Gold Prices Earn Weekly Gain, Silver Eagle Bullion Sales Improve

by Bullion Prices Staff on December 2, 2011

U.S. gold prices rose Friday and for the week, breaking a streak of two consecutive weekly losses. On Friday, March gold added $11.50, or 0.7%, to $1,751.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded between $1,741.70 an ounce and $1,767.10 an ounce.

"After a strong showing this week, most market watchers expect gold to build on gains for next week, with a critical European Union summit meeting on Dec. 9 to also influence direction," wrote Debbie Carson of Kitco. "Many market watchers expect follow-through buying early next week to underpin markets. The liquidity injection, combined with a generally positive U.S. employment report should favor a ‘risk-on’ market sentiment, they said."

Gold prices rallied 3.9% on the week.

While down on the day, silver rose sharply for the week. On Friday, March silver prices trimmed 7.3 cents, or 0.2%, to $32.69 an ounce. For the week, silver increased 5.4%.

In PGM futures, palladium and platinum diverged on the day. March palladium prices added $15.65, or 2.5%, to $645.85 an ounce while January platinum prices edged lower by $8.70, or 0.6%, to $1,548.50 an ounce. Both metals gained on the week. Platinum grew 1% while palladium soared 13.3% — the best of major metals.

United States Mint Bullion Coins

Buying strength remains weak for United States Mint bullion coins. Sales have been muted since Wednesday, and only modest increases have been published for gold bullion since a week ago. The 1 oz. Gold Eagle added 5,000 for the week, less than a third of its previous weekly total. The Gold Buffalo rose 500, or 1/8 of its previous weekly amount.

The one coin to outperform its previous weekly sales was the Silver Eagle, up 400,000 versus 140,000. With that, it closed out with slightly better November sales than what could have been, but the month was still the slowest on record for the Silver Eagle since July 2008.

The latest United States bullion figures are provided below in the daily, weekly, December 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Friday Gain Prior Weekly Weekly Gain December 2011 2011 Totals
1 oz American Gold Eagles 0 17,500 5,000 0 844,500
1/2 oz American Gold Eagles 0 0 0 0 65,000
1/4 oz American Gold Eagles 0 2,000 0 0 82,000
1/10 oz American Gold Eagles 0 5,000 0 0 370,000
1 oz American Gold Buffalo 0 4,000 500 0 153,500
5 oz America the Beautiful Silver not reported 390,000
1 oz American Silver Eagle 0 140,000 400,000 0 37,859,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, November 28, 2011. All other figures have an "as of date" of Friday, December 2, 2011.

London Bullion Prices — Friday and Weekly

London bullion prices split directions Friday. Palladium shot higher as silver, gold and platinum made modest moves south. From the Thursday PM to Friday PM London fixings:

  • Gold prices declined $5, or 0.3%, to $1,747 an ounce,
  • Silver declined 13 cents, or 0.4%, to $33.15 an ounce,
  • Palladium added $20, or 3.2%, to $653 an ounce, and
  • Platinum declined $2, or 0.1%, to $1,559 an ounce

As in New York futures, London bullion prices advanced in unison for the week. Gains included:

  • $58.50, or 3.5%, for gold,
  • $1.91, or 6.1%, for silver,
  • $81, or 14.2%, for palladium, and
  • $30, or 2%, for platinum

Check this site’s bullion prices home page for current metal prices.

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