Gold Prices Near Flat for Week as Silver Dips, US Bullion Coin Sales Fall

by Bullion Prices Staff on February 18, 2012

Gold prices retreated Friday but managed an extremely modest increase of 60 cents this week. Daily gains and losses were narrow, including Friday in which the yellow metal fell $2.50, or 0.1%, to $1,725.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from a low of $1,718.60 an ounce to a high of $1,737.50 an ounce.

"Gold cannot seem to break away from the influence of the wider financial markets," said James Steel, chief commodity analyst at HSBC, according to Reuters. "The eventual settlement of the euro zone sovereign debt crisis should eventually break this link. Until then, gold trading is likely to be volatile and prone to chase euro zone and especially Greek headlines."

In other precious metals closings on Friday, March silver futures prices declined 15.4 cents, or 0.5%, to $33.22 an ounce, March palladium futures prices fell $8.50, or 1.2%, to $688.10 an ounce and April platinum futures prices rose $7.80, or 0.5%, to $1,633.90 an ounce.

On a weekly basis, silver declined 1.2%, palladium dropped 2.1% and platinum lost 1.6%.

On a yearly basis across all the major metals, gold has gained 10.2%, silver has jumped 19%, palladium is up 4.9% and platinum has advanced 16.3%.

United States Mint Bullion Sales on Week

For a third day this week, United States Mint bullion sales were flat as no gains were reported on Tuesday, Thursday and Friday. Despite that, weekly sales of Gold Eagles totaled 6,500 which is a healthy amount for the 22-karat gold coins and down just 500 from the prior week. Silver Eagles, however, suffered greatly. Their weekly total of 125,000 was the lowest of the year and down 490,000 from last week.

The most recent bullion figures are provided below in the daily, monthly and 2012 columns.

Sales of United States Mint 2012 Bullion Coins
  Mon. Tues. Wed. Thurs./Fri. Feb. 2012 Sales
1 oz American Gold Eagle 1,500 0 5,000 0 14,500 99,000
1/2 oz American Gold Eagle 0 0 0 0 0 49,000
1/4 oz American Gold Eagle 0 0 0 0 2,000 40,000
1/10 oz American Gold Eagle 0 0 0 0 0 85,000
1 oz American Gold Buffalo 500 0 1,500 0 3,500 17,000
5 oz America the Beautiful Silver Coins 0 0 0 0 0 5,700
1 oz American Eagle Silver Coins 25,000 0 100,000 0 835,000 6,942,000

 

Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Friday, January 27, 2012. Since no gains have been published for well over two weeks, levels have likely remained the same. All other bullion sales have an "as of date" of Friday, February 18 2012, as published on the Mint website.

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

The second article details weekly sales of United States Mint products. The first article provides information on the United States Mint release of the 2012 Infantry Soldier Silver Commemorative Coins (collector proof and uncirculated) and the Infantry Soldier Silver Dollar Defenders of Freedom Set. The Mint products are struck in commemoration of the the U.S. Army Infantry and establishment of the National Infantry Museum and Soldier Center, as mandated by Public Law 110-357. Pricing for the 2012 Infantry Soldier Silver Dollar product options are as follows:

PRODUCT OPTION 

INTRODUCTORY PRICE* 

 REGULAR PRICE

 Proof Silver Dollar

$49.95

 $54.95

 Uncirculated Silver Dollar

 $44.95

 $49.95

 Defenders of Freedom Set

 N/A

 $51.95

*The introductory sales period ends on March 19, 2012, at 5 p.m. ET, at which time regular pricing takes effect.

London Bullion Prices

London bullion prices rose across the board. From the Thursday PM to Friday PM London Fix:

  • Gold prices added $10, or 0.6%, to $1,723 an ounce,
  • Silver added 30 cents, or 0.9%, to $33.48 an ounce,
  • Palladium added $15, or 2.2%, to $697 an ounce, and
  • Platinum added $28, or 1.7%, to $1,638 an ounce

For the week, London bullion prices were unchanged for platinum and palladium. For the other metals:

  • Gold gained $11.50, or 0.7%
  • Silver declined 7 cents or 0.2%

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

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