Gold Prices Settle for 1% Weekly Loss, Silver and Eagle Bullion Coins Race

by Bullion Prices Staff on November 20, 2010

Bullion prices closed mixed on Friday, leaving weekly gains the same way. Gold fell more than other precious metals this week, dripping 1%. Silver performed the best, rising 4.8%. Both gold and silver U.S. Mint American Eagle Bullion coins found more buyers than last week.

In New York bullion futures, gold prices for December delivery fell 70 cents to $1,352.30 an ounce, capping a weekly loss of $13.20. Gold is still up 23.4% in 2010.

"Gold prices ended lower on the week after a stronger dollar put pressure on precious metals prices, but the markets managed to hold above key support levels which should give support into next week’s action," wrote Debbie Carlson of Kitco News.

Silver prices for December delivery ended down 34.5 cents, or 1.3%, to $27.179 an ounce, registering a weekly gain of $1.24. The metal is up 61.3% this year. In an interesting projection for next year, GFMS Ltd. says silver could hit $30 an ounce.

"GFMS still expects silver to trade over $30 in 2011," the London-based research firm said earlier in the week. "However, we are doubtful such elevated levels will be sustained throughout the year and, as a result, we see an annual average either side of $28 as more likely."

Palladium for December delivery added $8.20, or 1.2%, to $703.70 an ounce. For the week, the metal gained $30.05, or 4.5%. Palladium prices are higher by 72.1% this year.

Platinum for January delivery ended at $1,671.10 an ounce for a daily increase of $7.20, or 0.4%. For the week, platinum declined $13.50, or 0.8%. Prices are up 13.6% in 2010.

In London precious metals weekly prices, gold was fixed to $1,342.50 an ounce, which was $46, or 3.3%, lower than last Friday. The silver fixing was $27.07 an ounce, rising 2 cents, or 1% for the week.

In PGM weekly metals prices, palladium ended down $8, or 1.1%, to $695 an ounce and platinum was $1,650 for a loss of $62, or 3.6%

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent U.S. gold and silver coin news (bullion and numismatic):

  • US Mint Sales: Bullion Coins Erupt
    Demand for collector sets were mixed in the latest round of US Mint sales data. The 2010 Proof Set slowed for the second week in a row, but bullion coins retained their hot pace …
  • 2010 Proof Silver Eagle Debuts
    The much anticipated 2010 Proof Silver Eagle went on sale today at 12:00 Noon ET. The US Mint price for the proof coin is $45.95, plus the standard handling charge of $4.95 per order. A per household order limit of 100 coins is in place …

US Mint 2010 Bullion Coin Sales

US Mint bullion coins were hotter than ever this week as the one ounce American Gold Eagle coins surpassed prior weekly numbers for a second straight week and the one ounce American Silver Eagle coins topped previous weekly increases for a third straight week.

Plus, the Silver Eagle bullion coins registered yet another record this month. After already earning (and adding to every day) the all-time annual record and the 2010 mintage record, they have now made November 2010 the best ever month for the series — a series which started back in 1986. More than 3.7 have been sold in November, which tops the 3.696 million sold in December 1986.

The following table lists Mint published coin sales figures as of Friday, November 19, 2010:

2010 US Mint American Eagle Bullion Coin Sales
  Prior Weekly Gain Current Weekly Gain November 2010 2010 Totals
American Gold Buffalo Sold Out 209,000
American Gold Eagle 1 oz 29,500 32,500 69,500 1,046,500
American Gold Eagle 1/2 oz 3,000 1,000 4,000 43,000
American Gold Eagle 1/4 oz 2,000 0 2,000 58,000
American Gold Eagle 1/10 oz 5,000 0 5,000 385,000
American Silver Eagle 1 oz 1,685,000 1,835,000 3,775,000 32,405,500

 

Figures above are in coins, not ounces of gold sold.

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