Gold Prices Gain on Week, 2013 Eagle Silver Bullion Coins Sell Out

by Bullion Prices Staff on January 19, 2013

Bullion prices logged weekly gains, with gold and silver up for a second week in a row after each had fallen for six consecutive weeks.

February gold prices ended down Friday by $3.80, or 0.2%, to $1,687 an ounce on the Comex division of the New York Mercantile Exchange. For the week, gold prices jumped $26.40, or 1.6%. Many market-watchers are looking for further gains next week.

"In the Kitco News Gold Survey, out of 33 participants, 26 responded this week. Of those 26 participants, 18 see prices up, while three see prices down, and five see prices moving sideways," says Kitco.

"The few survey participants who are bearish said are skeptical about the recent price strength in gold… Those who are neutral or see the market moving sideways said gold doesn’t have enough momentum to break through the $1,700-$1,710."

Last week on a percentage basis, silver fell the furthest among precious metals. This week it gained the most, up 5%. On Friday, silver futures for March delivery settled up 12.2 cents, or 0.4%, to $31.93 an ounce.

Platinum-group metals fell Friday along with gold:

  • Palladium futures for March delivery lost $3.40, or 0.5%, to $722.75 an ounce, and
  • April platinum futures dropped $26.50, or 1.6%, to $1,674 an ounce

For the week, they rose with gains of 3% for palladium and 2.6% for platinum.

New York bullion prices for every day this week and the net weekly changes follow.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $31.11 $31.53 $31.54 $31.81 $31.93 $1.52
5%
Gold Prices $1,669.40 $1,683.90 $1,683.20 $1,690.80 $1,687.00 $26.40
1.6%
Platinum Prices $1,658.20 $1,689.90 $1,694.10 $1,700.50 $1,674.00 $42.80
2.6%
Palladium Prices $703.30 $713.35 $726.45 $726.15 $722.75 $21.30
3%

 

Sales United States Mint Bullion Coins

Bullion coins sold by the United States Mint did not have the roaring performances like they did earlier this month when the new 2013-dated versions made their first appearance, but they were strong.

Sales of American Eagle silver bullion coins took a surprising turn this week when the Mint’s inventory sold out. As a result, the US Mint suspended sales until at least January 28. The silver bullion coins this week still jumped 1.225 million and are at 6.007 million for the month, which is the third all-time monthly high.

2013 American Eagle gold coins gained 29,500 ounces and are at 127,500 ounces for the month, which is directly behind November and then July 2010.

American Buffalo gold coins rose 3,000 ounces and America the Beautiful Five Ounce Silver Bullion Coins climbed 20,000 ounces. For the latter, only 2011-dated coins sold. The U.S. Mint is selling these at a discount to move them.

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 10,500 2,500 0 7,500 3,000 104,000
1/2 oz American Eagle Gold Bullion Coins 1,000 0 0 1,000 1,000 15,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 0 0 4,000 22,000
1/10 oz American Eagle Gold Bullion Coins 15,000 0 0 5,000 10,000 100,000
1 oz American Buffalo Gold Bullion Coins 3,000 0 0 0 0 39,500
5 oz America the Beautiful Silver Bullion Coins 0 4,000 0 0 0 13,100
1 oz American Eagle Silver Bullion Coins 300,000 50,000 0 875,000 0 6,007,000

 

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

Bullion Prices in London

Like futures in New York, bullion prices in London ended in different directions Friday. Falling were palladium and platinum, each at 0.4%. Advancing were gold at 0.8% and silver at 1%. As for the week, pricing breakdowns in percent and net changes follow.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $30.76 $31.19 $31.23 $31.50 $31.82 $1.15
3.7%
Gold Prices $1,666.50 $1,680.50 $1,676.25 $1,675.00 $1,688.50 $31.00
1.9%
Platinum Prices $1,658.00 $1,690.00 $1,678.00 $1,683.00 $1,677.00 $51.00
3.1%
Palladium Prices $706.00 $709.00 $714.00 $725.00 $722.00 $28.50
4.1%

 

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