Gold Prices Slightly Higher On Week, Bullion Silver Coins Up 1.2M

by Bullion Prices Staff on October 6, 2012

U.S. bullion stepped lower Friday but only silver was down on the week — less than one cent. In other weekly performances, gold prices rose a modest 0.4% while palladium rallied 3.5% and platinum jumped 2.3%.

On Friday, December gold prices settled to $1,780.80 an ounce on the Comex division of the New York Mercantile Exchange, declining $15.70, or 0.9%.

"More and more people are going to anticipate inflation in the future because of quantitative easing and the amount of debt we’ve got in the system," said Frederique Dubrion, the Geneva-based president and chief investment officer of Blue Star Advisors SA, according to Bloomberg. "We can print whatever amount of money we need, but you can’t print gold. It’s nobody’s liability, it’s a hard currency."

In other week-ending settlement prices, December silver declined 52.9 cents, or 1.5%, to $34.57 an ounce, December palladium fell $11.55 or 1.7%, to $663.20 an ounce and January platinum declined $17.90, or 1%, to $1,707.20 an ounce.

The following table provides New York bullion prices on a daily basis as well as the most recent weekly changes.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $34.95 $34.67 $34.69 $35.10 $34.57 -$0.005
-0.0%
Gold Prices $1,783.30 $1,775.60 $1,779.80 $1,796.50 $1,780.80 $6.90
0.4%
Platinum Prices $1,685.80 $1,687.20 $1,694.10 $1,725.10 $1,707.20 $37.90
2.3%
Palladium Prices $645.60 $654.20 $657.90 $674.75 $663.20 $22.40
3.5%

 

United States Mint Bullion Coins

The selling pace this week for United States Mint bullion products came infrequently but strongly for silver coins. U.S. Mint authorized purchasers or distributors claimed 1.233 million American Eagle silver coins on Thursday. Sales were muted on other days of the week. Yet, the weekly amount was one of the highest in 2012 and handily surpassed last week’s sales total of 980,000.

Demand was down for the bureau’s gold coins, however. Sales combined to 11,000 ounces, which was well lower than the 18,500 ounces from last week.

The latest sales of United Stats Mint bullion coins, broken down by product type, are offered in the daily, October and 2012 columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri October 2012 Sales
1 oz American Eagle Gold Bullion Coin 0 0 0 6,000 1,500 7,500 418,000
1/2 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 61,000
1/4 oz American Eagle Gold Bullion Coin 0 0 0 0 0 0 62,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 10,000 0 10,000 260,000
1 oz American Buffalo Gold Bullion Coins 0 0 0 2,500 0 2,500 99,000
5 oz America the Beautiful Bullion Silver Coins 0 0 0 0 0 0 70,000
1 oz American Eagle Bullion Silver Coins 0 0 0 1,233,000 0 1,233,000 27,028,000

 

Notes: Bullion coin sales above are in the number of coins sold, not the amount of ounces sold.

In other recent United States Mint news topics, read about:

On Wednesday, the U.S. Mint stopped selling collector silver coins as it has indicated their prices will go up since silver has been significantly higher since "August 23.". The first article lists the silver coins suspended and the new prices when they return to availability.

The second article reviews the September sales performances of American Eagle gold and silver coins, the American Buffalo gold coin and the America the Beautiful 5 oz. silver bullion coins.

London Bullion Prices

Precious metals prices in London rose this week, modestly for gold and silver and soundly for platinum and palladium. The following grid offers the daily London PM Fix prices and the weekly changes.

London Bullion Prices (PM Fixings)
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $34.35 $34.85 $34.72 $34.96 $34.85 $0.20
0.6%
Gold Prices $1,787.00 $1,775.50 $1,775.25 $1,791.75 $1,784.00 $8.00
0.5%
Platinum Prices $1,678.00 $1,678.00 $1,685.00 $1,700.00 $1,711.00 $43.00
2.6%
Palladium Prices $650.00 $646.00 $652.00 $662.00 $667.00 $25.00
3.9%

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: