Gold Prices Drop for 5th Week; 2013 Eagle Silver Bullion Coins Launch Jan 7

by Bullion Prices Staff on December 28, 2012

Bullion prices fell Friday and that assured another week of losses for gold and silver during the final week of 2012. The two metals have, in fact, now declined for five weeks in a row. Gold’s latest weekly decline was modest at 0.3%. Silver posted a decline this week of 0.8%.

February gold prices on Friday slipped $7.80, or 0.5%, to settle at $1,655.90 an ounce on the Comex division of the New York Mercantile Exchange. Trading volume was thin all week.

"It strikes me that the gold market really doesn’t quite know where to go at this moment," Reuters quoted Adrian Day at Adrian Day Asset Management in Annapolis, Maryland.

"Light trading in the holidays obviously has a distorting effect on prices but if anything, the moves should be exaggerated, not muted like this."

March silver futures closed at $29.98 an ounce, falling 26.5 cents, or 0.9%. The white metal is on pace this year to settle $2 higher than its settlement at the end of 2011.

In platinum group metals futures Friday:

  • March palladium fell $8.20, or 1.2%, to $700.30 an ounce
  • April platinum shed $14.40, or 0.9%, to $1,521.60 an ounce

For the week, palladium was an outlier in precious metals with its increase of 2.6%. Platinum declined 1% this week.

New York bullion prices on a daily and weekly basis are listed below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
Silver Prices $29.90 - $30.04 $30.24 $29.98 -$0.23
Gold Prices $1,659.50 - $1,660.70 $1,663.70 $1,655.90 -$4.20
Platinum Prices $1,534.90 - $1,534.90 $1,536.00 $1,521.60 -$15.30
Palladium Prices $684.55 - $692.40 $708.50 $700.30 $18.00


Sales United States Mint Bullion Coins

United States Mint bullion gains were limited this week to one-ounce, 22-karat American Eagle gold coins. A one-day increase brought them up 2,500 to 66,500 for the month.

No sales were possible for American Eagle silver bullion coins given that this year’s inventory sold out in mid-December. No more will be minted. The U.S. Mint has told its buyers that it will begin accepting orders for 2013 Silver Eagles on Jan. 7.

Bullion products offered by the United States Mint are listed below. Within the columns are sales by day, for the month-to-date and for the year-to-date.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri December 2012 Sales
1 oz American Eagle Gold Bullion Coins 0 0 2,500 0 0 66,500 660,500
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 3,000 71,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 6,000 76,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 0 315,000
1 oz American Buffalo Gold Bullion Coins 0 0 0 0 0 8,000 132,000
5 oz America the Beautiful Silver Bullion Coins 0 0 0 0 0 2,000 118,100
1 oz American Eagle Silver Bullion Coins 0 0 0 0 0 1,635,000 33,742,500


Notes: Sales of bullion coins above are in the number of coins sold, not the amount of ounces sold.

In our weekly update of news about United States Mint coins, another two articles are of note:

The first article provides a breakdown of sales this year for American Eagle silver bullion coins. The coins were on pace for the second best sales year, but their early sellout prevented that. Instead, the annual sales level of 33,742,500 ranks third highest since the Eagle made its first appearance in 1986.

The second article provides tables of the latest sales for United States Mint numismatic products. They include the debuting figures for the freshly issued second term Grover and Frances Cleveland coins and sets.

Bullion Prices in London

Markets in London were shortened Monday, closed on Tuesday for Christmas and remained shut until Thursday.

London bullion prices ended mixed Friday and for the week. Silver was the biggest winner Friday, advancing 1.3%. Gold was almost unchanged, up 0.1%. Palladium gained 0.6%. Platinum was off 0.6%.

In the grid below are daily London Fix prices and the net and percentage changes for the week.

London Bullion Prices*
  Mon Tue Wed Thurs Fri Weekly Change
Silver Prices $30.19 - - $29.75 $30.15 $0.26
Gold Prices $1,662.50 - - $1,655.50 $1,657.50 $6.00
Platinum Prices $1,543.00 - - $1,536.00 $1,527.00 -$6.00
Palladium Prices $683.00 - - $700.00 $704.00 $29.00


*All bullion prices in the table above are London PM fixings, except for Monday, Dec. 24, where AM fixings are listed since London markets were closed by then and through to Wednesday, Dec. 26.

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