Gold Prices Drop for Fourth Week, US Bullion Coin Sales Rally

by Bullion Prices Staff on November 2, 2012

U.S. gold prices fell for a fourth weekly loss and silver extended its streak of declines to five weeks. On the flip side, United States Mint bullion coin sales rallied.

Returning to precious metals futures, losses for the week included gold at 2.1%, silver at 3.7% and platinum at 0.1%. Palladium was alone with its increase of 0.7%.

On Friday, December gold lost $40.30, or 2.4%, to $1,675.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Comex gold prices sold off sharply and hit a fresh two-month low in the wake of a stronger-than-expected U.S. employment report Friday morning," wrote Jim Wyckoff of Kitco News. "That report pushed the U.S. dollar index to a fresh seven-week high, which in turn helped to sink most raw commodity markets, including the precious metals."

The latest Kitco survey showed nine participants expecting higher gold prices next week compared to eleven who see them down. Three were neutral.

In other metals Friday, December silver futures prices plummeted $1.39, or 4.3%, to $30.86 an ounce, December palladium futures prices declined $12.80, or 2.1%, to $599.65 an ounce and January platinum futures prices fell $28.30, or 1.8%, to $1,544.90 an ounce.

New York bullion prices on a daily basis are listed below. Weekly changes are also provided.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $31.75 $31.82 $32.32 $32.25 $30.86 -$1.18
-3.7%
Gold Prices $1,708.70 $1,712.10 $1,719.10 $1,715.50 $1,675.20 -$36.70
-2.1%
Platinum Prices $1,533.90 $1,553.60 $1,577.00 $1,573.20 $1,544.90 -$1.10
-0.1%
Palladium Prices $589.75 $596.15 $609.80 $612.45 $599.65 $4.25
0.7%

 

United States Mint Bullion Coin Sales

Sales took off this week for bullion American Eagle gold coins and America the Beautiful 5 oz silver coins. More of the Eagles were ordered during the last three days than any week since the first one in January. And the ATB silver coins posted a weekly total that is higher than seven monthly totals in 2012.

As for gold bullion, American Eagle gold coins rose 26,500 ounces and American Buffalo gold coins climbed 1,000. That compares to the previous respective weekly tallies of 7,500 ounces and 2,500 ounces.

As for silver bullion, American Eagle silver coins advanced 769,000 and ATB silver coins gained 14,800 versus the prior week’s numbers of 567,000 and 7,000.

Below are the most recent U.S. Mint bullion coin sales. These are broken down by product type, with specific sales shown in the daily, November and 2012 columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Fri November 2012 Sales
1 oz American Eagle Gold Bullion Coin 0 0 9,500 3,000 13,000 16,000 480,500
1/2 oz American Eagle Gold Bullion Coin 0 0 1,000 0 0 0 63,000
1/4 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 66,000
1/10 oz American Eagle Gold Bullion Coins 0 0 5,000 0 0 0 280,000
1 oz American Buffalo Gold Bullion Coins 0 0 1,000 0 0 0 107,500
5 oz America the Beautiful Bullion Silver Coins 0 0 9,800 0 5,000 5,000 101,400
1 oz American Eagle Bullion Silver Coins 0 0 569,000 0 200,000 200,000 29,148,000

 

Notes: Bullion coin sales above are in the number of coins sold, not the amount of ounces sold.

In other U.S. coin news this week, check out:

Relayed in the first article are United States Mint bullion coin sales during the month of October. American Eagles stood out. While the gold and silver coins posted sales lower than September, their monthly sales were — for the first time in 2012 — higher than the same time a year ago. Bullion coin sales in October were also one of the better months of this year.

The second article covers weekly sales results for U.S. Mint numismatic coins and related products.

London Bullion Prices

London bullion prices declined Friday — 1.8% for gold, 2.3% for silver, 1% for palladium and 1.5% for platinum, but they were mixed for the week as seen in the following grid.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $31.82 $31.98 $32.28 $32.66 $31.92 $0.25
0.8%
Gold Prices $1,707.00 $1,710.00 $1,719.00 $1,716.25 $1,685.00 -$31.00
-1.8%
Platinum Prices $1,539.00 $1,545.00 $1,570.00 $1,575.00 $1,552.00 -$9.00
-0.6%
Palladium Prices $593.00 $593.50 $606.00 $614.00 $608.00 $4.00
0.7%

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