Gold Prices Plunge for Weekly Loss, US 5 oz Silver Bullion Coins Rally

by Bullion Prices Staff on September 14, 2013

Gold, silver and platinum prices plummeted in weekly declines that totaled 5.6%, 9.1% and 3.4%. Palladium, however, managed to score a modest 0.3% weekly gain. As for Friday, bullion prices divided with gold and silver lower and PGMs higher.

Gold prices for December delivery slid $22, or 1.7%, to $1,308.60 an ounce on the Comex division of the New York Mercantile Exchange — the lowest settlement price since Aug. 7. Safe-haven demand fell this week as Syria tensions eased. Investors are now looking ahead to the FOMC meeting and its monetary policy announcement on Wednesday.

"The market has been fixated on what the central bank will announce at the conclusion of their meeting," Peter Hug, the global trading director of Kitco Metals Inc., in Montreal, said in a report according to Bloomberg. "The perceived decreasing odds of U.S. military action against the Syrian regime continue to pressure safe-haven gold."

Along with its sharp weekly loss, silver was the biggest loser Friday. Silver prices for December delivery declined 43 cents, or 1.9 %, to settle at $23.89 an ounce. That was silver’s weakest closing since Aug. 13.

In rounding out the precious metals complex on Friday, PGMs logged gains:

  • December palladium futures added $6.30, or 0.9%, to end at $699.10 an ounce
  • October platinum futures climbed $1.80, or 0.1%, to finish at $1,444.50 an ounce

New York bullion futures prices per day and by the net changes for the week are listed in the table below. U.S. markets were closed Monday for the Labor Day holiday.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $23.72 $23.02 $23.17 $22.15 $21.72 -$2.17
-9.1%
Gold Prices $1,386.70 $1,364.00 $1,363.80 $1,330.60 $1,308.60 -$77.90
-5.6%
Platinum Prices $1,483.00 $1,474.10 $1,473.50 $1,442.70 $1,444.50 -$51.20
-3.4%
Palladium Prices $683.00 $692.65 $691.20 $692.80 $699.10 $2.25
0.3%

 

September Sales of United States Mint Bullion Coins

In US Mint combined sales totals this week, demand fell for silver coins but gained for gold coins. Silver coin totals retreated overall due to a poorer than normal performance of American Silver Eagles as five ounce silver coins surged. Across all the coins this week:

  • American Eagle gold coins advanced 4,000 ounces, or 2,500 more than last week.

  • American Buffalo gold coins also increased by 4,000, which is 3,500 higher than last week.

  • American Eagle silver coins rose 500,000 compared to the prior week’s advance of 675,000. Both of these totals are relatively week compared to most past weekly increases this year.

  • America the Beautiful 5 oz bullion silver coins soared 22,400 compared to last week’s pick-up of 500 coins. Sales came from all sizes, led by the newest Ft. McHenry release that went up 14,200. They have jumped 22,900 for the month, already passing the sales totals from each of the prior two months. (Read about ATB silver coin sales this month.)

Listed in the table below are United States Mint bullion coin sales by day for this week and the totals for the year through to September 13, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 1,500 0 0 1,000 0 600,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 49,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 0 0 0 102,000
1/10 oz American Eagle Gold Bullion Coins 5,000 5,000 0 0 0 465,000
1 oz American Gold Buffalo Bullion Coins 3,500 500 0 0 0 194,500
5 oz America the Beautiful Bullion Silver Coins 2,700 0 19,700 0 0 173,100
1 oz American Eagle Bullion Silver Coins 468,000 0 0 0 32,000 34,250,000

 

Bullion Prices in London

London bullion fix prices moved in the same direction on Friday as they did for the week — all but palladium declined. In dollar and percent changes from the PM fixings on Thursday to Friday:

  • Gold shed $9.50, or 0.7
  • Silver tumbled 95 cents, or 4.2%
  • Palladium gained $10, or 1.4%
  • Platinum declined $3, or 0.2%

London PM fix prices for every day on the week and the weekly percent and net dollar changes are listed below.

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $23.64 $23.32 $22.91 $22.67 $21.72 -$1.33

-5.8%
Gold Prices $1,390.00 $1,358.25 $1,363.75 $1,328.00 $1,318.50 -$68.50

-4.9%
Platinum Prices $1,490.00 $1,471.00 $1,477.00 $1,444.00 $1,441.00 -$57.00

-3.8%
Palladium Prices $694.00 $690.00 $700.00 $690.00 $700.00 $1.00
0.1%

 

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