Gold Prices Fall on Week, US Bullion Coin Sales Ease

by Bullion Prices Staff on November 23, 2013

Gold, silver, palladium and platinum declined sharply this week as bullion fell to the back of investors’ minds and soaring stocks to the front.

Gold prices for December delivery on Friday rose for the first time in three days, but modestly with the contract up a mere 50 cents to $1,244.10 an ounce on the Comex division of the New York Mercantile Exchange. For the week, gold prices spiraled south by 3.4%.

"The perception that the stock-market rally will continue and is sustainable through year’s end and perhaps into [the first quarter] of 2014 is creating the exodus out of gold, causing this price decline," said John Person, president of NationalFutures.com

Silver this week led bullion losses with its 4.2% fall. On Friday, silver prices for December delivery shed 7 cents, or 0.4%, to end at $19.86 an ounce.

Palladium and platinum registered respective weekly declines of 2.5% and 3.9%. As for Friday:

  • Palladium prices for December delivery added 80 cents, or 0.1%, to end at $714.05 an ounce.
  • Platinum prices for January delivery fell $9, or 0.7%, to end at 1,382.70 an ounce.

New York bullion prices per day and by the net changes for the week are listed in the table below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $20.36 $20.33 $20.06 $19.93 $19.86 -$0.87
-4.2%
Gold Prices $1,272.30 $1,273.50 $1,258.00 $1,243.60 $1,244.10 -$43.30
-3.4%
Platinum Prices $1,411.00 $1,419.90 $1,399.60 $1,391.70 $1,382.70 -$56.20
-3.9%
Palladium Prices $716.75 $721.90 $713.85 $713.25 $714.05 -$18.60
-2.5%

 

Sales of United States Mint Bullion Coins

Demand picked up for United States Mint bullion coins. Here is a summary of the latest weekly and monthly bullion sales totals:

  • American Eagle gold coins added 12,000 ounces compared to the 11,500 added last week. Sales through the first three weeks in November total 35,000 ounces.

  • American Buffalo gold coins added 2,000 ounces compared to last week’s 5,000 for a monthly total of 8,000.

  • American Eagle silver coins added 500,000 for a third week, bringing their November tally to 1.5 million. The US Mint is allocating how many they sell, and keeping blanks in reserve for 2014-dated coins.

  • America the Beautiful 5 oz bullion silver coins gained 11,400 versus last week’s total of 20,700. On Tuesday, the Ft. McHenry silver coin sold out. Then on Friday the Mt. Rushmore silver coin sold out. That leaves two America the Beautiful 5 oz bullion silver coins, those depicting Perry’s Victory and International Peace Memorial and Great Basin National Park.

In the table below are US Mint bullion sales by day this week and the YTD totals to November 22, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 4,500 0 3,500 2,500 0 677,000
1/2 oz American Eagle Gold Bullion Coins 1,000 0 0 0 0 58,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 0 0 0 118,000
1/10 oz American Eagle Gold Bullion Coins 5,000 0 0 0 0 520,000
1 oz American Gold Buffalo Bullion Coins 1,000 0 500 500 0 226,000
5 oz America the Beautiful Bullion Silver Coins 1,400 3,100 0 0 6,900 218,800
1 oz American Eagle Bullion Silver Coins 361,000 139,000 0 0 0 40,675,000

 

Bullion Prices in London

Aside from silver, precious metals fix prices in London climbed on Friday but all plummeted on the week. In the net dollar and percent changes from the PM fixings on Thursday to Friday:

  • Gold added $6.25, or 0.5%.
  • Silver slipped 4 cents, or 0.2%.
  • Palladium added $6, or 0.8%.
  • Platinum added $3, or 0.2%.

Below are the London PM Fix prices for each day this week and the percent and net dollar changes since last Friday:

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $20.64 $20.44 $20.24 $19.97 $19.93 -$0.71
-3.4%
Gold Prices $1,283.50 $1,275.75 $1,257.00 $1,240.00 $1,246.25 -$41.00
-3.2%
Platinum Prices $1,430.00 $1,410.00 $1,404.00 $1,393.00 $1,396.00 -$42.00
-2.9%
Palladium Prices $727.00 $718.50 $715.00 $715.00 $721.00 -$8.00
-1.1%

 

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