Gold Rises for Week as Silver Prices Soar, Bullion Eagles Slow

by Bullion Prices Staff on September 4, 2010

U.S. Precious metals prices climbed across the board this week. Gold notably advanced to register its fifth weekly gain while silver closed on Friday to its highest price since March 2008, leading many media bullion news titles as a result.

In weekly percent gains for all the U.S. precious metals prices, gold came in at 1.1%, silver at 4.8%, platinum at 1.6% and palladium at 5.6%.

Silver this week seemed to benefit as a less expensive alternative to gold during safe-haven buying but also climbed when economic reports appeared less downcast, maintaining silver’s demand component for industrial use. Nell Sloane said it best on

"Silver appears to periodically be the leadership market in the metals complex, with silver at times seemingly rotating between a flight to quality focus and its physical commodity market standing. In other words, silver seems to be getting buying interest from macro economic uncertainty, but at times this week silver has seen some buying interest off hope that the economy is holding together."

In New York bullion prices, gold futures for December delivery ended at $1,251.10 an ounce for a daily pick up of $2.30 or 0.2%. It climbed $13.20 for the week after rising $9.10 during the prior week. In more impressive terms, gold surged 5.6% in August 2010.

Silver for December delivery ended at $19.949 an ounce for a weekly pick up of 91 cents — nearly as high as its gain of $1.05 last week. Silver fell 33.6 cents three weeks ago.

"Silver ETF supporters have been conspicuously absent this year relative to the significant ETF creations in the other precious metals," wrote UBS precious metals strategist Edel Tully in a note last week. "This less-speculative element to silver’s rally, and the relatively sticky nature of ETF investment, suggests that silver may now have a bit more staying power compared to previous run-ups this summer."

In other New York metals futures weekly prices, October platinum rose $24.10 to $1,561.10 an ounce while December palladium finished up $28.40 to $531.45 an ounce.

In London bullion weekly prices, gold was fixed to $1,240.50 an ounce for an increase of $5.50 or 0.4% while silver ended at $19.66 an ounce for a weekly gain of 63 cents or 3.3%.

In PGM metals, London platinum was $1,553.00 an ounce, rising $23.00 or 1.5% since last Friday, while palladium was $524.00 an ounce, advancing $21.00, or 4.2%.

Weekly US Mint Bullion Coin Sales

There was not much action in United States Mint bullion coins this week — at least as published by the U.S. Mint.

In volume, bullion American Silver Eagles gained the most with a weekly increase of 545,000 as compared to last week’s 800,000. However, no sales have been reported for September, which is a bit unusual considering the explosive week in silver prices. It is possible that authorized buyers did indeed place orders and that the U.S. Mint has not yet updated the numbers.

1 oz Buffalo Gold added 1,000 compared to last week’s 5,500.

1 oz Gold Eagles improved by 6,000 against 12,000. And fractional 1/10 oz Gold Eagles added another 5,000. They showed no increases during the prior week.

The following table lists U.S. Mint published coin sales figures as of Friday, September 3, 2010:

September 2010 Bullion Coin Sales

American Buffalo Gold 1,000 1,000 200,000
American Eagle Gold 1 oz 6,000 6,000 811,000
American Eagle Gold 1/2 oz 0 0 34,000
American Eagle Gold 1/4 oz 0 0 48,000
American Eagle Gold 1/10 oz 5,000 5,000 330,000
American Eagle Silver 0 545,000 23,600,500


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

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