Gold Prices End Week at 7-Month High, 5 Oz Silver and Gold Bullion Coins Surge

by Bullion Prices Staff on September 15, 2012

Gold ended the second week of August at a seven-month high and stretched its streak of winning weeks to four. Bullion prices were boosted by the Fed’s new stimulus plan — announced Thursday — to buy $40 billion in mortgage-backed securities each month until U.S. employment improves. The plan increases inflation expectations down the road, which supports gold in particular, but was bullish for all commodities.

"When multiple major central banks are coordinating their effort in printing more money and engaging in stimulus measures, that has to be overtly bullish for gold," said Adam Sarhan, chief executive of Sarhan Capital, according to Reuters.

Across precious metals this week, gains included 1.9% for gold, 2.9% for silver, 6.8% for palladium and 7.4% for platinum.

On Friday, things were more muted for gold with December futures prices edging up 60 cents to settle at $1,772.70 an ounce on the Comex division of the New York Mercantile Exchange. The closing price was the highest since the end of February. Many market-watchers are forecasting higher gold prices next week. The weekly Kitco Gold Survey shows 22 participants bullish, 4 bearish and 3 neutral.

Rounding out the other precious metals on Friday, September silver declined 12.2 cents, or 0.4%, to $34.66 an ounce, December palladium added $10.30 or 1.5%, to $699.30 an ounce and October platinum jumped $34.20, or 2.0%, to $1,713.70 an ounce. Platinum and palladium have gained for ten consecutive sessions, supported by labor strife issues in South African mines.

The following table provides New York bullion prices on a daily basis and the most recent weekly changes.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
Silver Prices $33.63 $33.57 $33.29 $34.78 $34.66 $0.97
Gold Prices $1,731.80 $1,734.90 $1,733.70 $1,772.100 $1,772.700


Platinum Prices $1,603.80 $1,607.00 $1,649.60 $1,679.500 $1,713.700 $117.40
Palladium Prices $672.75 $674.90 $679.30 $689.000 $699.300 $44.55


United States Mint Bullion Coins

Sales were stronger this week for United States Mint bullion gold coins but weaker overall for its bullion silver coins — America the Beautiful 5 oz. Silver Bullion Coins did jump with the release of the Hawaii Volcanoes coin. For the week, United States Mint authorized distributors ordered:

  • 26,500 ounces of gold bullion coins compared to the prior week’s 12,000 ounces, and
  • 512,000 ounces of silver bullion coins versus to the previous week’s 679,000 ounces

The latest sales of United Stats Mint bullion coins are offered in the daily, September and 2012 columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri September 2012 Sales
1 oz American Eagle Gold Bullion Coin 9,000 0 0 0 9,000 28,000 375,500
1/2 oz American Eagle Gold Bullion Coin 0 0 0 0 1,000 1,000 60,000
1/4 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 58,000
1/10 oz American Eagle Gold Bullion Coins 5,000 0 0 0 0 10,000 225,000
1 oz American Buffalo Gold Bullion Coins 1,000 0 0 0 1,500 4,000 92,000
5 oz America the Beautiful Bullion Silver Coins 7,900 0 0 0 2,500 10,400 70,000
1 oz American Eagle Bullion Silver Coins 310,000 50,000 0 0 100,000 1,139,000 23,679,000


Notes: The bullion totals above are in numbers of coins sold, not in ounces sold.

In three United States Mint coin news topics of note, read about:

The first article is about the price increases on Wednesday for 15 gold and platinum coins offered by the United States Mint. These are collectible, not bullion coins. The article explains why the prices on the coins were raised.

The second article covers Monday’s release of the 2012 Hawaii Volcanoes National Park 5 Ounce Silver Bullion Coin. The coin is the fourth of five 2012-dated releases from the U.S. Mint’s America the Beautiful 5 Ounce Silver Bullion Coin series. The Hawaii Volcanoes coin was the only 5 ounce piece to appear for the series in this week’s sales, as shown above.

The final article reviews the weekly performances of the numismatic coins sold by the United States Mint, including two debuting products.

London Bullion Prices

London bullion prices were on fire Friday and for the week. Friday’s huge gains came as a result of the Thursday announced FOMC plan to stimulate the U.S. economy. The following grid offers the daily London PM Fix prices and the weekly changes.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
Silver Prices $33.60 $33.52 $33.93 $33.00 $34.71 $2.49
Gold Prices $1,732.00 $1,736.75 $1,737.00 $1,733.25 $1,775.50 $47.50
Platinum Prices $1,593.00 $1,606.00 $1,644.00 $1,659.00 $1,697.00 $104.00
Palladium Prices $661.00 $675.00 $678.00 $684.00 $702.00 $55.00

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