6% for silver and 1% for palladium. The weekly percent and net changes are listed in the following table.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $23.54 $23.47 $23.31 $23.51 $23.66 -$3.74
-13.6%
Gold Prices $1,395.00 $1,380.00 $1,392.00 $1,393.75 $1,405.50 -$130.00
-8.5%
Platinum Prices $1,448.00 $1,446.00 $1,436.00 $1,432.00 $1,425.00 -$89.00
-5.9%
Palladium Prices $676.00 $681.00 $671.00 $670.00 $677.00 -$38.50
-5.4%

 

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