Gold Prices Down in 1st Week of July, US Mint Bullion Coins Mixed

by Bullion Prices Staff on July 6, 2013

Gold finished sharply lower Friday, and that brought prices down for a weekly decline that summed to 0.9%. Gold bullion coins from the United States Mint, however, jumped in the first week of July.

On Friday, gold prices for August delivery shed $39.20, or 3.1%, to end at $1,212.70 an ounce on the Comex division of the New York Mercantile Exchange.

"A lot of negative sentiment toward commodities today is based on poor performance over the past year or two relative to equities," Bloomberg quoted Nicholas Brooks, the head of research and investment strategy at ETF Securities Ltd. in London. "Many commodities are trading at or below the marginal cost of production. It may not stop prices from falling in the short term, but in the medium term rising costs will ultimately force prices to move higher."

In other bullion prices this Friday and on the weekly basis:

  • September silver plummeted 96 cents, or 4.9%, to $18.74 an ounce, falling 3.8% this week.
  • September palladium fell $8.15, or 1.2%, to $677.555 an ounce, gaining 2.6% this week.
  • October platinum declined $20.40, or 1.5%, to $1,326.40 an ounce, falling 1% this week.

New York bullion prices by day and the net changes for the week are shown in the following table. Markets in the United States were closed Thursday for Independence Day.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $19.58 $19.31 $19.70 N/A $18.74 -$0.73
-3.8%
Gold Prices $1,255.70 $1,243.40 $1,251.90 N/A $1,212.70 -$11.00
-0.9%
Platinum Prices $1,382.50 $1,367.80 $1,346.80 N/A $1,326.40 -$13.50
-1.04%
Palladium Prices $686.70 $688.90 $685.70 N/A $677.55 $16.85

2.6%

 

Sales of United States Mint Bullion Coins in July

Overall, demand for United States Mint gold bullion coins grew from already strong sales levels. Demand fell slightly, however, for silver bullion coins. In weekly comparisons:

  • 22-karat American Eagle gold coins rallied 19,000 ounces, which is 4,000 ounces above last week. In a rarity, all sizes gained.
  • 24-karat American Buffalo gold coins rose 5,500, down 1,500 from the previous week.
  • 99.9% pure American Eagle silver coins increased 826,000 compared to the week-ago amount of 847,000.
  • 99.9% pure America the Beautiful 5 oz bullion silver coins rose by 6,300 coins against the prior week’s 9,900 coins. Sales from the previous week were shored up by the June 24 release of the Great Basin silver coins.

Bullion coin sales for every day this week and totals for 2013 through to July 5 are shown 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 12,000 0 0 0 3,000 559,500
1/2 oz American Eagle Gold Bullion Coins 2,000 0 0 0 2,000 47,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 0 0 0 88,000
1/10 oz American Eagle Gold Bullion Coins 10,000 0 0 0 5,000 430,000
1 oz American Buffalo Gold Bullion Coins 5,500 0 0 0 0 167,000
5 oz America the Beautiful Bullion Silver Coins 6,300 0 0 0 0 120,500
1 oz American Eagle Bullion Silver Coins 826,000 0 0 0 0 25,869,500

 

Bullion Prices in London

London bullion prices declined Friday, though not to the level as precious metals futures in New York. In percent changes between PM prices on Thursday and Friday:

  • Gold lost 3.1%
  • Silver fell 1.3%
  • Platinum shed 0.9%
  • Palladium declined 1.6%

Bullion prices by day and weekly percent and net dollar changes for London precious metals are listed in the table below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $19.44 $19.62 $19.55 $19.57 $19.32 $0.46

2.4%
Gold Prices $1,242.75 $1,252.50 $1,250.00 $1,251.75 $1,212.75 $20.75

1.7%
Platinum Prices $1,357.00 $1,375.00 $1,361.00 $1,339.00 $1,327.00 $10.00

0.8%
Palladium Prices $678.00 $687.00 $684.00 $680.00 $669.00 $26.00

4.0%

 

{ 1 comment… read it below or add one }

Chris July 8, 2013 at 12:07 pm

I know that gold hasn’t been one of the most stable investments lately, but it still has apperciated about 500% since 2001.

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