Gold Prices Log Weekly Gain, Bullion US Mint Silver Coins Racing

by Bullion Prices Staff on May 19, 2012

For the first time in three weeks, gold prices registered a weekly gain — albeit a modest one at 0.5%. After plummeting each day for a week to settle at a 2012 low on Wednesday, gold prices rebounded Thursday for a pick-up of $38.30 and then added another $17 on Friday which guaranteed its weekly gain.

On Friday, gold prices for June delivery added 1.1% to settle at $1,591.90 an ounce on the Comex division of the New York Mercantile Exchange.

According to Kitco, many analysts expect higher gold prices again next week.

"Momentum may carry gold prices higher next week after the metal bounced off multi-month lows, with market participants watching how events in Europe unfold in the coming days," writes Debbie Carlson of Kitco News.

"In the Kitco gold survey out of 33 participants, 23 responded this week. Of those 23 participants, 21 see prices up, while two see prices down, and zero are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts."

Palladium also advanced this week, but barely with a gain of 20 cents. Precious metals with weekly losses included silver at 0.6% and platinum at 0.8%.

As for Friday closings, July silver prices jumped 69.5 cents, or 2.5%, to $28.72 an ounce, June palladium prices declined $2.25, or 0.4%, to $603.60 an ounce, and July platinum added $5.90, or 0.4%, to $1,459.30 an ounce.

The following grid offers New York precious metals futures on a daily basis along with weekly gains and losses.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Gain
($/%)
Silver Prices $28.353 $28.08 $27.20 $28.020 $28.715 -$0.18
-0.6%
Gold Prices $1,561.00 $1,557.10 $1,536.60 $1,574.90 $1,591.90 $7.90
0.5%
Platinum Prices $1,442.60 $1,446.50 $1,432.20 $1,453.40 $1,459.30 -$12.10
-0.8%
Palladium Prices $594.85 $601.10 $594.10 $605.85 $603.60 $0.20
0.0%

 

Metal futures are currently lower for the month with losses of 4.3% for gold, 7.4% for silver, 11.5% for palladium and 7.2% for platinum.

Sales of United States Mint Bullion Gold & Silver Coins

This week turned into a good one for bullion gold coins and a great one for bullion silver coins, United States sales data reveals.

In 24-karat gold, the American Buffalo Gold coins surged 4,500 in two days (500 on Tuesday and 4,000 on Wednesday) after having advanced just 1,000 in May as of last week.

In 22-karat gold, the American Eagle Gold coins gained 4,500 ounces this week. 500 of that amount came from the smallest 1/10 oz. Eagle, its first increase of the month.

In .999 fine silver bullion, American Eagle Silver coins shot up 1,030,000 this week, marking the biggest weekly gain since mid-January. The silver coins this week also topped 13 million in year-to-date sales. For more about the coin’s most recent gains, read the SilverCoinsToday.com article Sales of US Silver Coins.

The most recent bullion coin totals are offered in the daily, May and 2012 sales columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri May 2012 Sales
1 oz American Eagle Gold Coins 0 2,500 1,500 0 0 35,500 216,500
1/2 oz American Eagle Gold Coins 0 0 0 0 0 0 51,000
1/4 oz American Eagle Gold Coins 0 0 0 0 0 0 42,000
1/10 oz American Eagle Gold Coins 0 5,000 0 0 0 5,000 140,000
1 oz American Buffalo Gold Coins 0 500 4,000 0 0 5,500 61,000
5 oz America the Beautiful Silver Coins 0 0 0 0 0 0 8,000
1 oz American Eagle Silver Coins 475,000 150,000 275,000 0 130,000 1,540,000 13,199,000

 

Notes: The sales above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Bullion Silver Coins on Monday, April 9, 2012. All other bullion figures have an "as of date" of Friday, May 18, 2012, as published on the Mint website.

London Bullion Prices

New York precious metals futures closed unusually close to earlier Friday fixed London bullion prices — in ending prices and in weekly changes. The following grid offers London PM Fix daily bullion prices with weekly gains and losses.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Gain
($/%)
Silver Prices $28.33 $28.28 $27.25 $27.48 $28.48 -$0.10
-0.3%
Gold Prices $1,558.50 $1,556.50 $1,548.50 $1,554.00 $1,589.50 $6.50
0.4%
Platinum Prices $1,448.00 $1,449.00 $1,427.00 $1,449.00 $1,456.00 -$10.00
-0.7%
Palladium Prices $602.00 $602.00 $590.00 $602.00 $605.00 $0.00
0.0%

 

All precious metals in London have declined so far for the month of May. Losses include 3.7% for gold, 8.7% for silver, 10.9% for palladium and 7.3% for platinum.

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

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