Gold Prices Down on Week, Perry’s Victory Bullion Silver Coins Debut

by Bullion Prices Staff on June 8, 2013

Bullion prices split this week, though all precious metals fell on Friday. In weekly percentage changes, gold prices dropped 0.7% and silver lost 2.3% while palladium added 1% and platinum gained 2.8%.

As for the last trading day this week, gold prices for August delivery plunged $32.80, or 2.3%, to $1,383 an ounce on the Comex division of the New York Mercantile Exchange. The price was $10 lower than a week ago. There is not much confidence as to the direction of gold prices next week.

"Economic data and U.S. dollar movements will continue to influence the gold market next week, but market watchers said they wouldn’t be surprised if the yellow metal remains within its established range," wrote Debbie Carlson of Kitco News.

"In the Kitco News Gold Survey, out of 36 participants, 22 responded this week. Of those 22 participants, nine see prices up, while seven see prices down and six see prices moving sideways or are neutral."

Rounding out the precious metals complex for Friday:

  • July silver prices dived 96.4 cents, or 4.3%, to $21.74 an ounce,
  • September palladium prices edged down $1.10, or 0.1%, to $761.20 and
  • July platinum prices declined $26.70, or 1.8%, to $1,502.60 an ounce

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

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $22.72 $22.41 $22.47 $22.71 $21.74 -$0.50
-2.3%
Gold Prices $1,411.90 $1,397.20 $1,398.50 $1,415.80 $1,383.00 -$10.00
-0.7%
Platinum Prices $1,497.40 $1,491.10 $1,510.60 $1,529.30 $1,502.60 $40.80
2.8%
Palladium Prices $759.05 $751.05 $756.45 $762.30 $761.20 $7.55
1.0%

 

Sales of United States Mint Bullion Coins in June

Demand for American bullion coins remained steady this week and similar, for the most part, to the previous week. In weekly comparisons:

  • American Eagle bullion gold coins climbed 17,000 ounce. That was 1,000 ounces lower than last week.
  • American Buffalo bullion gold coins added 4,500 for the week compared to the prior 1,500 ounces.
  • American Eagle bullion silver coins increased 782,000 against last week’s total of 858,500.
  • America the Beautiful 5 oz bullion silver products rose 8,000 coins compared to the previous 2,500. This week’s total came entirely from Perry’s Victory silver coins that launched on June 3.

Bullion coin sales for every day this week and totals for 2013 through to June 7 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 3,000 7,000 0 0 4,000 509,500
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 42,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 78,000
1/10 oz American Eagle Gold Bullion Coins* 20,000 0 0 0 10,000 390,000
1 oz American Buffalo Gold Bullion Coins 2,000 1,000 0 0 1,500 149,000
5 oz America the Beautiful Bullion Silver Coins 0 8,000 0 0 0 96,900
1 oz American Eagle Bullion Silver Coins 583,500 198,500 0 0 0 22,550,500

 

Bullion Prices in London

On Friday, precious metals in London also fell. Losses totaled 1% for gold, 0.1% for silver, 0.7% for platinum and 0.3% for palladium. Unlike futures in New York, however, most metals gained. Weekly percent and net dollar changes are listed in the table below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $22.43 $22.51 $22.37 $22.62 $22.60 $0.03
0.1%
Gold Prices $1,402.50 $1,399.50 $1,404.00 $1,400.00 $1,386.00 -$8.50
-0.6%
Platinum Prices $1,487.00 $1,486.00 $1,503.00 $1,515.00 $1,505.00 $46.00
3.2%
Palladium Prices $755.00 $751.00 $754.00 $756.50 $754.00 $10.00
1.3%

 

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