Gold Rebounds for Week, Silver Prices Follow, American Bullion Eagles Gain

by Bullion Prices Staff on July 10, 2010

U.S. gold prices shot $13.70 higher Friday, bringing them above $1,200 an ounce for the first time in four days and lifting gold into positive position for the week. New York gold for August delivery rallied 1.2 percent to close at $1,209.80 an ounce, marking a modest weekly gain of $2.10.

"We believe gold prices will continue to benefit from strong investment demand from both private and public sectors. We expect a resumption in U.S. dollar weakness and the possibility of regulatory action will be the catalyst for even higher gold prices going forward," analysts at Deutsche Bank AG said in a research report.

Historically, gold has typically moved opposite of the greenback, and in the same direction as oil. That trend, however, has not always been the case in 2010 as the yellow metal moved higher over worries of the European debt woes, and climbed with the U.S. dollar when the euro fell. However, many analysts have noted that the "traditional" gold to dollar relationship has once again emerged.

In additional New York precious metals weekly prices, September silver closed to $18.073 an ounce, surging 35.4 cents or 2.0% for the week. In PGM metals, platinum for October delivery was $1,533.20 an ounce for a weekly increase of $29.60 or 2.0%, while September palladium ended at $456.95 an ounce, soaring $30.05 or 7.0% for the week.

In London bullion weekly prices, the gold fix was $1,208.75 an ounce for a pick up of $7.25 or 0.6%.

"We believe gold-price strength has not been exhausted," Deutsche Bank analysts added. "Gold prices can still not be considered extreme."

The London silver price on Friday was $17.870 an ounce for a weekly loss of 11 cents or 0.6%. And in PGM weekly prices, platinum was $1,527.00 an ounce for a gain of $19.00 or 1.3%, while palladium was $454.00 an ounce, rising $21.00 or 4.8%.

Bullion price performance tables for the last several weeks follow:

London Fix Weekly Bullion Prices – July 2010

(July 2 – 9)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-0.6%
-$0.11
$17.870
Gold
X
 
0.6%
$7.25
$1,208.75
Platinum
X
 
1.3%
$19.00
$1,527.00
Palladium
X
 
4.8%
$21.00
$454.00

 

(June 25 – July 2)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-3.6%
-$0.67
$17.980
Gold
 
X
-4.2%
-$52.50
$1,201.50
Platinum
 
X
-3.1%
-$48.00
$1,508.00
Palladium
 
X
-8.1%
-$38.00
$433.00

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint bullion coins news and gold and silver coin sales figures:

  • America the Beautiful 5 oz Silver Bullion Coins
    Five new bullion coins are due from the United States Mint yet this year, and all indications are that the Mint is in the process of ramping up for their striking. Known as the America the Beautiful 5 oz Silver Bullion Quarter Coins, these pieces are an extension of the circulating America the Beautiful Quarters™ Program, also from the U.S. Mint.

    Both programs were authorized by Public Law 110-456, also known as the America’s Beautiful National Parks Quarter Dollar Coin Act of 2008. The act was signed into law by former President George W. Bush on December 23, 2008.

    In the text of the law, a majority of the focus was placed on creating the new quarters program. These American coins continue a series of rotating reverse designs on 25-cent pieces which began…

  • US Mint June 2010 Bullion Eagle Sales
    Buyers continue to order large quantities of bullion coins from the United States Mint, according to the closing June 2010 coin sales figures.

    The month turned out to be the best ever June for American Silver Eagles, and the sixth best in monthly sales since the series was introduced in 1986. Just over 3 million were purchased, marking the fourth time in 2010 the level was breached.

    Year to date sales through the first six months are at an amazing 18,168,500, which already accounts for 63.1 percent of the annual record of 28,766,500 set in 2009…

U.S. Mint Bullion Eagle Sales

In week-ending bullion coin sales from the United States Mint, all coins ticked higher, with the exception of the 2010 fractional Gold Eagles. Between Thursday and Friday:

  • American Buffalo Gold coins climbed 1,000
  • One ounce American Gold Eagles increased 3,000

Until Friday, American Silver Eagle sales showed no movement since their nearly 488,500 jump on Tuesday, July 6. The coins increased by 225,500 in closing the week.

The following bullion coin table has the latest published sales figures from the U.S. Mint:

U.S. Mint Bullion Coin July 2010 Sales

June
2010
July
2010
2010
Total
American Buffalo Gold 33,500 8,500 169,000
American Eagle Gold 1 oz 97,000 42,500 661,000
American Eagle Gold ½ oz 31,000 0 31,000
American Eagle Gold ¼ oz 44,000 0 44,000
American Eagle Gold 1/10 oz 280,000 10,000 290,000
American Eagle Silver 3,001,000 1,101,000 19,269,500

 

Figures above are in coins, not ounces of gold sold.

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