Gold Prices Fall, US Bullion Coins Inch Higher

by Bullion Prices Staff on October 11, 2013

Gold futures registered a second straight week of declines, off 3.2%, and silver logged a third weekly decline, off 2.3%. Demand for United States Mint bullion coins did rise modestly from a week ago.

In closing Friday, gold prices for December delivery plunged $28.70, or 2.2%, to $1,268.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold turned more sharply lower as the week progressed as expectations grew for a deal to raise the US debit ceiling.

"Gold is coming off because nobody believes that they’ll breach the deadline for the debt ceiling," said Jonathan Bouchet, a director at Delman SA in Geneva, which manages assets including precious metals. "Either Obama will bend to the Republican party, or it will be the opposite, but there just has to be an agreement. We’re not seeing physical buyers coming back in. It’s been very quiet regarding Asian buying."

In rounding out precious metals futures on Friday:

  • Silver prices for December delivery sank 64 cents, or 2.9%, to settle at $21.26 an ounce.
  • Palladium prices for December delivery rose 75 cents, or 0.1%, to settle at $713.30 an ounce.
  • Platinum prices for January delivery declined $20.40, or 1.5%, to settle at $1,375.60 an ounce.

New York bullion futures 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 $22.39 $22.44 $21.89 $21.90 $21.26 -$0.49
-2.3%
Gold Prices $1,325.10 $1,324.60 $1,307.20 $1,296.90 $1,268.20 -$41.70
-3.2%
Platinum Prices $1,401.90 $1,403.70 $1,383.00 $1,396.00 $1,375.60 -$12.40
-0.9%
Palladium Prices $705.35 $714.90 $704.10 $712.55 $713.30 $11.35
1.6%

 

October Sales of United States Mint Bullion Coins

For a second consecutive week, US bullion sales in total ounces was very similar to the prior week. As mentioned, they did rise gently. In weekly comparisons and monthly figures:

  • American Eagle gold coins rose 8,500 ounces, more than double the prior week’s total of 3,500 ounces. For October to date, 12,000 coins have sold across the four sizes. The pace is quicker than the prior month when just 13,000 ounces sold.

  • American Buffalo gold coins rose 1,500, down from the 4,500 ounce totals logged in each of the prior two weeks. Sales for October are at 6,000 coins.

  • American Eagle silver coins rose 700,000 compared to 675,000 during each of the prior two weekly totals. They are at 887,000 for October.

  • America the Beautiful 5 oz bullion silver coins added 600 coins or 3,000 ounces, down from last week’s 5,400 coins, or 27,000 ounces. 6,000 coins have sold so far in October. In related news, the numismatic 5 oz White Mount coin sold out this week.

In the table below are US Mint bullion sales by day this week and the YTD totals to October 11, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 2,000 1,000 0 1,000 4,000 615,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 54,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 106,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 5,000 0 475,000
1 oz American Gold Buffalo Bullion Coins 1,000 0 0 500 0 206,000
5 oz America the Beautiful Bullion Silver Coins 0 600 0 0 0 179,100
1 oz American Eagle Bullion Silver Coins 485,000 194,500 0 0 20,500 36,975,000

 

Bullion Prices in London

London bullion fixings moved in the same direction on Friday and for the week as bullion futures in New York. In the net dollar and percentage changes from the PM fixings on Thursday to Friday:

  • Gold declined $33, or 2.5%
  • Silver declined 41 cents, or 1.9%
  • Palladium added $7, or 1%
  • Platinum declined $16, or 1.2%

Here are the London PM fix prices for every day this week and the percent and net dollar changes on the week:

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $21.77 $22.30 $22.10 $21.93 $21.52 -$0.13

-0.6%
Gold Prices $1,323.50 $1,329.50 $1,304.00 $1,298.50 $1,265.50 -$44.25
-3.4%
Platinum Prices $1,386.00 $1,407.00 $1,385.00 $1,385.00 $1,369.00 -$17.00

-1.2%
Palladium Prices $697.00 $712.00 $707.00 $705.00 $712.00 $6.00
0.8%

 

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