Gold Prices Up on Week, Silver Down; Bullion Silver Coins Jump

by Bullion Prices Staff on July 20, 2013

Bullion prices gained Friday but split for the week with all but silver higher. Gold prices not only rose for a second straight week but also settled to their highest price since June 19 — a one month high.

Gold is taking back some of its losses on the year, which currently totals $382.90, or 22.8%. Last week gold notably soared 5.4% for its largest weekly increase since October 2011. Gains were more modest this week, although they happened on every day but Wednesday. Gold prices advanced $15.30 or 1.2% from a week ago.

On Friday, gold futures for August delivery added $8.70, or 0.7%, to end at $1,292.90 an ounce on the Comex division of the New York Mercantile Exchange.

"I think the market is actually paying attention this time to all the ‘ifs’ in Bernanke’s taper scenario," said Peter Grant, chief market analyst at precious-metals dealer USAGOLD. If growth in the second quarter comes in below 1%, as some now predict, "it will be tough for the Fed to justify tapering this year."

A loose monetary policy is seen as supportive for gold prices.

In other bullion prices on Friday:

  • September silver futures gained 7.1 cents, or 0.4%, to $19.46 an ounce
  • September palladium futures added $2.25, or 0.3%, to $749.75 an ounce
  • October platinum futures advanced $16.40, or 1.2%, to $1,431.20 an ounce

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 $19.84 $19.94 $19.42 $19.39 $19.46 -$0.33
-1.7%
Gold Prices $1,283.50 $1,290.40 $1,277.50 $1,284.20 $1,292.90 $15.30
1.2%
Platinum Prices $1,421.40 $1,425.10 $1,411.00 $1,414.80 $1,431.20 $24.30
1.7%
Palladium Prices $732.15 $735.60 $735.45 $747.50 $749.75 $26.85

3.7%

 

Sales of United States Mint Bullion Coins in July

Demand continued at very high levels for US Mint silver bullion coins but weakened further, overall, for gold coins. In contrasting the most recent two weeks:

  • 22-karat American Eagle gold coins rose 8,000 ounces versus 5,500 ounces previously.
  • 24-karat American Buffalo gold coins added 2,000 compared to the prior week’s 6,000.
  • 99.9% pure American Eagle silver coins climbed 875,000 against the week-ago total of 830,500.
  • 99.9% pure America the Beautiful 5 oz bullion silver coins advanced by 4,700 coins versus 5,200 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 0 0 3,000 3,500 0 571,000
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 2,000 0 0 92,000
1/10 oz American Eagle Gold Bullion Coins 5,000 0 0 5,000 0 440,000
1 oz American Buffalo Gold Bullion Coins 1,500 0 500 0 0 175,000
5 oz America the Beautiful Bullion Silver Coins 1,200 0 0 3,500 0 130,400
1 oz American Eagle Bullion Silver Coins 875,000 0 0 0 0 25,575,000

 

In other United States Mint news this week, the bureau released its one-ounce, 99.95% pure proof Platinum Eagle. The price, which can change weekly depending on palladium values, opened at $1,800. In Canadian coin news, the Royal Canadian Mint has its $20 Iceberg silver coin available. The silver coin contains about a quarter ounce of silver. It has a legal tender face value of $20 and it may be purchased for $20.

Bullion Prices in London

In London, bullion prices were mixed Friday with silver lower and other metals higher. They logged the same directional movements for the week. In percentage changes between PM prices on Thursday and Friday:

  • Gold gained 1%
  • Silver dipped 0.4%
  • Platinum rose 0.6%
  • Palladium added 0.8%

London bullion prices by day and weekly percent and net dollar changes are offered in the table below.

London Bullion Prices
  Mon Tue Wed Thurs Fri Weekly Change
($/%)
Silver Prices $19.82 $19.95 $19.83 $19.49 $19.42 -$0.24

-1.2%
Gold Prices $1,284.75 $1,291.50 $1,297.25 $1,283.25 $1,295.75 $16.00

1.3%
Platinum Prices $1,410.00 $1,426.00 $1,424.00 $1,413.00 $1,422.00 $19.00

1.4%
Palladium Prices $724.00 $735.00 $734.00 $737.00 $743.00 $27.00

3.8%

 

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