Gold Prices Hit Fresh Record, Mark 4th Week of Gains; Silver Soars

by Bullion Prices Staff on June 19, 2010

U.S. gold prices hit a new high on Friday, topping the record set on Thursday, and marked the third week of June with a string of four consecutive weekly gains. Gold for August delivery climbed $9.60, or 0.8%, to finish at $1,258.30 an ounce.

"People are looking at the euro as a wake-up call and they’re skeptical of a U.S. recovery," Adam Klopfenstein, a senior market strategist at Lind-Waldock, a broker in Chicago, was quoted on Bloomberg. "The big fear is that there are going to be other governments who are going to have sovereign-debt risks. People are clamoring to get into gold."

In New York metals weekly prices, August gold added $28.10, or 2.3%. Its weekly intraday high reached $1,263.70 an ounce.

"People are tired of their 0% T-bills, afraid of the stock market and afraid of the double-dip recession," James Cordier, a portfolio manager at OptionSellers.com in Tampa, Fla. was quoted on MarketWatch. "People are pouring into gold even at this high level."

July silver surged to $19.184 an ounce, rising 95.3 cents or 5.2% since last Friday. July platinum closed at $1,587.00 an ounce for a weekly gain of $52.00 or 3.4%. September palladium was again the biggest weekly percent winner. It ended at $491.40 an ounce for an increase of $42.85 or 9.6% since last Friday.

In London bullion weekly prices, the gold fix was $1,256.00 an ounce for a pick up of $36.00 or 3.0%.

"Sovereign debt worries, central banks raising their holdings and record low interest rates keep attracting new buyers to gold," Saxo Bank senior manager Ole Hansen, said on Reuters. "The Goldilocks scenario continues. Risk-off helps gold through safe haven (buying), risk-on helps it as well through a weaker dollar."

In other weekly metal prices, silver was $18.770 an ounce for an increase of 46.0 cents or 2.5%. Platinum was $1,578.00 an ounce, rising $39.00, or 2.5%. And palladium was $484.00 an ounce, adding $35.00, or 7.8%.

To follow are silver, gold, platinum and palladium performance tables for the last several weeks.

London Fix Weekly Bullion Prices – June 2010

(June 11 – 18)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
2.5%
$0.46
$18.770
Gold
X
 
3.0%
$36.00
$1,256.00
Platinum
X
 
2.5%
$39.00
$1,578.00
Palladium
X
 
7.8%
$35.00
$484.00

 

(June 4 – 11)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.1%
$0.55
$18.310
Gold
X
 
1.4%
$16.50
$1,220.00
Platinum
X
 
0.8%
$12.00
$1,539.00
Palladium
X
 
2.0%
$9.00
$449.00

 

(May 28 – June 4)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.2%
-$0.77
$17.760
Gold
 
X
-0.3%
-$4.00
$1,203.50
Platinum
 
X
-1.8%
-$28.00
$1,527.00
Palladium
 
X
-6.6%
-$31.00
$440.00

 

Weekly U.S. Gold Coin News

In related news, the following links provide information on the newly released United States Mint gold coins:

  • 2010 Fractional Gold Eagle Sales Debut
    New sales figures have been published by the United States Mint showing both numismatic and bullion coin demand over the last several days and week.

    Bullion fractional American Gold Eagles join the sales tables after having been released by the U.S. Mint on Thursday, June 10, 2010.

    From then until Monday, June 14, buyers purchased 28,000 of the one-half ounce sizes, 42,000 of the quarter ounce sizes and 240,000 of the one-tenth ounce sizes. 48,500 ounces of the coins were sold in total.

  • 2010 Gold Buffalo Proof Coins Hit 15,071 in First Week
    The United States Mint’s 2010 Proof Gold Buffalo coins opened to solid demand during their first week of availability, according debuting sales figures.

    U.S. Mint stats show 15,071 of the coins were purchased between their Thursday, June 3, 2010, launch to Thursday, June 10.

    The coins are moving slower than last year’s 2009 Proof Gold Buffalo, which started with 19,500 sold in the first four days (between their release on October 29 to November 1.)

 

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