Gold Prices Drop for Weekly Loss, Silver Bullion Coins Slow

by Bullion Prices Staff on June 24, 2011

U.S. bullion headed lower Friday, which pulled prices further down for the week. August gold prices declined $19.60, or 1.3%, to $1,500.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was gold’s lowest dating back to May 19. A stronger U.S. dollar and slumping oil prices were attributed to losses.

"You have prices of crude oil, commodities and the stock market again under pressure. And you have a strong dollar. To think that gold is going to rally, it’s just not going to happen," independent investor Dennis Gartman was quoted on Reuters. "Every market that has the term ‘risk’ associated with it, everybody wants out."

Gold prices fell 2.5% for the week. Until Thursday, the yellow metal had put together a string of seven straight session gains. Since then, gold prices have plummeted 3.4%.

In other New York futures bullion prices, July silver dropped 36.4 cents, or 1.0%, to $34.64 an ounce, September palladium declined $11.85, or 1.6%, to $731.50 an ounce, and July platinum droppped $16.90, or 1.0%, to $1,677.60 an ounce. Their weekly losses from high to low were 3.1% for platinum, 2% for palladium and 1.9% for silver.

U.S. Mint Bullion Coins

Two of the 1 oz. gold bullion coins had their numbers elevated on Friday, according to the latest U.S. Mint sales data. The Gold Eagle rose 3,000 and the Gold Buffalo added 500. In terms of weekly performances, Silver Eagles moved slower while the Mint’s other bullion coins had equal or mostly comparative sales. Daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 500 1,000 1,500 2,500 77,500
1 oz American Gold Eagle 3,000 8,500 8,500 41,500 493,000
1/2 oz American Gold Eagle 0 0 0 0 55,000
1/4 oz American Gold Eagle 0 2,000 2,000 4,000 60,000
1/10 oz American Gold Eagle 0 5,000 5,000 25,000 240,000
5 oz America the Beautiful Silver 0 0 0 0 326,800
1 oz American Silver Eagle 0 932,000 728,500 2.5955M 21.497M


Figures above are in coins, not ounces sold. The U.S. Mint last updated the 5 oz. America the Beautiful Silver Bullion Coin sales on June 24. All other sales figures are as of Friday, June 17.

For a detailed summary of recent bullion and numismatic coin performances, check out the latest U.S. Mint sales article.

London Bullion Prices

London bullion prices on Friday fell across the board as well. PM fixing prices included the following changes:

  • Gold lost of $8.25, or 0.5% at $1,514.75 an ounce
  • Silver slumped $1.28, or 3.6%, at $34.73 an ounce
  • Palladium declined $5, or 0.7%, at $739 an ounce.
  • Platinum lost of $11, or 0.6%, at $1,696 an ounce

London bullion prices were also lower on the week, and mostly heavier. Losses included 1.5% for gold, 1.9% for silver, 2% for palladium and 3.1% for platinum.

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