Gold Prices Fall on Week, as Does Silver, US Bullion Coin Sales Slow

by Bullion Prices Staff on April 5, 2012

U.S. gold prices and other precious metals, including silver, ended the holiday-shortened week higher on Thursday but each registered weekly losses. June gold prices added $16.00, or 1%, to $1,630.10 an ounce on the Comex division of the New York Mercantile Exchange, cutting the weekly loss down to $41.80, or 2.5%. Analyst are mixed on gold prices for next week, with more leaning bearish short-term.

"Policy is already ultra-accommodative by conventional monetary standards and therefore gold-friendly. This may be overlooked or underestimated in the current selloff, we believe," HSBC analyst James Steel wrote in a report cited on MarketWatch.com.

"Although gold prices may soon bottom if macro hedge funds or other investors sense that the market is becoming oversold, we believe that bullion prices [will] rebound only on emerging-market demand or fresh official-sector buying. A gold price drop below $1,600/ounce could attract such buying."

In other New York bullion futures on Thursday, May silver prices added 68.6 cents, or 2.2%, to $31.73 an ounce, June palladium prices gained $12.05, or 1.9%, to $644.80 an ounce, and July platinum prices added $9, or 0.6%, to $1,607.60 an ounce.

For the week, silver has declined 2.3%, platinum fell 2.2% and palladium lost 1.4%.

United States Mint Bullion Coin Sales

No gains in bullion coins reported by the United States Mint for two straight days resulted in a poor weekly sales results when coupled with the holiday-shortened week.

United States Mint distributors ordered 320,000 American Eagle Silver bullion coins for the week versus the previous 405,000. In sales of gold bullion coins this week, 8,000 ounces were claimed against the prior 22,000 ounces.

The most recent bullion coin totals are offered in the daily, monthly and 2012 sales columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Week & April 2012 Sales
1 oz American Eagle Gold Coin 3,500 0 0 0 3,500 165,500
1/2 oz American Eagle Gold Coin 0 0 0 0 0 51,000
1/4 oz American Eagle Gold Coin 0 0 0 0 0 40,000
1/10 oz American Eagle Gold Coin 5,000 0 0 0 5,000 135,000
1 oz American Buffalo Gold Coin 1,000 2,000 0 0 3,000 49,500
5 oz America the Beautiful Silver Coins 0 0 0 0 0 7,800
1 oz American Silver Eagle 195,000 125,000 0 0 320,000 10,459,000

 

Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Monday, March 26, 2012. All other bullion sales have an as of date of Thursday, April 5, 2012, as published on the Mint website.

In world coin news, two articles of note:

The first article talks about, obviously, the US Marshals Service 225th Anniversary Commemorative Coin Act. Legislation authorizing gold, silver and clad commemorative coins honoring the anniversary and history of the U.S. Marshals service was signed into law by President Obama on Monday. The coins will be produced for release by the United States Mint in calendar year 2015.

The second article goes into detail on how sales of the Silver Eagle bullion coins rebounded in March compared to their sinking sales in February.

London Bullion Prices

London bullion prices declined Thursday which pulled weekly losses further down — more so than bullion futures in New York. The following grid offers London PM Fix daily prices through this week and gains or losses over the most recent two-days and on the week.

London Fixings (PM)
  Mon Tue Wed Thurs Daily Gain
($/%)
Weekly Gain
($/%)
Silver Prices $32.42 $32.97 $31.98 $31.27 -$0.71
-2.2%
-$1.16
-3.6%
Gold Prices $1,677.50 $1,676.25 $1,621.00 $1,631.00 $10.00
0.6%
-$31.50
-1.9%
Platinum Prices $1,641.00 $1,659.00 $1,616.00 $1,592.00 -$24.00
-1.5%
-$48.00
-2.9%
Palladium Prices $656.00 $660.00 $647.00 $635.00 -$12.00
-1.9%
-$16.00
-2.5%

 

Refer to this site’s home page for always updated bullion prices and news.

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