Gold Prices Rise 6.8% on Week, Bullion Silver Eagles Slow

by Bullion Prices Staff on October 29, 2011

U.S. gold prices fell slightly Friday, breaking a winning streak that had started six sessions ago. With those previous daily rallies, however, gold prices soared 6.8% this week. On Friday, December gold prices declined 50 cents to $1,747.20 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,733 an ounce and $1,754 an ounce.

"Gold saw a strong rally this week, so traders will look to see if the market can hold its gains or if it will succumb to profit taking. On Friday, gold saw a minor pullback as bulls sought to pocket some profits ahead of the weekend," wrote Debbie Carlson of Kitco Metals.

"In the Kitco News Gold Survey, out of 34 participants, 26 responded this week. Of those 26 participants, 19 see prices up, while five see prices down and two see prices sideways or unchanged."

Unlike gold, silver and platinum did extend their gains to six consecutive days. On Friday, December silver futures prices edged up 17.6 cents, or 0.5%, to $35.29 an ounce, December palladium futures prices edged down $1.55, or 0.2%, to $668.35 an ounce and January platinum futures prices added $10.40, or 0.6%, to $1,651.80 an ounce.

For the week, silver led precious metals with a 13.1% increase. Platinum came in second at 9.4%. Palladium followed at 8.1%.

United States Mint Bullion Coins

The buying pace for bullion coins slowed this week, according to published sales numbers from the United States Mint. All of the Mint’s American Eagle and Buffalo bullion coins showed weekly gains, but the totals for the 1 oz. pieces were trimmed significantly from the previous week.

The biggest drop-off came from the American Silver Eagles with their modest 332,000 increase — modest, at least, for the Mint’s most popular coin and how their sales have been sprinting for much of the year. In related news, the biggest topic of the week is the quick sellout of the anniversary set which featured one of the bullion Silver Eagles and four collector versions. In under five hours, buyers purchased all 100,000 sets with each priced at $299.95.

The latest United States bullion figures are provided below in the daily, weekly, October 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Friday Gain Prior Weekly Weekly Gain October 2011 2011 Totals
1 oz American Gold Buffalo 0 2,500 500 12,500 145,000
1 oz American Gold Eagles 3,500 11,500 7,000 46,000 806,000
1/2 oz American Gold Eagles 0 0 1,000 3,000 65,000
1/4 oz American Gold Eagles 0 0 2,000 6,000 78,000
1/10 oz American Gold Eagles 0 5,000 5,000 10,000 355,000
5 oz America the Beautiful Silver not reported 389,700
1 oz American Silver Eagles 0 702,000 332,000 2,964,000 36,375,500


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 Tuesday, October 25, 2011. All other figures have an "as of date" of Friday, October 28, 2011.

London Bullion Prices on Friday and for the Week

London bullion prices headed higher Friday, except for the palladium fixing which dropped $8, or 1.2%, to $659. Other changes from the Thursday PM to Friday PM fixings show that:

  • Gold prices rose $23, or 1.3%, to $1,741 an ounce,
  • Silver added $1.87, or 5.6%, to $35.42 an ounce, and
  • Platinum gained $21, or 1.3%, to $1,629 an ounce

On a weekly basis, all major metals advanced. Gains for the week included:

  • $98.50, or 6%, for gold,
  • $4.62, or 15%, for silver, and
  • $119, or 7.9%, for platinum

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

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