Gold Prices Fall on Week, White Mountain Bullion Silver Coins Debut

by Bullion Prices Staff on May 18, 2013

U.S. gold prices declined for a second week in a row after rising for three weeks previously. Weekly losses accumulated to 5%. In the bigger picture, gold is riding a streak of seven consecutive session declines in which prices have fallen 7.4%.

As for Friday, gold prices for June delivery shed $22.20, or 1.6%, to $1,364.70 an ounce on the Comex division of the New York Mercantile Exchange.

An almost three-year high of the dollar was said to weigh heavily on the precious metal. On Thursday, weak US inflation data was also pressuring for the metal. Throughout the week, outflows of gold-exchanged ETF’s and a focus on stocks were commonly cited as bearish factors for gold.

Based on media reports and surveys, analysts and traders who are bearish for prices next week are higher in number than those who are bullish.

As an example reported by Kitco News, "In the Kitco News Gold Survey, out of 36 participants, 28 responded this week. Of those 28 participants, 9 see prices up, while 17 see prices down and 2 see prices moving sideways or are neutral."

"Those who see weaker prices cite currency factors and technical-chart trends… Those who see higher prices said they expect gold to find support near current levels, saying that the sentiment in gold has become too bearish."

Wrapping up other futures bullion prices in New York for the week, silver dropped 5.5% and platinum fell 1.2%. Palladium, however, surged 4.9%. As for Friday performances:

  • July silver prices declined 30.7 cents, or 1.4%, to $22.35 an ounce,
  • June palladium prices declined 50 cents, or less than 0.1%, to $740.25 and
  • July platinum prices declined $17.60, or 1.2%, to $1,468 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 $23.70 $23.38 $22.66 $22.66 $22.35 -$1.31
-5.5%
Gold Prices $1,434.30 $1,424.50 $1,396.20 $1,386.90 $1,364.70 -$71.90
-5.0%
Platinum Prices $1,484.50 $1,501.90 $1,490.70 $1,485.60 $1,468.00 -$18.00
-1.2%
Palladium Prices $718.70 $727.15 $729.05 $740.75 $740.25 $34.55
4.9%

 

Sales of United States Mint Bullion Coins in May

United States Mint bullion coin sales this week improved greatly for gold coins and were about the same for silver coins. When comparing the two latest weekly sales totals by U.S. Mint bullion product:

  • American Eagle bullion gold coins added 30,000 ounce on the week, which is sharply higher than the 5,000 ounce total from the prior week. Sales for May total to 45,000 ounces.
  • American Buffalo bullion gold coins increased 6,500 this week compared to the prior week’s 1,000. Sales for the month are at 9,000.
  • American Eagle bullion silver coins advanced 833,500 for the week versus the previous weekly total of 900,000. Sales for May total to 1,733,500.
  • America the Beautiful 5 oz bullion silver coins gained 12,700. That translates to 63,500 ounces.

Until Monday and the release of the bullion White Mountain Silver Coin, the US Mint has not sold any of the bullion America the Beautiful silver coins since March 1. That is when the older-dated inventory sold out. The White Mountain coin is the first of five 2013-dated releases.

In related news, the US Mint on Thursday also started selling the collectible White Mountain silver coin. The bullion version is available through dealers for a bit over their silver value. The collectible version is available from the US Mint website at www.usmint.gov for a fixed price of $179.95.

Bullion coin sales on a daily basis this week and totals for 2013 through to May 17 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 0 10,000 5,000 10,000 3,000 477,000
1/2 oz American Eagle Gold Bullion Coins 0 1,000 0 1,000 0 42,000
1/4 oz American Eagle Gold Bullion Coins 0 0 2,000 2,000 0 76,000
1/10 oz American Eagle Gold Bullion Coins* 0 0 0 0 0 300,000
1 oz American Buffalo Gold Bullion Coins 0 3,000 2,000 1,500 0 141,000
5 oz America the Beautiful Bullion Silver Coins* 0 8,900 3,800 0 0 75,800
1 oz American Eagle Bullion Silver Coins 0 658,500 175,000 0 0 20,043,500

 

*Sales of the smallest American Eagle gold bullion coin is suspended until the United States Mint replenishes its inventory.

Bullion Prices in London

Bullion fixings in London split Friday with gold and platinum down, 0.9% and 0.4% respectively, and silver and palladium up, 1.2% and 1.1% respectively. All but palladium declined on the week. The weekly percent and net changes are listed in the table below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $23.66 $23.44 $22.87 $22.26 $22.52 -$0.85
-3.6%
Gold Prices $1,430.75 $1,433.75 $1,410.00 $1,381.00 $1,368.75 -$57.75
-4.0%
Platinum Prices $1,485.00 $1,489.00 $1,496.00 $1,476.00 $1,470.00 -$20.00
-1.3%
Palladium Prices $705.00 $718.00 $727.00 $728.00 $736.00 $34.00
4.8%

 

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