Gold Prices Register Modest Weekly Gain, Bullion Silver Eagles Rise

by Bullion Prices Staff on November 5, 2011

Although gold prices edged lower Friday they gained on the week (+$8.90 or 0.5%). On Friday, December gold prices declined $9, or 0.5%, to $1,756.10 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,749.80 an ounce and $1,766.50 an ounce. Given recent bullish news, many analysts expect gold prices to rise next week as well.

"Profit-taking after gains this week capped the rally in the metal, which found some safe-haven buying after the turmoil over Greece and the back and forth regarding whether or not a referendum would be held regarding the latest bailout offer from the European Union," wrote Debbie Carlson of Kitco News.

"In the Kitco News Gold Survey, out of 34 participants, 24 responded this week. Of those 24 participants, 21 see prices up, while three see prices down and none see prices sideways or unchanged," Carlson added.

In other precious metals on Friday, December silver futures prices declined 41.4 cents, or 1.2%, to $34.08 an ounce, December palladium futures prices declined $6.80, or 1%, to $655.30 an ounce and January platinum futures prices declined $17.70, or 1.1%, to $1,629.30 an ounce. Each of them dipped on the week as well, with silver down 3.4%, palladium down 2% and platinum down 1.4%.

United States Mint Bullion Coins

There was relative little action in bullion coin sales this week based on United States Mint figures. American Silver Eagle bullion coins did improve, up 476,000 versus the previous 332,000. However, both weekly amounts are tame compared to most prior weeks in 2011. Two news items of note related to the bullion coin follow:

The first article describes some of the latest events regarding the sold out 25th Anniversary American Silver Eagle Set which includes one of the bullion Silver Eagles and four collector versions. The second article reviews how the bullion Silver Eagles performed in October — in summary, it was their second best ever October and their 14th best month of all time.

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 1,500 7,000 5,500 5,500 811,500
1/2 oz American Gold Eagles 0 1,000 0 0 65,000
1/4 oz American Gold Eagles 0 2,000 2,000 2,000 80,000
1/10 oz American Gold Eagles 0 5,000 0 0 355,000
1 oz American Gold Buffalo 0 500 500 500 145,500
5 oz America the Beautiful Silver not reported 390,000
1 oz American Silver Eagles 351,000 332,000 476,000 376,000 36,851,500


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, October 31, 2011. All other figures have an "as of date" of Friday, November 4, 2011.

London Bullion Prices on Friday and for the Week

London bullion prices fell back Friday and for the week — except for gold for the latter. From Thursday PM to Friday PM fixings:

  • Gold prices declined $9, or 0.5%, to $1,749 an ounce,
  • Silver declined 77 cents, or 2.2%, to $33.95 an ounce,
  • Palladium declined $9, or 1.4%, to $652 an ounce, and
  • Platinum declined $1.50, or 0.1%, to $1,623 an ounce

On a weekly basis, gold rose $8, or 0.5%, while other precious metals declined. Losses included:

  • $1.47, or 4.2%, for silver,
  • $7, or 1.1%, for palladium, and
  • $5.50, or 0.3%, for platinum

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

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