Gold Prices Fall for Second Week, Bullion Silver Eagles Remain Sluggish

by Bullion Prices Staff on November 26, 2011

U.S. gold fell for a second straight session Friday, which contributed to its second consecutive weekly decline. December gold futures lost $10.20, or 0.6%, to $1,685.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded between an intraday low of $1,672.60 an ounce and a high of $1,702.70 an ounce.

"Precious metals are suffering under a resurgent dollar," Marc Ground, an analyst at Standard Bank Plc, wrote in a report that was cited on Bloomberg. "We still haven’t seen any significant physical demand coming through. This buying usually emerges below the $1,650 level, which should then limit further downside."

Gold prices declined 2.3% on the week.

In other precious metals futures prices, December silver declined 87 cents, or 2.7%, to $31.01 an ounce, December palladium futures declined $19.75, or 3.3%, to $570.10 an ounce and January platinum prices declined $25.20, or 1.6%, to $1,533.10 an ounce.

For the week, silver fell 4.3%, palladium dropped 5.8% and platinum lost 3.5%.

United States Mint Bullion Coins

Lagging demand continues to plague United States Mint bullion coins this month. Although sales picked up for the Mint’s biggest 1 oz. bullion pieces on Friday, weekly and monthly levels remain extremely sluggish. 1 oz. American Gold Eagles did improve their lot substantially with a weekly gain of 17,500 — more than doubling the monthly amount from just one week ago. The 24-karat gold bullion coins lifted their November sales to 33,500. It still appears that November will be their weakest 2011 month, however.

The same goes for American Silver Eagles which are under 1 million with 25 days in November now in the history books. The weakest month this year for the Eagles was March at 2.767 million. It would appear November, which is usually a strong sales month for bullion, will take over the title as slowest.

Two news items of note this week related to United States Mint American Silver Eagles follow:

The first article talks about recent secondary market prices of Silver Eagles and 25th American Silver Eagle Anniversary Sets. The second article discusses the sellout of the Proof Silver Eagles and also provides the latest sales figures for United States Mint coin products.

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

United States Mint 2011 Bullion Coin Sales
  Friday Gain Prior Weekly Weekly Gain November 2011 2011 Totals
1 oz American Gold Eagles 12,000 7,500 17,500 33,500 839,500
1/2 oz American Gold Eagles 0 0 0 0 65,000
1/4 oz American Gold Eagles 0 0 2,000 4,000 82,000
1/10 oz American Gold Eagles 0 10,000 5,000 15,000 370,000
1 oz American Gold Buffalo 2,000 2,500 4,000 8,000 153,000
5 oz America the Beautiful Silver not reported 390,000
1 oz American Silver Eagle 100,000 278,000 140,000 984,000 37,459,500


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 Friday, November 18, 2011. All other figures have an "as of date" of Friday, November 25, 2011.

London Bullion Prices on Friday and for the Week

London bullion prices retreated Friday and on the week. From the Thursday PM to Friday PM London fixings:

  • Gold prices declined $4, or 0.2%, to $1,688.50 an ounce,
  • Silver declined 70 cents, or 2.2%, to $31.24 an ounce,
  • Palladium declined $11, or 1.9%, to $572 an ounce, and
  • Platinum declined $14, or 0.9%, to $1,529 an ounce

For the week, losses included:

  • $30.5, or 1.8%, for gold,
  • $1.01, or 3.1%, for silver,
  • $36, or 5.9%, for palladium, and
  • $65, or 4.1%, for platinum

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

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