Gold Prices Jump in Weekly Gain, Bullion Silver and Gold Eagles Strong

by Bullion Prices Staff on January 21, 2012

U.S. gold prices advanced nearly $10 Friday to account for almost one-third of the weekly gain. Prices were higher on the day over speculation that a Greek debt deal was soon to be made.

"The expectation of a Greek debt agreement certainly takes the dark looming cloud off the market," Reuters quoted David Meger, director of metals trading at futures brokerage Vision Financial Markets. "Gold and most notably silver are both having technical breakouts, which are indicative of strong physical demand in the market," Meger said.

On Friday, February gold prices added $9.50, or 0.6%, to $1,664.00 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,645.20 an ounce and $1,666.80 an ounce. For the week, gold prices rose $33.20, or 2%. The weekly increase was the third straight for the year. Where gold prices go next week is a bit more clouded than usual, according to many analysts.

There’s plenty of uncertainty regarding the outlook for gold prices next week, given the split view on what the Federal Reserve may say at its monetary-policy setting meeting which concludes Wednesday," noted Debbie Carlson of Kitco News.

"In the Kitco News Gold Survey, out of 32 participants, 23 responded this week. Of those 23 participants, nine see prices up, while nine see prices down, and five are neutral on prices…
Many market watchers are looking ahead to the two-day Federal Open Market Committee meeting, where the Federal Reserve reviews monetary policy."

In other New York precious metals futures closings on Friday, March silver prices added $1.17, or 3.8%, to $31.68 an ounce, March palladium prices fell $2.70, or 0.4%, to $675.70 an ounce and April platinum prices gained $14.30, or 0.9%, to $1,532.30 an ounce.

Silver and the PGM metals each gained on the week. Silver led all precious metals in percentage gains, shooting higher with a weekly rally of 7.3%. Palladium followed at 6.4% and platinum came in third with an increase of 2.9%.

United States Mint Bullion Coins

Sales of nearly all American Eagle bullion coins cooled during the last two days of week, but earlier gains propelled weekly sales to more than respectable levels. On Friday, American Silver Eagles advanced 125,000 to 5,297,000 for January. That is right behind January 2011′s total of 6,422,000 which is the monthly record for the 26-year old bullion series.

Weekly sales of Gold Eagles improved over the prior week thanks to a jump of 26,000 from the 1/2 oz. size on Wednesday. In overall unit gains across all sizes, Gold Eagles rose 36,000 against the previous 13,500. The total number sold in January is at 220,500, or the most since June 2010.

For recent bullion coin advances, check out the figures provided below in the daily and January 2012 columns.

United States Mint 2012 Bullion Coin Sales
  Tuesday Gains Wednesday Gains Thursday Gains Friday Gains January 2012
1 oz American Gold Eagles 3,000 3,000 0 0 67,500
1/2 oz American Gold Eagles 2,000 26,000 0 0 46,000
1/4 oz American Gold Eagles 2,000 0 0 0 32,000
1/10 oz American Gold Eagles 0 0 0 0 75,000
1 oz American Gold Buffalo 1,500 0 0 0 9,500
5 oz America the Beautiful Silver 2,500 - 0 0 4,000
1 oz American Silver Eagles 525,000 50,000 0 125,000 5,297,000

 

Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Coins on Tuesday, January 17, 2012. All other figures have an "as of date" of Friday, January 20, 2012, as published on the Mint website.

In major United States Mint news of the week, not necessarily related to bullion, the following articles are of note:

The first article not only covers weekly sales of Gold Eagles, it provides a break out of all other Mint product performances between January 10 and January 17. The second article is similar but focuses only on silver coins and sets from the United States Mint and how they did during the time frame. The final article is about the sellout of the 2011-W Uncirculated American Gold Eagle. If most recent sales stand, the coin will have the lowest ever mintage of any American Gold Eagle product — bullion, proof or uncirculated.

London Bullion Prices

London bullion prices declined in closing the week. From the Thursday PM to Friday PM London Fix prices:

  • Gold prices declined $2, or 0.1%, to $1,653 an ounce,
  • Silver fell 43 cents, or 1.4 %, to $30.36 an ounce,
  • Palladium lost $9, or 1.3%, to $669 an ounce, and
  • Platinum dropped $13, or 0.8%, to $1,517 an ounce

For the week, London bullion prices were all higher. Precious metals advances included:

  • $17.50, or 1.1%, for gold,
  • 72 cents, or 2.4%, for silver,
  • $42, or 6.7%, for palladium, and
  • $38, or 2.6%, for platinum

Refer to this site’s home page for always updated bullion prices and news.

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