Gold Prices Plunge to Open November; US Bullion Coins Weaker

by Bullion Prices Staff on November 9, 2013

Bullion futures in New York dropped Friday but one precious metal, palladium, still scored 2.7% higher during the first week in November. The others added to losses that accumulated on the week to 2.2% for gold, 2.4% for silver and 0.6% for platinum.

Beginning with gold, the futures contract for December delivery sank $23.90, or 1.8%, to close at $1,284.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices were held down most of the week by a stronger US dollar as better-than-expected economic news provided support for the greenback and drove away safe-haven demand for gold.

Debbie Carlson of Kitco News noted Friday:

"How the physical market reacts to gold’s drop under $1,300 an ounce Friday could determine next week’s price direction for the precious metal, market watchers said.

In the Kitco News Gold Survey, out of 34 participants, 18 responded this week. Of these, four see prices up, while 12 see prices down and two see prices sideways or are neutral…

Gold prices fell under $1,300 after a much stronger-than-expected U.S. October nonfarm payrolls report. The Labor Department said 204,000 jobs were created in October, nearly double the expectations going into the report."

Rounding out the precious metals spectrum on Friday:

  • Silver prices for December delivery declined 34 cents, or 1.6%, to settle at $21.32 an ounce.
  • Palladium prices for December delivery fell $1.25, or 0.2%, to settle at $757.90 an ounce.
  • Platinum prices for January delivery declined $13.90, or 1%, to settle at 1,442.90 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 $21.70 $21.64 $21.77 $21.66 $21.32 -$0.52
-2.4%
Gold Prices $1,314.70 $1,308.10 $1,317.80 $1,308.50 $1,284.60 -$28.60
-2.2%
Platinum Prices $1,456.20 $1,450.00 $1,467.40 $1,456.80 $1,442.90 -$9.00
-0.6%
Palladium Prices $749.50 $750.30 $764.35 $759.15 $757.90 $19.65
2.7%

 

Sales of United States Mint Bullion Coins

US Mint bullion coins registered weaker sales through the opening days and first full week in November. Here is a summary of the latest weekly and monthly US Mint bullion sales totals:

  • American Eagle gold coins added 9,000 ounces, which is 2,000 less than a week ago. Sales in October through eight days total 12,000 ounces.

  • American Buffalo gold coins rose 1,000, also 2,000 less than last week. The weekly amount is also the total for the month-to-date.

  • American Eagle silver coins added 500,000, also the monthly total, compared to the previous weekly increase of 701,000.

  • America the Beautiful 5 oz bullion silver coins jumped 7,000 against last week’s 600. The total, which is also for the month, was supported by the release of the Mount Rushmore silver bullion coin.

In the table below are US Mint bullion sales by day this week and the YTD totals to November 8, 2013.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 5,500 0 0 2,000 0 656,500
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 56,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 4,000 0 118,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 5,000 0 505,000
1 oz American Gold Buffalo Bullion Coins 500 0 0 500 0 219,000
5 oz America the Beautiful Bullion Silver Coins 7,000 0 0 0 0 186,700
1 oz American Eagle Bullion Silver Coins 0 500,000 0 0 0 39,675,000

 

To recap bullion coin performances for last month, read about US Mint bullion sales in October.

Bullion Prices in London

In London, palladium scored gains on Friday and for the week. Other London bullion fixings dropped. In the net dollar and percent changes from the PM fixings on Thursday to Friday:

  • Gold declined $21.75, or 1.7%
  • Silver edged down 5 cents, or 0.2%
  • Palladium declined $7, or 0.5%
  • Platinum added $1.50, or 0.2%

Below are the London PM Fix prices for each day this week and the percent and net dollar changes since last Friday:

London Bullion Prices (PM)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $21.85 $21.60 $21.94 $21.75 $21.70 -$0.05
-0.2%
Gold Prices $1,320.50 $1,307.25 $1,319.00 $1,307.25 $1,285.50 -$21.25
-1.6%
Platinum Prices $1,453.00 $1,451.00 $1,465.00 $1,453.00 $1,446.00 -$7.00
-0.5%
Palladium Prices $745.00 $745.00 $758.00 $755.50 $757.00 $20.00
2.7%

 

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