Gold Prices Off on Week, US Silver Bullion Coin Sales Dip

by Bullion Prices Staff on August 4, 2012

Gold prices rallied Friday but three prior day losses resulted in an overall 0.5% weekly loss. It was the single precious metal lower from a week ago. By comparison, silver and palladium each jumped 1.1% and platinum logged a modest weekly increase of 0.4%.

On Friday, gold prices for December delivery settled up $18.60, or 1.2%, to $1,609.30 an ounce on the Comex division of the New York Mercantile Exchange. Despite recent day losses, many analysts are expecting solid gold prices in the coming days.

"Given the disappointment at the ECB’s failure to act and the sharp fall in prices of other commodities, yesterday’s drop in the gold price was actually fairly moderate," analysts at Commerzbank said in a note to clients, according to MarketWatch.

"We see this as a sign of relative strength, and are still confident that the fears about the financial system, the geopolitical risks, the low and in some cases negative real interest rates, coupled with a ‘currency war’ and continued interest on the part of investors and central banks, create a positive environment for gold’s traditional role as capital protection," they said.

In other major metal closings, September silver prices gained 81 cents, or 3%, to $27.80 an ounce, September palladium prices added $10.35, or 1.8%, to $578.20 an ounce and July platinum prices rose $26.60, or 1.9%, to $1,414.40 an ounce.

The following table provides New York bullion prices on a daily basis and the most recent weekly changes.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
Silver Prices $28.03 $27.91 $27.54 $27.00 $27.80 $0.30
Gold Prices $1,624.00 $1,614.60 $1,607.30 $1,590.70 $1,609.30


Platinum Prices $1,411.80 $1,416.90 $1,401.30 $1,387.80 $1,414.40 $6.20
Palladium Prices $588.35 $590.55 $582.60 $567.85 $578.20 $6.35


United States Mint Bullion Sales

Last week sales figures for United States Mint bullion coins were the best of the month. This week, U.S. gold coins performed better but American Eagle Silver coins were weaker.

  • Sales of gold bullion coins hit 11,500 ounces against the prior week’s 9,500 ounces.
  • Sales of silver bullion coins reached 581,500 ounces, down from the prior week’s 723,000 ounces.

The latest United States Mint bullion coin sales totals are offered in the daily, August and 2012 sales columns below.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Fri August 2012 Sales
1 oz American Eagle Gold Bullion Coin 5,000 0 0 2,500 0 2,500 316,000
1/2 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 56,000
1/4 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 54,000
1/10 oz American Eagle Gold Bullion Coin 10,000 0 0 5,000 0 5,000 195,000
1 oz American Buffalo Gold Bullion Coin 0 0 0 2,500 0 2,500 81,500
5 oz America the Beautiful Silver Bullion Coin 13,800 0 0 500 0 500 40,700
1 oz American Eagle Silver Bullion Coin 330,000 0 0 180,000 0 180,000 19,850,000


Bullion sales notes: Totals above are in numbers of coins sold, not in ounces sold.

In other United States Mint coin news this week, check these three articles:

The first article details United States Mint sales in July for American Eagle gold and silver coins, the American Buffalo Gold and the 5 oz. America the Beautiful silver coins.

The 5 oz. Acadia National Park Silver Bullion Coin was released on Monday. The second article covers its opening sales as well as numismatic weekly sales of other United States Mint products.

The last article covers the launch of the 2012-W American Silver Eagle Uncirculated Coin. It was released by the United States Mint on Thursday for $45.95. It is the last of five Silver Eagles issued in 2012.

London Bullion Prices

London bullion prices were mostly lower Friday, with gold the exception with its $5 gain. All precious metals in London declined for the week, however. The following grid offers London PM Fix bullion prices on a daily basis and the weekly losses.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Losses
Silver Prices $27.64 $28.20 $27.87 $27.42 $27.25 -$0.48
Gold Prices $1,617.75 $1,622.00 $1,599.00 $1,597.00 $1,602.00 -$16.25
Platinum Prices $1,409.00 $1,427.00 $1,394.00 $1,391.00 $1,390.00 -$20.00
Palladium Prices $581.00 $591.00 $586.00 $575.50 $573.00 -$1.00

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