Gold Prices Rally for Huge Week, US Mint Bullion Silver Coins Best

by Bullion Prices Staff on July 14, 2013

Bullion prices in New York mostly eased Friday but still soared for the week. Gold shined, rallying 5.4% from a week ago to log its first pick-up in four weeks and its biggest weekly rise since October 2011. Other bullion advances on the week included silver by 5.6%, palladium by 6.7% and platinum by 6.1%.

Returning to gold prices, futures for August delivery on Friday dipped $2.30, or 0.2%, to settle at $1,277.60 an ounce on the Comex division of the New York Mercantile Exchange. That pared gold’s weekly dollar gain to $64.90. The outlook for gold prices next week is stronger according to more participants in the Kitco weekly gold survey.

"In the Kitco News Gold Survey, out of 36 participants, 25 responded this week. Of those 25 participants, 12 see prices up, while seven see prices down and six see prices moving sideways or are neutral," noted Debbie Carlson of Kitco News.

"Market watchers said they are looking ahead to two events: the release of Chinese economic data this weekend and testimony from Federal Reserve Chairman Ben Bernanke in front of Congress next week."

In other bullion prices this Friday:

  • September silver prices lost 16.4 cents, or 0.8%, to $19.79 an ounce
  • September palladium prices declined $4.70, or 0.7%, to $722.90 an ounce
  • October platinum prices dipped 70 cents to $1,406.90 an ounce

New York bullion futures prices by day and 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 $19.04 $19.14 $19.17 $19.96 $19.79 $1.06
5.6%
Gold Prices $1,234.90 $1,245.90 $1,247.40 $1,279.90 $1,277.60 $64.90
5.4%
Platinum Prices $1,362.00 $1,368.60 $1,368.10 $1,407.60 $1,406.90 $80.50
6.1%
Palladium Prices $695.40 $697.35 $713.80 $718.20 $722.90 $45.35

6.7%

 

Sales of United States Mint Bullion Coins in July

Demand remained steady and very healthy for US Mint silver bullion coins but weakened to modest levels for the most popular gold coins, the American Gold Eagles. In comparing the most recent weeks:

  • 22-karat American Eagle gold coins rose 5,500 ounces, dropping 13,500 ounces from a strong showing in the prior week.
  • 24-karat American Buffalo gold coins added 6,000, up 500 from the previous week.
  • 99.9% pure American Eagle silver coins climbed 830,500 versus the week-ago total of 826,000.
  • 99.9% pure America the Beautiful 5 oz bullion silver coins gained 5,200 against the prior week’s 6,300 coins.

Bullion coin sales for every day this week and totals for 2013 through to July 5 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 1,500 0 0 0 3,500 564,500
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 47,000
1/4 oz American Eagle Gold Bullion Coins 2,000 0 0 0 0 90,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 430,000
1 oz American Buffalo Gold Bullion Coins 3,500 0 0 0 2,500 173,000
5 oz America the Beautiful Bullion Silver Coins 3,200 0 0 0 2,000 125,700
1 oz American Eagle Bullion Silver Coins 822,000 0 0 0 8,500 26,700,000

 

In popular topics this week relating to precious metals coins from the United States Mint, the Mint cut prices on silver coins and year-to-date bullion sales through June soared. The price cuts ranged from $5 to $25, equating to percentage cuts of 7% to 14%. These pricing reductions affected a total of nine products from the US Mint.

Bullion Prices in London

London bullion prices split Friday but all surged this week. As for the day, percent changes between PM prices on Thursday and Friday were:

  • Gold slipped 0.4%
  • Silver declined 1%
  • Platinum edged up 0.1%
  • Palladium fell 1%

Bullion prices by day 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 $19.16 $19.10 $19.37 $19.85 $19.66 $0.34

1.8%
Gold Prices $1,235.25 $1,255.50 $1,256.00 $1,285.00 $1,279.75 $67.00

5.5%
Platinum Prices $1,355.00 $1,362.00 $1,370.00 $1,401.00 $1,403.00 $76.00

5.7%
Palladium Prices $697.00 $699.00 $710.00 $723.50 $716.00 $47.00

7.0%

 

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