Gold Prices Rise for Week, Bullion Silver Eagles Near 19M

by Bullion Prices Staff on June 3, 2011

U.S. bullion prices were mixed on Friday and for the week, with silver moving lower for both while gold, palladium and platinum moved higher for both. Gold prices were lifted by pessimistic economic news, with poor U.S. employment numbers in focus Friday.

August gold futures prices added $9.70, or 0.6%, to $1,542.40 an ounce on the Comex division of the New York Mercantile Exchange. It rose a modest 0.3% on the week.

"Gold received a late-week boost Friday following another round of bearish economic data. The May unemployment report from the U.S. Department of Labor was weaker than expected, even as market watchers braced themselves for smaller job growth after a poor report from payroll firm ADP earlier this week," wrote Debbie Carlson at Kitco Metals Inc.

"The Labor Department said only 54,000 non-farm jobs were created in May and the unemployment rate ticked up to 9.1%. That caused equities to sell off sharply again this week and gave a boost to gold in a safe-haven bid."

In other bullion prices, July silver dipped 1.1 cents to $36.19 an ounce while September palladium rose $15.00, or 1.9%, to $785.40 an ounce and July platinum rose $5.90, or 0.3%, to $1,823.70 an ounce.

For the week, silver declined 4.4%, while palladium and platinum advanced 3.1% and 1.3%, respectively.

United States Mint Bullion Coins

Despite adding San Francisco Silver Eagles to its bullion lineup, the United States Mint sold fewer of the bullion coins this week than last. The Silver Eagles did hit a huge May record on Tuesday with 3,653,500 sold. Not only was it the best ever May for the coins which debuted in 1986, it was the fourth best ever month for them. As for the year, Silver Eagle bullion coin sales have reached 18,948,500, which is easily on pace to smash last year’s annual record of just over 34.6 million.

In gold bullion coins, the 1/10 oz Gold Eagles showed up in the sales tables Friday for the first time in over three weeks. Their Friday advance of 15,000 matches their sales for the entire month of May.

Daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 2,500 0 0 74,000
1 oz American Gold Eagle 3,000 11,000 19,000 18,000 469,500
1/2 oz American Gold Eagle 0 0 0 0 55,000
1/4 oz American Gold Eagle 0 0 0 0 56,000
1/10 oz American Gold Eagle 15,000 0 15,000 15,000 230,000
5 oz America the Beautiful Silver 0 60,700 0 0 326,800
1 oz American Silver Eagle 22,000 743,000 701,500 47,000 18.9485M

Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz America the Beautiful Silver Bullion Coin sales on May 27. All other sales figures are as of Friday, June 3.

London Bullion Prices

London bullion prices were mixed on the day and for the week. When comparing the PM fixing prices on Friday from those on Thursday:

  • Gold gained 50 cents at $1,540 an ounce
  • Silver declined $2.03, or 5.5%, at $35.19 an ounce
  • Palladium declined $5, or 0.6%, at $770 an ounce
  • Platinum declined $16, or 0.9%, at $1,807 an ounce

While silver was the biggest gainer last week, it was the single precious metal in London to fall this week. It declined 6.6%. Weekly gains for the other metals were 0.5% for gold, 1.7% for palladium, and 1.2% for platinum.

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