Gold Prices Higher for 4th Week, Bullion Eagles Pick Up

by Bullion Prices Staff on August 28, 2010

U.S. precious metals prices advanced this week. Gold rose the least in percent terms — silver and palladium were on fire, but its winning streak is the longest of the metals with four straight weekly gains. Safe-haven buying brought on by economic uncertainties continued to lift gold prices, with silver benefiting as a cheaper investment alternative.

In New York bullion prices, gold futures for December delivery finished Friday at $1,237.90 an ounce, edging 20 cents higher. Gold rose $9.10 or 0.7% for the week.

"Investors don’t have a firm grasp of what’s going on with the economy and that breeds confusion and supports gold," Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago said and was cited on Bloomberg.

New York silver for September delivery closed at $19.039 an ounce, rising 5.7 cents. It led precious metals with a 5.8% weekly gain, up $1.05 since last Friday.

"Much of silver’s recent rally is due to expanding investor interest, as registered by rising CME volumes and options-related buying – but there’s also been a notable increase in ETF buying," Edel Tully, UBS precious metals strategist, said in a daily report on Thursday. "We are positive toward silver this year, and see potential for it to gain as the ‘poor man’s gold’, a cheap alternative to the primary safe-haven asset," she added.

In other New York metals futures prices, October platinum declined $2.90 to close at $1,537 an ounce but still gained $23.10 or 1.5% for the week, while September palladium advanced 55 cents to $503.05 an ounce, rallying $26.85 or 5.6% for the week.

In London bullion prices, gold was fixed to $1,235 an ounce for a weekly increase of $11.50 or 0.9%. Silver was $19.03 an ounce, ending 89 cents or 4.9% higher for the week. Finally, in PGM metals, platinum was $1,530 an ounce for a gain of $18 or 1.2% while palladium was $503 an ounce for a weekly advanced of $25 or 5.2%.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint gold and silver coin news (bullion and numismatic):

  • National Park Silver Bullion Coins
    United States Mint expects that it will begin producing 2010 National Park and Site Silver Bullion Coins later this fall. The U.S. Mint had never announced launch dates for each coin, but earlier in the year expectations were more in line with a late summer release for the first issue, with the others staggered later …

  • US Mint Sales: Silver Eagles Jump
    Demand for United States Mint products skyrocketed compared to recent weeks. Collectors went after sets, coins, and bullion. Maybe it was the time of the year or it was the change in precious metals prices, but whatever the reason, sales jumped according to the latest round of the United States Mint weekly data …

  • Gold Demand Jumps in Q2 2010
    Demand for gold will remain robust during 2010 as a result of accelerating demand from India and China, as well as increasing global investment demand driven by continuing uncertainty over public debt and economic recovery, the World Gold Council (“WGC”) said August 25, 2010 …

Weekly US Mint Bullion Coin Sales

Demand for United States Mint bullion coins grew this week, especially for American Silver Eagles which jumped 800,000 as compared to the gain of 163,500 last week. And fractional 1/4 oz Gold Eagle sales increased for the first time this month, advancing 2,000. 1 oz Buffalo Gold climbed 5,500 versus 1,000. 1 oz Gold Eagles gained 12,000 against 1,000.

The following table shows U.S. Mint published sales figures as of Friday, August 27, 2010:

August 2010 Bullion Coin Sales

August
2010
Weekly
Gain
2010
Total
American Buffalo Gold 15,500 5,500 199,000
American Eagle Gold 1 oz 39,000 12,000 805,000
American Eagle Gold 1/2 oz 1,000 0 34,000
American Eagle Gold 1/4 oz 2,000 2,000 48,000
American Eagle Gold 1/10 oz 15,000 0 325,000
American Eagle Silver 1,906,000 800,000 23,055,500

 

Figures above are in coins, not ounces of gold sold.

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