Gold Prices Post Weekly Loss of 3.5%; US Mint Bullion Sales Improve

by Bullion Prices Staff on November 19, 2011

Bullion prices climbed slightly Friday, paring a very small portion of their weekly losses. For the major precious metal, december gold prices rose $4.90, or 0.3%, to $1,725.10 an ounce on the Comex division of the New York Mercantile Exchange. But gold prices declined 3.5% on the week as investors preferred the U.S. dollar as a safer bet over gold — a more common choice of late as gold’s safe-haven status has been damaged due to its volatility.

While the majority of analysts were surprised by this week’s decline, many of them forecast a recovery for gold.

"Gold prices could rebound next week after sharp losses the past few days,  but strength could be tenuous at best as the yellow metal  will need to attract bargain shoppers and to dodge the hurdles of a shortened holiday trading week in the U.S. and the risky assets climate in Europe," writes Debbie Carlson of Kitco.

"In the Kitco News Gold Survey, out of 34 participants, 24 responded this week. Of those 24 participants, 13 see prices up, while 10 see prices down and one sees prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts," Carlson adds.

Although silver rallied on Friday to rise 92 cents, or 2.9%, to $32.42 an ounce, it tumbled for a harsh weekly loss of 6.5%.

PGM metal prices rose modestly Friday but plummeted on the week. For Friday, December palladium futures gained $1.45, or 0.2%, to $605.15 an ounce an ounce while January platinum futures added $7.60, or 0.5%, to $1,588.70 an ounce. For the week, palladium nose-dived 8.7% — the deepest dropping precious metal. Platinum’s weekly lose totaled 3.5%, the same as gold’s.

United States Mint Bullion Coins

In the less than 5 oz. category, four of the United States Mint’s six bullion coins advanced Friday. Three of them recorded better sales on the day than their totals from all of last week. But still, sales levels overall are extremely slow for a month known for normally high bullion demand.

In terms of the latest 5-day sales, the American Gold Eagles and the American Gold Buffalo more than doubled their previous weekly amounts. Mint authorized buyers are getting them at less expensive prices with gold’s recent decline. In new monthly sales, the 1/10 oz. American Gold Eagle appears on the charts for the first time in November with weekly sales of 10,000.

Two news items of note this week related to world bullion coins follow:

The first article leads with the sellout of the 24-karat Mar Told Lincoln gold coin for collectors, and provides the most recent sales numbers for other United States Mint coin products. The second article relays the release of the new bullion coin from the British Royal Mint.

And now, the latest United States bullion figures are provided below in the daily, weekly, November 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Friday Gain Prior Weekly Weekly Gain November 2011 2011 Totals
1 oz American Gold Eagles 3,500 3,000 7,500 16,000 822,000
1/2 oz American Gold Eagles 0 0 0 0 65,000
1/4 oz American Gold Eagles 0 0 0 2,000 80,000
1/10 oz American Gold Eagles 5,000 0 10,000 10,000 365,000
1 oz American Gold Buffalo 2,500 1,000 2,500 4,000 149,000
5 oz America the Beautiful Silver not reported 390,000
1 oz American Silver Eagle 25,000 190,000 278,000 844,000 37,319,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, November 14, 2011. All other figures have an "as of date" of Friday, November 18, 2011.

London Bullion Prices on Friday and for the Week

London bullion prices were pounded Friday, registering two straight days of across the board losses. From the Thursday PM to Friday PM London fixings:

  • Gold prices declined $23.50, or 1.3%, to $1,719 an ounce,
  • Silver declined $1.05, or 3.2%, to $32.25 an ounce,
  • Palladium declined $27, or 4.3%, to $608 an ounce, and
  • Platinum declined $13, or 0.8%, to $1,594 an ounce

For the week, London bullion prices dropped further. Losses included:

  • $54, or 3%, for gold and,
  • $1.52, or 4.5%, for silver,
  • $43, or 6.6%, for palladium, and
  • $34, or 2.1%, for platinum

Check this site’s bullion prices home page for current metal prices.

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