Gold Prices Inch Higher on Week, US Mint Silver Bullion Sales Improve

by Bullion Prices Staff on May 3, 2013

U.S. gold prices rose for a second consecutive week. Gains were slighter this week at 0.7%, however, compared to last week’s 4.2% surge.

Gold was the single precious metal lower Friday. Gold prices for June delivery fell $3.40, or 0.2%, to $1,464.20 an ounce on the Comex division of the New York Mercantile Exchange.

In dollars, gold advanced $10.60 this week. Some traders and analysts are thinking next week some losses could be seen.

"After two weeks of gains following the sharpest drop in gold prices since 1980, the yellow metal could see prices consolidate and perhaps probe slightly lower levels next week as the market looks for direction," Debbie Carson of Kitco News said in the weekly metals outlook column.

"In the Kitco News Gold Survey, out of 35 participants, 27 responded this week. Of those 27 participants, 10 see prices up, while 12 see prices down and five see prices moving sideways or are neutral," Carlson noted.

In other New York bullion prices on Friday:

  • July silver futures rose 18.4 cents, or 0.8%, to $24.01 an ounce,
  • June palladium futures ended flat at $693.30 and
  • July platinum futures added $1, or 0.1%, to $1,501.20 an ounce

New York bullion prices for each day this week and the net weekly changes are shown in the following table.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $24.17 $24.19 $23.34 $23.83 $24.01 $0.26
1.1%
Gold Prices $1,467.40 $1,472.10 $1,446.20 $1,467.60 $1,464.20 $10.60
0.7%
Platinum Prices $1,507.40 $1,507.20 $1,469.50 $1,500.20 $1,501.20 $24.70
1.7%
Palladium Prices $699.20 $697.80 $684.75 $693.30 $693.30 $11.35
1.7%

 

Sales of United States Mint Bullion Coins in May

United States Mint bullion sales split this week, compared to last week. Silver coins moved slightly quicker while overal gold coin sales slowed to one-fourth the pace. In comparing the two latest weekly sales totals by U.S. Mint bullion product:

  • American Eagle gold bullion coins rose 11,000 ounces versus the previous 41,000 ounces. Sales during the first three days of May are at 10,000 ounces.
  • American Eagle silver bullion coins added 855,000 this week against the prior 845,000. No coins were ordered by U.S. Mint authorized purchasers in May so far.
  • American Buffalo gold bullion coins gained 2,500 compared to 14,500 from a week ago. May sales are at 1,500.

Bullion coin sales on a daily basis and totals for 2013 through to May 3 are listed in the following grid.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 1,000 0 10,000 0 0 444,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 40,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 72,000
1/10 oz American Eagle Gold Bullion Coins* 0 0 0 0 0 300,000
1 oz American Buffalo Gold Bullion Coins 1,000 0 1,500 0 0 133,500
5 oz America the Beautiful Silver Bullion Coins* 0 0 0 0 0 63,100
1 oz American Eagle Silver Bullion Coins 855,000 0 0 0 0 18,310,000

 

*Sales of the 1/10 oz. American Eagle gold bullion coin is suspended until the United States Mint replenishes its inventory. The bureau has not released any 2013 America the Beautiful Silver Bullion Coin. Prior year coins have sold out.

In new releases from the Mint this week, on Thursday it launched its silver proof set for $67.95. The set has 14 proof coins with seven of them minted from 90% silver.

Bullion Prices in London

London Fix bullion prices moved higher Friday, except for gold which remained unchanged. Daily advances were 2.4% for silver and the same 0.9% increases for palladium and platinum. The weekly percent and net changes are listed in the table below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $24.27 $24.42 $23.97 $23.69 $24.25 $0.23
1.0%
Gold Prices $1,467.50 $1,469.00 $1,454.75 $1,469.25 $1,469.25 -$2.25
-0.2%
Platinum Prices $1,505.00 $1,507.00 $1,480.00 $1,487.00 $1,501.00 $18.00
1.2%
Palladium Prices $694.00 $699.00 $688.00 $688.00 $694.00 $13.00
1.9%

 

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