Gold Prices Gain on Week, US Mint Bullion Coins Mixed

by Bullion Prices Staff on September 20, 2013

Gold, silver and other precious metal futures sank Friday, paring a portion of their gains from Thursday when bullion prices rocketed higher in response to the Fed announcement saying it would not taper its bond-buying program. All but one of the metals finished with a strong weekly gain.

Gold prices for December delivery on Friday turned down $36.80, or 2.7%, to end at $1,332.50 an ounce on the Comex division of the New York Mercantile Exchange. Prices on the week advanced 1.8%, thanks in large part to a sharp 4.7% increase on Thursday.

"Prices rose this week, spurred by the news that the Federal Open Market Committee left its bond-buying program intact. For now, the Fed will still buy $85 billion in Treasury and mortgage-backed bonds each month. Stock and commodity markets, including gold, rose on the news, while the U.S. dollar fell," noted Debbie Carlson of Kitco News.

"Now that the FOMC meeting is over, market participants’ attention is focused on a few key events. Most immediately is the Sunday election in Germany, where Angela Merkel is expected to win a third term as chancellor… Also important for gold will be the squabbles in Washington over the potential U.S. government shutdown and fight over the debt ceiling."

Silver tumbled more than any other precious metal on Friday but it also gained the most on Thursday, up 8%. On Friday, silver prices for December delivery settled down $1.37, or 5.9%, to $21.93 an ounce. It added 1% on the week.

In PGMs on Friday and for the week:

  • December palladium futures declined $16.25, or 2.2%, to settle at $721.95 an ounce. It gained 3.3% this week.
  • October platinum futures declined $40.40, or 2.7%, to finish at $1,432.60 an ounce. It declined 0.8% this week.

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 $22.01 $21.78 $21.56 $23.29 $21.93 $.21
1.0%
Gold Prices $1,317.80 $1,309.40 $1,307.60 $1,369.30 $1,332.50 $23.90
1.8%
Platinum Prices $1,441.20 $1,422.40 $1,425.20 $1,473.00 $1,432.60 -$11.90
-0.8%
Palladium Prices $706.05 $706.95 $703.10 $738.20 $721.95 $22.85
3.3%

 

September Sales of United States Mint Bullion Coins

In total ounces, sales improves this week for silver bullion coins at 675,000 ounces versus 612,000 ounces previously, but pulled back for gold bullion coins at 4,500 onces compared to 8,000 ounces previously. Across all the coins this week:

  • American Eagle gold coins advanced 3,500 ounces, or 500 less than last week.

  • American Buffalo gold coins gained 1,000, or 3,000 less than than last week.

  • American Eagle silver coins added 675,000, or 175,000 more than last week.

  • America the Beautiful 5 oz bullion silver coins were flat this week compared to last week’s total of 22,400 coins.

Listed in the table below are United States Mint bullion coin sales by day for this week and the totals for the year through to September 20, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 1,000 2,000 0 0 0 603,000
1/2 oz American Eagle Gold Bullion Coins 1,000 0 0 0 0 50,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 102,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 465,000
1 oz American Gold Buffalo Bullion Coins 500 500 0 0 0 195,500
5 oz America the Beautiful Bullion Silver Coins 0 0 0 0 0 173,100
1 oz American Eagle Bullion Silver Coins 675,000 0 0 0 0 34,925,000

 

In coin collecting news, the US Mint on Wednesday decreased prices on coins minted from gold and platinum.

Bullion Prices in London

London bullion fixings on Friday retreated less than precious metal futures in New York, but losses still topped 1% for all but palladium which remained at the same price. In dollar and percent changes from the PM fixings on Thursday to Friday:

  • Gold declined $16.25, or 1.2
  • Silver lost 26 cents, or 1.1%
  • Palladium fell $22, or 1.5%

London PM fix prices for every day this week and the weekly percent and net dollar changes are below.

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $21.88 $21.97 $21.47 $23.00 $22.74 $1.02

4.7%
Gold Prices $1,324.00 $1,312.25 $1,301.00 $1,365.50 $1,349.25 $30.75

2.3%
Platinum Prices $1,442.00 $1,436.00 $1,420.00 $1,469.00 $1,447.00 $6.00

0.4%
Palladium Prices $704.00 $708.00 $701.00 $726.00 $726.00 $26.00
3.7%

 

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