Gold Prices Plummet for Week, US Mint Gold Bullion Coins Surge

by Bullion Prices Staff on June 21, 2013

Bullion prices dived this week as comments from Fed Chairman Ben Bernanke on Wednesday signaled the potential for scaling back quantitative easing later this year.

Gold prices did inch higher Friday with futures for August delivery rising $5.80, or 0.5%, to settle at $1,292 an ounce on the Comex division of the New York Mercantile Exchange. But that took just a sliver away from earlier losses. For the week, gold prices tumbled $95.60, or 6.9%.

"The comments by the Fed are really the last signal for the soft hands that the bull market in gold is ending," said Frederique Dubrion, the Geneva-based president and chief investment officer of Blue Star Advisors SA, which manages metals and energy assets. "One of the appeals of gold, especially since 2008, was because of quantitative easing. That they are going to slow down the pace of purchasing is not a good signal for gold."

Rounding out the precious metals complex on Friday and for the week:

  • July silver prices add 14 cents, or 0.7%, to $19.96 an ounce, dropping 9.1% this week.
  • September palladium prices gained $9.65, or 1.5%, to $674.75 an ounce, falling 7.8% this week.
  • July platinum prices added $5.70, or 0.4%, to $1,369.50 an ounce, losing 0.5% this week.

New York bullion prices by day and the net changes for the week are shown in the following table.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $21.76 $21.68 $21.62 $19.82 $19.96 -$2.00
-9.1%
Gold Prices $1,383.10 $1,366.90 $1,374.00 $1,286.20 $1,292.00 $95.60
6.9%
Platinum Prices $1,434.80 $1,440.10 $1,423.90 $1,363.80 $1,369.50 -$77.90
-5.4%
Palladium Prices $717.85 $708.35 $696.40 $665.10 $674.75 -$56.95
-7.8%

 

Sales of United States Mint Bullion Coins in June

Demand swapped this week for United States Mint bullion coins with gold coins enjoying much stronger gains from a week ago and silver coins showing weaker improvements. In weekly comparisons:

  • 22-karat American Eagle gold coins rose 20,000 ounce, which is 15,000 higher than last week.
  • 24-karat American Buffalo gold coins climbed 3,000, or 500 more than a week ago.
  • 99.9% fine American Eagle silver coins increased 800,000 versus the prior week’s level of 846,000.
  • 99.9% fine America the Beautiful 5 oz bullion silver coins rose by 300 coins against the prior week’s 7,100 coins.

Bullion coin sales for every day this week and totals for 2013 through to June 21 are shown in the following grid.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 1,000 0 9,000 0 9,000 532,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 42,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 2,000 0 0 82,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 405,000
1 oz American Buffalo Gold Bullion Coins 500 0 500 0 2,000 154,500
5 oz America the Beautiful Bullion Silver Coins 300 0 0 0 0 109,700
1 oz American Eagle Bullion Silver Coins 631,500 0 108,500 0 60,000 24,196,500

 

Bullion Prices in London

London bullion fixings split Friday with slight, though positive changes for palladium and gold and piercing declines for silver and platinum. In percent changes between PM prices on Thursday and Friday:

  • Gold gained 0.2%
  • Silver fell 1.8%
  • Platinum declined 1.9%
  • Palladium rose 0.3%

Daily prices and weekly percent and net dollar changes for London precious metals are listed in the table below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $21.87 $21.80 $21.62 $20.24 $19.87 -$1.82
-8.4%
Gold Prices $1,384.75 $1,366.75 $1,372.75 $1,292.50 $1,295.25 -$96.00
-6.9%
Platinum Prices $1,443.00 $1,427.00 $1,437.00 $1,391.00 $1,365.00 -$83.00
-5.7%
Palladium Prices $721.00 $706.00 $706.00 $670.00 $672.00 -$56.00
-7.7%

 

{ 1 comment… read it below or add one }

Chris July 5, 2013 at 11:43 am

I know that gold hasn’t been one of the most stable investments lately, but it still has apperciated about 500% since 2001.

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