Gold Prices Fall for Sixth Week, 2013 Bullion Gold Coins Jump

by Bullion Prices Staff on January 5, 2013

Gold prices fell in the last two days of a holiday-shortened week, and losses were sharp enough to drive gold to a sixth straight week of declines.

On Thursday, gold gave back $14.20. On Friday, February gold prices tumbled $25.70, or 1.5%, to close at $1,648.80 an ounce on the Comex division of the New York Mercantile Exchange. Strong gains on Monday and Wednesday took some bite out of losses that eventually totaled $7.00, or 0.4%, for the week.

"Gold and silver will rise longer-term because the eight largest central banks of the developed economies are all following expansionary money-printing policies and systemic risk in the world’s financial system not only remains but is growing," MarketWatch quoted Mark Thomas, author of newsletter service provider SilverPriceAdvisor.com. "That hasn’t changed because of some minutes from a [Fed] meeting being released."

The referred FOMC minutes, released Thursday, showed that some members believe QE will end before the year concludes. That was a driving factor for losses in precious metals, opined analysts.

Silver led declines in bullion prices Friday. March silver futures settled at $29.95 an ounce, dropping 77.4 cents, or 2.5%. Earlier gains softened its weekly loss to a modest 0.1%.

In platinum group metals on Friday:

  • March palladium lost $8.65, or 1.2%, to $688.50 an ounce, and
  • April platinum dropped $21.40, or 1.4%, to $1,558.50 an ounce

The PGMs split on the week. Palladium fell 1.7% while platinum gained 2.4%.

New York bullion prices for each day this week and the net change from last Friday are listed below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $30.23 - $31.00 $30.72 $29.95 -$0.029
-0.1%
Gold Prices $1,675.80 - $1,688.80 $1,674.60 $1,648.90 -$7.00
-0.4%
Platinum Prices $1,542.40 - $1,568.00 $1,579.90 $1,558.50 $36.90
2.4%
Palladium Prices $703.35 - $707.95 $697.15 $688.50 -$11.80
-1.7%

 

Sales United States Mint Bullion Coins

There was no action in United States Mint bullion silver coins this week or last since new 2012-dated Silver Eagles do not go on sale until Jan. 7, 2013. Bullion gold coins, on the other hand, blasted off this week as the newly dated issues did launch.

  • American Eagle gold coins surged for a weekly sales total of 72,000 ounces compared to the previous week’s increase of 2,500 ounces. January sales are at 65,500 ounces which is more than most months last year.
  • American Buffalo gold coins jumped 14,500 ounces for the week following a zero pick-up week. January sales are the same, and that is a higher total than in all but two 2012 months.

Bullion products offered by the United States Mint are listed below. Within the columns are sales by day for the year-to-date.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 6,500 0 40,000 4,500 8,500 53,000
1/2 oz American Eagle Gold Bullion Coins 0 0 5,000 4,000 0 9,000
1/4 oz American Eagle Gold Bullion Coins 0 0 10,000 2,000 0 12,000
1/10 oz American Eagle Gold Bullion Coins 0 0 50,000 0 0 50,000
1 oz American Buffalo Gold Bullion Coins 0 0 8,000 5,000 1,500 14,500
5 oz America the Beautiful Silver Bullion Coins 0 0 0 0 0 0
1 oz American Eagle Silver Bullion Coins 0 0 0 0 0 0

 

Notes: Sales of bullion coins above are in the number of coins sold, not the amount of ounces sold.

To review bullion sales for last year, read this linked article about 2012 annual Eagle sales.

Bullion Prices in London

Markets in London were shortened Monday and closed Tuesday for New Years. London bullion prices were down Friday but mixed for the week. Net percentage losses on Friday were 1.9% for gold, 5.1% for silver, 1.2% for palladium and 1% for platinum.

In the grid below are daily London Fix prices and the net and percentage changes for the week.

London Bullion Prices*
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $29.95 - $30.87 $30.91 $29.32 -$0.83
-2.8%
Gold Prices $1,664.00 - $1,693.75 $1,679.50 $1,648.00 -$9.50
-0.6%
Platinum Prices $1,523.00 - $1,566.00 $1,572.00 $1,557.00 $30.00
2.0%
Palladium Prices $699.00 - $711.00 $697.00 $689.00 -$15.00
-2.1%

 

*All bullion prices in the table above are London PM fixings, except for Monday, Dec. 31, where AM fixings are listed since London markets were closed by then and through to Tuesday, Jan 1.

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