Gold Prices Off First Week in Three, 5 oz Silver Bullion Coins Gain

by Bullion Prices Staff on October 5, 2013

Bullion prices split Friday and settled lower than a week ago. The weekly losses ranged from 0.4% for silver to 4.1% for palladium. Gold and platinum were in the middle with matching losses of 2.2%.

For gold, it was its first weekly decline in three. In its Friday closing, gold prices for December delivery fell $7.70, or 0.6%, to close at $1,309.90 an ounce on the Comex division of the New York Mercantile Exchange.

Last week many analysts were thinking gold would march higher on safe-have demand due, in part, to shutdown expectations. That did not materialize. Going forward, the shutdown will impact gold prices more, according to some observers.

"Barring a weekend political agreement, the gold market will remain focused on the partial U.S. government shutdown and political quagmire next week, analysts said," writes Allen Sykora of Kitco News.

"Several said this should be more supportive for gold now that the dispute has turned into a several-day affair, as opposed to some standoffs in the past that were resolved at the last minute before a major deadline."

Across the remaining precious metals complex:

  • Silver prices for December delivery fell 3.4 cents, or 0.16%, to end at $21.75 an ounce.
  • December palladium prices added $1.75, or 0.25%, to end at $701.950 an ounce.
  • January platinum prices added $14.70, or 1.07%, to end at $1,388 an ounce.

New York bullion futures prices per day and by the net changes for the week are listed in the table below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $21.71 $21.18 $21.90 $21.79 $21.75 -$0.08
-0.4%
Gold Prices $1,327.00 $1,286.10 $1,320.70 $1,317.60 $1,309.90 -$29.30
-2.2%
Platinum Prices $1,412.40 $1,385.30 $1,393.40 $1,373.30 $1,388.00 -$31.20
-2.2%
Palladium Prices $727.15 $718.90 $721.20 $700.20 $701.95 -$29.85
-4.1%

 

October Sales of United States Mint Bullion Coins

Sales this week of US bullion coins were pretty much on par with last week. Across the Mint’s range of bullion products:

  • American Eagle gold coins added 3,500 ounces, which was 500 ounces below the prior week’s total. For the month, they are up by 10,000 coins across the four sizes.

  • American Buffalo gold coins gained 4,500, the same as the previous week and their total for the month so far.

  • American Eagle silver coins added 675,000, the same amount as each of the prior two weekly totals. They are at 187,000 for the month. (Read about their sales through September.)

  • America the Beautiful 5 oz bullion silver coins advanced for 5,400 coins, or 27,000 ounces, which is also the monthly total. Sales were muted during the prior two weeks after they had jumped on the 11th. (See sales for all 5 oz silver coins released.)

In the table below are US Mint bullion sales by day this week and the YTD totals to October 4, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 0 2,000 0 0 607,000
1/2 oz American Eagle Gold Bullion Coins 0 0 1,000 0 0 54,000
1/4 oz American Eagle Gold Bullion Coins 0 0 2,000 0 0 106,000
1/10 oz American Eagle Gold Bullion Coins 0 5,000 0 0 0 470,000
1 oz American Gold Buffalo Bullion Coins 0 1,500 1,000 0 2,000 204,500
5 oz America the Beautiful Bullion Silver Coins 0 5,400 0 0 0 178,500
1 oz American Eagle Bullion Silver Coins 488,000 187,000 0 0 0 36,275,000

 

Bullion Prices in London

London bullion prices scattered around Friday and posted losses of more than 2% on the week, except for silver which edged up 0.2% from a week ago. First, in net changes from the PM fixings on Thursday to Friday:

  • Gold declined $31.25, or 2.3%
  • Silver added 4 cents, or 0.2%
  • Palladium declined $30, or 2.1%
  • Platinum declined $19, or 2.6%

Now, here are the London PM fix prices for every day this week and the percent and net dollar changes on the week:

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $21.68 $21.70 $21.14 $21.57 $21.65 $0.04

0.2%
Gold Prices $1,326.50 $1,290.75 $1,306.25 $1,316.00 $1,309.75 -$31.25
-2.3%
Platinum Prices $1,411.00 $1,377.00 $1,389.00 $1,373.00 $1,386.00 -$30.00

-2.1%
Palladium Prices $726.00 $719.00 $715.00 $706.00 $706.00 -$19.00
-2.6%

 

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