Gold Prices Up for Third Week, US Mint Bullion Silver Coins Fly

by Bullion Prices Staff on July 28, 2013

Bullion futures headed lower Friday but two metals, gold and silver, still scored very healthy weekly gains. For gold, it was its third straight week of advances. This latest one totaled $28.60, or 2.2%.

Gold prices for August delivery on Friday settled down $7.30, or 0.6%, to $1,321.50 an ounce on the Comex division of the New York Mercantile Exchange. The week’s biggest increase came on Monday when gold prices soared $43.10, or 3.3%. That increase was the biggest for a day — in both dollars and percentage — since June 29, 2012.

Next week there are several major economic events investors will watch that will affect gold prices.

"There’s no shortage of potential market movers," said Nomura, listing a meeting of the Federal Open Market Committee, July U.S. employment report and second-quarter gross domestic product. On top of that, the Institute for Supply Management releases its manufacturing report, and the European Central Bank and Bank of England hold policy meetings.

In rounding out the precious metals complex on Friday:

  • September silver futures lost 38.3 cents, or 1.9%, to $19.77 an ounce
  • September palladium futures declined $16.75, or 2.3%, to $724 an ounce
  • October platinum futures fell $25.10, or 1.7%, to $1,422.80 an ounce

For the week, silver prices shot up 2.2% while palladium declined 3.4% and platinum fell 0.6%.

New York bullion futures prices by day and the net changes for the week are listed in the table below.

New York Futures – Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $20.51 $20.25 $20.02 $20.15 $19.77 $0.31
1.6%
Gold Prices $1,336.00 $1,334.70 $1,319.50 $1,328.80 $1,321.50 $28.60
2.2%
Platinum Prices $1,448.00 $1,443.10 $1,455.20 $1,447.90 $1,422.80 -$8.40
-0.6%
Palladium Prices $750.45 $739.45 $745.30 $740.75 $724.00 -$25.75

-3.4%

 

Sales of United States Mint Bullion Coins in July

Demand surged higher from already strong levels for silver coins. Gold coins, however, continued at a more weakened pace. Interestingly, the United States Mint only published sales increases on Monday. In contrasting the most recent two weeks:

  • 22-karat American Eagle gold coins climbed just 4,000 ounces compared to the previous weekly increase of 8,000 ounces.
  • 24-karat American Buffalo gold coins were flat. They rose 2,000 last week.
  • 99.9% pure American Eagle silver coins soared 925,000 versus the last weekly total of 875,000. For the month, the silver coins are at 3,456,500. That makes this July the best one ever since the series was introduced in 1986.
  • 99.9% pure America the Beautiful 5 oz bullion silver coins rose by 800 coins versus 4,700 coins previously.

Bullion coin sales for every day this week and totals for 2013 through to July 5 are shown in the following grid.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 4,000 0 0 0 0 575,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 47,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 92,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 440,000
1 oz American Buffalo Gold Bullion Coins 0 0 0 0 0 175,000
5 oz America the Beautiful Bullion Silver Coins 800 0 0 0 0 131,200
1 oz American Eagle Bullion Silver Coins 925,000 0 0 0 0 28,500,000

 

In a new release from US Mint this week, the bureau issued its Great Basin silver coin for $154.95. Thanks to recent pricing cuts by the Mint, its price is $25 less than originally planned. This coin, the third this year from the America the Beautiful silver coin series, is the collector uncirculated version which is sold by the US Mint directly to the public at www.usmint.gov.

Bullion Prices in London

London bullion fixings split Friday and for the week with gold and silver the only precious metals up for both. In percentage changes between PM prices on Thursday and Friday:

  • Gold prices edged up 0.4%
  • Silver added 0.5%
  • Platinum declined 1%
  • Palladium fell the most, down 1.6%

London fixings for each day this week and the weekly percent and net dollar changes are shown below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $19.95 $20.18 $20.40 $19.92 $20.02 $0.60

3.1%
Gold Prices $1,327.00 $1,333.50 $1,335.00 $1,326.00 $1,331.00 $35.25

2.7%
Platinum Prices $1,442.00 $1,424.00 $1,444.00 $1,443.00 $1,428.00 $6.00

0.4%
Palladium Prices $750.00 $734.00 $738.00 $743.00 $731.00 -$12.00
-1.6%

 

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: