Gold Rallies Friday but Down on Week, Bullion Silver Eagles Stronger

by Bullion Prices Staff on October 23, 2011

U.S. gold and other precious metals rallied Friday. For gold, the pick-up was its first of the week. December gold futures jumped $23.20, or 1.4%, to $1,636.10 an ounce on the Comex division of the New York Mercantile Exchange. The gain was not enough to bring prices into the black for the week, however, as the yellow metal fell $46.90, or 0.4%, from its close last Friday. The direction of gold and other precious metals next week may depend on Europe, many market watchers note.

"European news will continue to dominate headlines and provide direction for the precious metals markets, as two meetings will be held by policy makers regarding the on-going sovereign debt crisis there," wrote Debbie Carlson of Kitco. "That means all markets — gold included — will be held hostage by the news that comes out and that could mean some market players may be on the sidelines. If there is some optimism that talks are progressing to an outcome, prices for all markets could rise, analysts said."

In other New York futures prices on Friday, December silver added 91.2 cents, or 3%, to $31.19 an ounce, December palladium added $33.85, or 5.8%, to $618.25 an ounce and January platinum added $18.80, or 1.3%, to $1,509.20 an ounce.

On the week, however, the metals tracked gold’s decline. Silver dropped the most at 3%, followed by platinum’s 2.9% and palladium’s 0.4%.

United States Mint Bullion Coins – Eagles Stronger

More United States Mint bullion American Eagles were purchased this week than the prior one. American Gold Eagles (1 oz. size) and American Silver Eagles improved, with the former rising 11,500 and the latter up 702,000. This compares to their previous weekly advances of 6,000 and 268,000.

Yet, the Silver Eagle’s sales pace is notably slower than a few short weeks back. Although the coins started extremely slow last month, September ended with a burst as sales reached over 4.46 million — the second best ever month for the bullion series. Now, with a bit over one week left in October, Silver Eagles are just over 2.6 million. And it does not appear that they will see a huge sales spike in the next few days similar to a month ago. October will be solid month, certainly, and perhaps even a top 10 month, but it will likely be more in line with August sales (3.6+ million) than September’s.

As a reminder, next week the United States Mint will release the special 25th anniversary Silver Eagle. Its $299.95 price was just announced. Buyers can purchase the set on Thursday, October 27, at noon ET by ordering directly from the Mint website at http://www.usmint.gov.

The latest United States bullion figures are provided below in the daily, October 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
  Friday Gain Prior Weekly Weekly Gain October 2011 2011 Totals
1 oz American Gold Buffalo 0 4,500 2,500 12,000 144,500
1 oz American Gold Eagles 0 6,000 11,500 39,000 799,000
1/2 oz American Gold Eagles 0 0 0 2,000 61,000
1/4 oz American Gold Eagles 0 0 0 4,000 76,000
1/10 oz American Gold Eagles 0 0 5,000 5,000 350,000
5 oz America the Beautiful Silver not reported 380,900
1 oz American Silver Eagles 0 268,000 702,000 2,632,000 36,043,500

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Wednesday, October 19, 2011. All other figures have an "as of date" of Friday, October 21, 2011.

London Bullion Prices on Friday and for the Week

London bullion prices also advanced Friday. PM fixing prices included the following changes:

  • Gold gained $22.50, or 1.4%, to $1,642.50 an ounce,
  • Silver barely eked out a gain, rising one cent to $30.80 an ounce,
  • Palladium rose $21, or 3.5%, to $616 an ounce, and
  • Platinum climbed $20, or 1.3%, to $1,510 an ounce

Aside from a $2, or 0.3%, weekly gain for palladium, other precious metals fell for the week. Losses were:

  • $35.50, or 2.1%, for gold,
  • $1.02, or 3.2%, for silver, and
  • $43, or 2.8% for platinum

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