Gold Prices Fall First Week in Three, US Mint Silver Bullion Coins Stronger

by Bullion Prices Staff on May 11, 2013

U.S. gold prices fell for the week, the first time in three weeks. US Mint gold bullion coin sales weakened. Silver also declined for the first time in three weeks, yet sales of US Mint silver bullion coins were stronger.

On Friday, gold prices for June delivery settled down $32, or 2.2%, to $1,436.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold would have ended higher for the week without the sharp fall. In total, the precious metal lost $27.60 or 1.9% from a week ago. Some analysts and traders are expecting further weakness in gold prices.

"Gold price direction next week is likely to be influence by the strength of the U.S. dollar, along with U.S. economic data on manufacturing, retail sales and inflation," Debbie Carlson of Kitco News wrote.

"In the Kitco News Gold Survey, out of 36 participants, 25 responded this week. Of those 25 participants, eight see prices up, while 11 see prices down and six see prices moving sideways or are neutral."

Rounding out precious metals futures in New York for Friday:

  • July silver prices fell 25.3 cents, or 1.1%, to $23.66 an ounce,
  • June palladium prices declined $9.05, or 1.3%, to $705.70 and
  • July platinum prices declined $30.50, or 2%, to $1,486 an ounce

New York bullion prices by day and the net changes for the week are shown in the following table.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $23.96 $23.81 $23.93 $23.91 $23.66 -$0.36
-1.5%
Gold Prices $1,468.00 $1,448.80 $1,473.70 $1,468.60 $1,436.60 -$27.60
-1.9%
Platinum Prices $1,507.70 $1,481.20 $1,504.90 $1,516.50 $1,486.00 -$15.20
-1.0%
Palladium Prices $697.10 $680.60 $698.25 $714.75 $705.70 $12.40
1.8%

 

Sales of United States Mint Bullion Coins in May

For a second week, United States Mint silver bullion coin sales were higher but gold bullion coin sales fell. When comparing the two latest weekly sales totals by U.S. Mint bullion product:

  • American Eagle gold bullion coins climbed 5,000 ounces. That is well lower than the 11,000 ounces from last week. Sales for the month are at 15,000 ounces.
  • American Eagle silver bullion coins gained 900,000 for the week compared to last week’s 855,000. May sales are at 900,000.
  • American Buffalo gold bullion coins wetn up 1,000 versus the prior week’s 2,500. Sales for the month are at 2,500.

So far, May’s pace is down from bullion coin sales in April.

Sales on a daily basis and totals for 2013 through to May 10 are listed in the following grid.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 3,000 0 2,000 0 0 449,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 40,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 72,000
1/10 oz American Eagle Gold Bullion Coins* 0 0 0 0 0 300,000
1 oz American Buffalo Gold Bullion Coins 0 0 1,000 0 0 134,500
5 oz America the Beautiful Silver Bullion Coins* 0 0 0 0 0 63,100
1 oz American Eagle Silver Bullion Coins 719,500 0 180,500 0 0 19,210,000

 

*Sales of the smallest American Eagle gold bullion coin is suspended until the United States Mint replenishes its inventory. The bureau has not released any 2013 America the Beautiful Silver Bullion Coin. The first one debuts on Monday and honors White Mountain National Forest. Prior year coins have sold out.

In a major numismatic release from the United States Mint this week, on Thursday it started selling its 2013 American Eagle West Point Two-Coin Silver Set for $139.95. The set commemorates an anniversary for the Mint at West Point.

Bullion Prices in London

London Fix bullion prices ended lower Friday, except for palladium which settled up 1%. The metals with losses tallied to 2.7% for gold, 2.9% for silver and 1.1% for platinum. The weekly percent and net changes are listed in the table below.

London Bullion Prices
  Mon* Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices - $23.75 $23.86 $24.07 $23.37 -$0.88
-3.6%
Gold Prices - $1,444.25 $1,468.00 $1,465.50 $1,426.50 -$42.75
-2.9%
Platinum Prices - $1,484.00 $1,494.00 $1,506.00 $1,490.00 -$11.00
-0.7%
Palladium Prices - $682.00 $690.00 $695.00 $702.00 $8.00
1.2%

 

*London banking holiday.

{ 1 comment… read it below or add one }

Chris July 12, 2013 at 12:31 pm

I still think that bullion will have a bounce back period where silver is back to trading around 40 dollars.

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