Gold Prices Rebound for Weekly Gain, American Silver Eagle Bullion Coins Slow

by Bullion Prices Staff on November 12, 2011

Gold prices registered their third consecutive weekly gain despite closing down two out of the five days this week — Thursday’s fall of $32 was the heaviest. On Friday, December gold prices rebounded $28.50, or 1.6%, to $1,788.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded betwen $1,745 an ounce and $1,789.40 an ounce. Gold rallied 1.8% this week. Many analsyst see gold prices higher next week as well.

"Gold prices could continue to find buying interest next week as investors are likely to stay nervous regarding the European sovereign debt situation and start to turn their attention to the U.S. ‘super committee’ charged with federal spending cuts," wrote Debbie Carlson of Kitco News.

"In the Kitco News Gold Survey, out of 34 participants, 22 responded this week. Of those 22 participants, 18 see prices up, while two see prices down and two see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts," Carlson added.

Silver led the percentage gains among precious metals at 1.7%. Silver futures prices for December delivery closed to $34.68 an ounce, rising 57.6 cents. Silver matched gold’s weekly gain at 1.8%.

In PGM prices, December palladium futures rose $15, or 2.3%, to $662.80 an ounce and January platinum futures added $19.40, or 1.2%, to $1,646.70 an ounce. Both metals marked weekly gains of 1.1%.

United States Mint Bullion Coins

November is playing out to be extremely slow for bullion coins. Daily sales increases for United States Mint American Eagle bullion products have been silent more often than not. As for the latest, the Mint has not published bullion coin gains in two days.

The 1 oz. American Gold Eagle improved by 3,000 this week, bringing their November total to 8,500. October was the worst month of the year for the 22-karat gold coins with sales of 46,000. Unless the pace picks up greatly, November will take the ugly month honor.

Sales of the bullion American Silver Eagle were atrocious compared to previous weeks. The .999 fine silver bullion coin advanced 190,000 this week, lifting their 11-day November total to 566,000. There have been many days this year where that amount was claimed in a single day. The American Silver Eagle did surpass 37 million for the year on Wednesday. Every sale builds a fresh record, as last year’s annual record of 34,662,500 was already surpassed in early October.

Two news items of note this week related to United States Mint bullion coins follow:

The first article provides photos and the latest going prices for the United States Mint sold out 25th Anniversary American Silver Eagle Set which includes a bullion American Silver Eagles and four collector American Silver Eagles – two proof versions and two uncirculated versions. The second article provides and update on how America the Beautiful Five Ounce Silver coins have been performing — both the numismatic and bullion coins.

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 0 5,500 3,000 8,500 814,500
1/2 oz American Gold Eagles 0 0 0 0 65,000
1/4 oz American Gold Eagles 0 2,000 0 2,000 80,000
1/10 oz American Gold Eagles 0 0 0 0 355,000
1 oz American Gold Buffalo 0 500 1,000 1,500 146,500
5 oz America the Beautiful Silver not reported 390,000
1 oz American Silver Eagle 0 476,000 190,000 566,000 37,041,500

 

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 Wednesday, November 9, 2011. All other figures have an "as of date" of Friday, November 11, 2011.

London Bullion Prices on Friday and for the Week

London bullion prices bounced back Friday after falling during the previous two days. From the Thursday PM to Friday PM London fixings:

  • Gold prices added $17, or 1%, to $1,773 an ounce,
  • Silver added 6 cents, or 0.2%, to $33.77 an ounce,
  • Palladium added $3, or 0.5%, to $651 an ounce, and
  • Platinum added $1, or 0.1%, to $1,628 an ounce

On a weekly basis, London bullion prices were mixed for a second straight week. Gains included:

  • $24, or 1.4%, for gold and
  • $4.50, or 0.3%, for platinum

Weekly losses included:

  • 18 cents, or 0.5%, for silver and
  • $1, or 0.2%, for palladium

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

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