Gold Prices Log Weekly Losses, Silver Bullion Coin Shortages in News

by Bullion Prices Staff on January 26, 2013

U.S. bullion prices moved directionally the same way on Friday as they did for the week — gold and silver down and platinum and palladium up.

For the week, precious metals gains included 2.5% for palladium and 1.3% for platinum while losses were 1.8% for gold and 2.3% for silver. Gold and silver snapped a two-week winning streak.

On Friday, February gold prices shed $13.30, or 0.8%, to close at $1,656.60 an ounce on the Comex division of the New York Mercantile Exchange. Its weekly decline came as price dropped for three straight sessions after gold settled at a five-week high on Tuesday.

"Gold prices ended Friday weaker, with the market finding selling pressure when the February futures slipped through the 200-day moving average around $1,668. The weakness in gold started when the market was unable to take out the $1,700 level, an area that has vexed gold bulls in the recent past," writes Debbie Carlson of Kitco News.

"Market participants said strength in the stock market — with the Standard & Poor’s 500 breaking through the 1,500 level for the first time in five years — has drawn short-term investor from gold. Further, decent economic news from the eurozone and the U.S. and deferral of the U.S. debt-ceiling debate also spurred selling in gold."

In other bullion prices, silver for March delivery on Friday declined 51.6 cents, or 1.6%, to close at $31.21 an ounce. It lost 72.6 cents this week, hit with heavy losses on Thursday and Friday after notching a six-week high on Wednesday.

Platinum-group metals bucked the negative trend:

  • Palladium for March delivery gained $14.30, or 2%, to $741 an ounce, and
  • April platinum gained $11.10, or 0.7%, to $1,694.90 an ounce

New York bullion prices on the day and weekly changes follow.

New York Futures – Bullion Prices
  Mon* Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices - $32.18 $32.44 $31.72 $31.21 -$0.73
-2.3%
Gold Prices - $1,693.20 $1,686.70 $1,669.90 $1,656.60 -$30.40
-1.8%
Platinum Prices - $1,698.50 $1,691.80 $1,683.80 $1,694.90 $20.90
1.3%
Palladium Prices - $729.90 $726.20 $726.70 $741 $18.25
2.5%

 

*U.S. markets closed Monday in honor of Martin Luther King Jr. Day.

Sales United States Mint Bullion Coins

With United States Mint inventories of Silver Eagle bullion coins depleted last week and sales only to resume on Monday, January 28 — at the earliest, bullion activity this week was limited to gold coins.

Sales of American Eagle gold coins held to 5,000 ounces while American Buffalo gold coins shot up 27,500 ounces. The 32,500 ounce total across both coins was the same as last week, though splits then were reversed with Gold Eagles accounting for the bulk of sales.

Bullion products from the United States Mint are listed below. Within the columns are sales by day for the year-to-date.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coin 0 3,000 0 0 0 107,000
1/2 oz American Eagle Gold Bullion Coin 0 1,000 0 0 1,000 17,000
1/4 oz American Eagle Gold Bullion Coin 0 2,000 0 0 0 24,000
1/10 oz American Eagle Gold Bullion Coin 0 5,000 0 0 0 105,000
1 oz American Buffalo Gold Bullion Coin 0 27,000 0 0 500 67,000
5 oz America the Beautiful Silver Bullion Coin 0 0 0 0 0 13,100
1 oz American Eagle Silver Bullion Coin 0 0 0 0 0 6,007,000

 

Notes: Sales of bullion coins above are in the number of coins sold, not the amount of ounces sold.

In related bullion news, high demand for Silver Maple Leaf bullion coins is apparently stressing Royal Canadian Mint supplies. The RCM is limiting SML sales to compensate.

Bullion Prices in London

Aside from palladium, precious metals fell Friday. Palladium gained 0.4%. Falling was gold at 0.7%, silver at 0.9% and platinum at 0.1%.

Metals were split on the week as well with gold and silver down and PGM’s up. Price breakdowns per day and weekly percent and net changes follow.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $31.90 $31.94 $32.23 $31.85 $31.56 -$0.26
-0.8%
Gold Prices $1,687.50 $1,690.50 $1,690.25 $1,671 $1,660 -$28.50
-1.7%
Platinum Prices $1,671 $1,687 $1,698.50 $1,680 $1,678 $1.00
0.1%
Palladium Prices $715 $717 $725 $722 $725 $3.00
0.4%

 

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