Gold Prices Up for Third Week; US Gold, Silver Eagle Bullion Coins Mixed

by Bullion Prices Staff on March 22, 2013

It was another mixed week for bullion prices. Gold prices advanced for a third week in a row but silver, palladium and platinum fell for a second straight week. United States bullion coin performances were split this week as well.

Gold futures for April delivery fell $7.70, or 0.5%, to $1,606.10 an ounce on the Comex division of the New York Mercantile Exchange. Despite the loss, gold ended up 0.9% higher for the week. Cyprus economic woes supported safe-haven gold buying, and the same could extend increases into next week.

"With the situation in Cyprus remaining unsettled, markets in general will look toward the Mediterranean nation to see if there will be a solution to keep the island from bankruptcy," noted Debbie Carlson and Allen Sykora of Kitco News.

"In the Kitco News Gold Survey, out of 33 participants, 28 responded this week. Of those 28 participants, 22 see prices up, while four see prices down, and two are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts."

Gold’s gains through the three weeks total to $33.80, but the yellow metal is still down $69.70, or 4.2%, for the year.

In returning to other bullion prices:

  • May silver futures fell 51.4 cents, or 1.7%, to $28.70 an ounce,
  • June palladium futures added $4.70, or 0.6%, to $761.55 and
  • April platinum futures inched up $1.60, or 0.1%, to $1,581.70 an ounce

In weekly changes, the three metals logged losses of 0.5% for silver, 1.8% for palladium and 0.7% for platinum. For 2013 so far, silver is down 5.1%, palladium is up 8.3% and platinum is up 2.5%

New York bullion prices on the day and their weekly changes follow.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $28.87 $28.84 $28.82 $29.21 $28.70 -$0.153
-0.5%
Gold Prices $1,604.60 $1,611.30 $1,607.50 $1,613.80 $1,606.10 $13.50
0.85%
Platinum Prices $1,579.20 $1,555.40 $1,582.50 $1,580.10 $1,581.70 -$10.70
-0.7%
Palladium Prices $764.85 $735.20 $758.20 $756.85 $761.55 -$14.10
-1.8%

 

United States Mint Bullion Coin Sales

Bullion sales were higher this week for United States Mint gold coins but lower for the bureau’s silver coins. In breaking down the weekly bullion figures:

  • American Eagle gold bullion coins totaled 11,000 ounces to log a 1,500 improvement over the total from last week.
  • American Eagle silver bullion coins made it to 726,500, but that is 88,000 lower than the week ago total.
  • American Buffalo gold bullion coins jumped 3,500 ounces to more than triple last week’s amount of 1,000 ounces.
  • For a third consecutive week, there were no sales of ATB 5 ounce silver bullion coins. But for a perspective of why… three of the 2011-dated coins remain available, all of the 2012 coins have sold out and none of the 2013 coins have been released.

U.S. Mint bullion products with sales by day and for the year to date follow.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 2,000 0 8,500 500 233,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 25,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 42,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 200,000
1 oz American Buffalo Gold Bullion Coins 0 500 0 2,000 1,000 94,000
5 oz America the Beautiful Silver Bullion Coins 0 0 0 0 0 63,100
1 oz American Eagle Silver Bullion Coins 638,000 54,000 0 34,500 0 13,304,500

 

In U.S. Mint news of the week, check out the new enhanced Silver Eagle that will launch later this year.

Bullion Prices in London

Aside from palladium, fairly narrow changed occurred across precious metals in London on Friday. In percentage changes for the day, losses included palladium at 0.9%, gold at 0.4% and platinum at 0.2%. Silver climbed a half point. Bullion prices also split on the week, with gold and silver higher and the other metals lower. The weekly percent and net changes are listed in the following table.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $28.80 $28.85 $28.90 $28.91 $29.06 $0.15
0.5%
Gold Prices $1,603.75 $1,610.75 $1,607.50 $1,613.75 $1,607.75 $12.25
0.8%
Platinum Prices $1,580.00 $1,579.00 $1,566.00 $1,583.00 $1,580.00 -$13.00
-0.8%
Palladium Prices $765.00 $761.00 $747.00 $761.00 $754.00 -$20.00
-2.6%

 

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