Gold Prices Up on Week, Bullion Gold Eagle Bested by Gold Buffalo

by Bullion Prices Staff on August 10, 2013

Bullion prices closed higher Friday — gold marginally by 0.2% and silver more considerably by 1.1%. Both precious metals registered the same contrasting movements for the week with gold inching up 0.1% and silver rallying 2.5%. Gold prices also declined last week but gains this week for silver are a third in a row.

Returning to Friday, December gold prices rose $2.30, or 0.2%, to finish at $1,312.20 an ounce on the Comex in New York. Gold moved higher as the greenback fell. Positive economic news from China was also boisterous for gold prices this week.

"There is optimism about higher demand from China as the economy improves," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview. "The bullish mood in the industrial-metal complex is helping gold and silver."

September silver futures on Friday gained 21 cents or 1.1%, to end at $20.41 an ounce. In platinum and palladium on Friday:

  • September palladium futures added $2.45, or 0.3%, to $741 an ounce
  • October platinum futures added $9, or 0.6%, to $1,500.60 an ounce

Gains on the week totaled 3.4% for platinum and 1.6% for palladium.

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 $19.72 $19.52 $19.51 $20.19 $20.41 $0.50
2.5%
Gold Prices $1,302.40 $1,282.50 $1,285.30 $1,309.90 $1,312.20 $1.70
0.1%
Platinum Prices $1,448.10 $1,427.80 $1,438.30 $1,491.60 $1,500.60 $49.10
3.4%
Palladium Prices $735.20 $722.80 $723.15 $738.55 $741.00 $11.30

1.6%

 

Sales of United States Mint Bullion Coins in August

Distributor demand fell sharply for United States Mint gold coins. Weekly sales declined also for silver coins, yet remained high. In contrasting the most recent two weeks:

  • American Eagle gold coins registered only 500 ounces, the lowest weekly total in many months. Sales increased 14,500 ounces last week.
  • Atypically, sales of the Gold Buffalo were higher than the Gold Eagles, but at 2,000 for the week they were also lower than the previous week’s 6,000.
  • American Eagle silver coins jumped 850,000 against the prior weekly total of 950,000.
  • America the Beautiful 5 oz bullion silver coins had zero sales for a second week in a row.

Bullion coin sales by day and totals for the year through to August 9, 2013 are listed in the grid below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri 2013 Sales
1 oz American Eagle Gold Bullion Coins 0 0 0 0 500 588,000
1/2 oz American Eagle Gold Bullion Coins 0 0 0 0 0 48,000
1/4 oz American Eagle Gold Bullion Coins 0 0 0 0 0 94,000
1/10 oz American Eagle Gold Bullion Coins 0 0 0 0 0 450,000
1 oz American Gold Buffalo Bullion Coins 0 1,500 0 0 500 183,000
5 oz America the Beautiful Bullion Silver Coins 0 0 0 0 0 131,200
1 oz American Eagle Bullion Silver Coins 0 792,000 0 0 58,000 30,300,000

 

In major United States Mint news this week, the Mint released its Reverse Proof Gold Buffalo. Despite its $1,640 price, starting sales surged for the 24-karat gold coin which commemorates the 100th anniversary of the designs on it. In the first 30 minutes following its release on Thursday, buyers ordered a total of 12,630 coins. By Friday, sales of the special Gold Buffalo jumped to 21,009.

Bullion Prices in London

London bullion fixings were mostly higher Friday. The exception was palladium which remained unchanged. In percentage changes for the other fixings between PM prices on Thursday and Friday:

  • Gold added 0.8%
  • Silver surged 2.9%
  • Platinum gained 1.8%

For the week, most precious metals surged. Gold was the exception among them, slipping 25 cents. 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 $19.76 $19.78 $19.27 $19.73 $20.31 $0.85

4.4%
Gold Prices $1,304.75 $1,280.50 $1,282.50 $1,298.25 $1,309.00 -$0.25

-0.02%
Platinum Prices $1,444.00 $1,430.00 $1,425.00 $1,465.00 $1,492.00 $56.00

3.9%
Palladium Prices $733.00 $724.00 $718.00 $739.00 $739.00 $9.00
1.2%

 

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